Promising signs for the Protection market

The index tracks three key elements – current/ future sales, current/ future opportunities to discuss protection with potential clients, and current/ future ease (or difficulty) of converting those opportunities to sales.

The key findings from the second report are:

Current protection sales index up seven points; Future sales index up 22 points. (This shows how IFAs rate their current/ forecasted level of protection sales.)

Current opportunities index stays flat; Future opportunities index up just one point. (This shows how IFAs rate their current/ forecasted level of opportunities to talk to people about protection.)

Current conversion index up six points; Future conversion index up nine points. (This shows how IFAs rate their current/ forecasted success at converting opportunities into sales.)

Martin Noone, IFA Sales Director said: “It’s very encouraging to see that IFAs believe their protection sales are better than three months ago and that they are finding it slightly easier to convert potential sales into actual sales. However, even more promising is the outlook for the market. All three of our future indices are up, which means that advisers are predicting greater commercial success in six months time.

“On the product side, advisers are telling us that they are selling more term assurance, critical illness cover and business protection, but less income protection and family protection. We aim to boost sales for IFAs with our new OLP Connect system as it allows them to quote and apply for up to 40 different products from our range. This means that an adviser can start off quoting for the ‘full package’ and go from there, according to the client’s budget. This provides a greater opportunity to sell non mortgage-related protection.”