The firm announced that its new business volumes for the first quarter of the year were up by 29% on an annual basis, and noted that mortgage brokers are significantly outperforming IFAs.
While new business from IFAs increased 29% over the year, new business from brokers jumped by 90% over the same period.
Analysis from iPipeline suggested that a key reason for this was that brokers are discussing the client’s appetite for risks at the start of sourcing and researching a client’s mortgage, allowing them to highlight the benefits of the various forms of protection early on.
Ian Teague, UK group managing director at iPipeline, noted that while the first quarter saw the business’s best ever new business volumes, the second quarter brings with it “Brexit uncertainty and a threat of a reduction in mortgage sales”.
“We therefore expect to see protection continuing to be a key area for growth in 2019 as consumers increasingly look to protect their home and lifestyle through uncertain times,” he added.