IRESS, via The Exchange, recorded 20,046 new multi-benefit protection sales in the first three months of 2018 - a 40% rise on the 14,312 recorded over the same period the previous year.
Despite the rise, however, the financial technology business said the data showed multi-benefit plans were underused compared with sales of standalone protection products such as life, critical illness cover (CIC) and income protection. "This might be because advisers are still going to various providers' websites directly and rekeying customer data multiple times, in order to obtain comparison quotes," said IRESS executive general manager (commercial) Dave Miller. According to research undertaken by IRESS, which surveyed 50 adviser firms using a cross-section of technology systems, 8...
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