Protection  

Sesame sees 22% growth in protection business

Sesame sees 22% growth in protection business

Sesame Bankhall Group has seen its protection business grow by 22 per cent in the first half of 2018.

The combined protection annual premium income of PMS Mortgage Club and Sesame Network was £35.8m in the first six months of this year, compared with £29.4m in the same period last year.

Mark Graves, managing director at Sesame and PMS, said through a range of initiatives, such as the Rewire Routines campaign, the group had sought to make protection a central part of advisers' conversations with their customers.

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He said: "This is part of our wider strategy to work closely with our members to help evolve their business models and free up time to service their mortgage customers’ needs more widely.

"Our members are embracing this opportunity to have deeper conversations with their customers with regards to protection."

Mr Graves said the results also demonstrated an added benefit for advisory firms.

He said "By staying close to their customers, advisers will remain the first port of call for professional advice, which is more important than ever in light of new advice disrupters who are entering the market.

"In addition, recent government benefit changes have once again highlighted a long-term trend, which is seeing the continued roll-back of state support and an increasing onus on people to seek private provision."

Mr Graves recently spoke at the Protection Review conference in London, where he detailed the firm's challenge to get advisers to provide a protection and general insurance quote to each of their mortgage customers.

He said the Rewire Routines campaign was born of a frustration for him and his colleagues in understanding how to encourage advisers to discuss the topic of critical illness protection, which he saw as a "moral responsibility" advisers had towards clients. 

Speaking at the conference, Mr Graves said: "As much as we as an industry have tried to come up with innovative ideas to make it simpler for advisers to actually talk to their customers, what is the barrier that is stopping them from doing it every single time.

“In its most simplistic format, we think it is habits."

The campaign amassed more than 700 signatories who pledged to address the topic of protection with clients for a term of 20 days.

rachel.addison@ft.com