Protection Guru has seen a 60% increase in the use of its ‘Product Features Report’ since the start of this year.
The service allows advisers to add quality comparisons of life insurance policies in addition to the more standard price comparisons.
It is available free of charge as an additional service within iPipeline’s Solution Builder software.
The InsureTech firm said that, as the Consumer Duty deadline looms, advisers using its Solution Builder to compare quality and price can simplify the work needed to meet the new regulatory requirements for protection business.
Protection Guru founder and CEO Ian McKenna said: “By including the Product Features Report within iPipeline Solution Builder at no extra charge, our aim has always been to help advisers focus on quality and value rather than just price.
“The dramatic increase in the adoption of this service makes it clear growing numbers of advisers are getting prepared to meet the new rules using this service. This demonstrates firms are already embracing changes to their business processes in advance of the 31 July deadline.”
The service provides a wealth of additional data, and advisers can choose to select up to five insurers/products to scrutinise for product and value.
In the first four months of this year, nearly 20,000 product features reports have been generated so this is a very sound statistical sample to work on.
In the period 1 January to 30 April 2023, the most popular life insurers included as one of the five preferred companies named by financial advisers were:
- Legal & General included in 56.5% of all product features reports
- Aviva included in 51.2% of all product features reports
- Zurich included in 42.1% of all product features reports
McKenna added: “Looking at the Critical Illness data is fascinating to see Aviva swap places with Legal & General when the data has been broken down by product types.
“The breadth of our offering, which includes life/mortgage protection, critical illness, and income protection products combined with an unequalled depth of analysis, demonstrates that Protection Guru Pro is now clearly the leading protection quality data source to combine with price comparison services in the market, either directly via our Protection Guru Pro product or via iPipeline Solution Builder.
“We are proud to have achieved this through our proprietary technology and insights and the partnership with iPipeline.”
