The firm said this was in line with Consumer Duty requirements and the use of its Protection Guru Pro Quality, Price and Value comparison service had seen a sevenfold increase in 2023.
The firm said there was also a 20 per cent rise in the use of its website and a 37 per cent increase in the use of its product features report function.
Protection Guru said its service supported more than 7,000 advisers who accounted for 65 per cent of all visits to its website.
Ian McKenna (pictured), founder and CEO of Protection Guru, said: “I’m delighted to see so many advice firms using one or more of our services to change their protection advice process, in line with the new Financial Conduct Authority [FCA] requirements. One of the core principles of Consumer Duty is the focus on making sure the selection process advisers go through with their clients includes quality as well as price evaluations.
“When looking for insurance to protect the people you care about most and to secure your own financial future, we know clients value this choice. When presented with protection options, our internal data identified that given the choice between the cheapest plan and a better contract, 85 per cent of clients opt for better plans. The year-on-year increase of ‘Product Features Reports’ also demonstrates advisers have embraced and built the new changes into their business processes.”
He added: “We are also currently compiling data on how advisers’ recommendations change when they prioritise value over price. Early indications suggest this is a major driver of change in the market and that, where advisers have changed their processes, Consumer Duty in protection is working. We will publish findings on this later in the year.
“What we do know is our proposition has allowed advisers to focus on comparisons based on quality and value first; a real game-changer for those using the service.”
Protection Guru offers advisers technical analyses of policies and protection research through third parties such as Ipipeline and Underwriteme.
Last year, it integrated with Underwriteme’s protection platform to enable advisers to receive acceptance of cases with medical disclosures within minutes. The firm said this was shorter than the usual time frame of weeks or months.
Mark Cracknell, commercial director of Underwriteme, said: “Our integration with Protection Guru is unique and market-leading. There is no other integration that delivers a comparable proposition to the adviser. This again meets an important Consumer Duty requirement to let consumers know of any special terms that will apply to them as soon as possible.”
This month, Protection Guru will mark its fifth anniversary.
