The figures also showed ongoing growth with the volume of protection applications reaching 31,414 – a 22.5% increase on the same period in 2015.
In addition to the growth in protection sales in the first half of the year, the network also saw mortgage completions up 53% over the same period. The strong figures produced during this period highlight the network’s continued success in the intermediary market and in particular its commitment to providing its members with a competitive product proposition as well as ongoing training and awareness of the importance of protecting customers.
Toni Smith, Sales Operations Director at First Complete, commented: “It’s hard to overestimate the immense financial impact that death, serious illness, injury or unemployment have on families every day. Time and time again we hear stories of households who, unfortunately, cannot survive financially when they have unexpectedly lost their income through such unforeseen circumstances. When the worst happens, protection puts money into client’s hands helping to support them through difficult circumstances. As such, it is fantastic to see strong growth in our network’s protection completions, growing significantly year-on year.”
Last month First Complete called on the industry to unite on protection issues and provided some simple steps both providers and brokers could undertake in order to improve the perception of protection.
These included:
Communicating with clients regularly to ensure they understand their policies, as well as their value, to make sure the plans in place continue to meet changing needs
Ensure clients understand the potential impact and risk of not having cover or letting cover they have lapse
Writing terms and conditions in plain English and free of jargon to make them easier to understand and less daunting for customers
Educating brokers on the product solutions available through fact sheets, advertising, webinars, and other tools
