The panel, which today celebrates the first anniversary of its introduction on 24 September 2010, features five leading providers – AEGON Scottish Equitable, Friends Life, Legal & General, Zurich and Liverpool Victoria (LV=) – which collectively account for almost 40% of the protection market.
Since its introduction, Openwork has worked closely with advisers to enhance their knowledge and skills in the protection space. Income protection and critical illness have been key focuses, with users writing around 20% more protection business on average as a result of their efforts to put in place adequate cover for clients, according to the company.
Paul Shearman, mortgage, protection and general insurance proposition director at Openwork, said:: “Broadening the offering available to our advisers is a key part of Openwork’s strategy so we are extremely pleased the panel has been such a success in the 12 months since launch.
“For so many users to have adopted the panel demonstrates how important protection has become for clients. As advisers increasingly seek to diversify we believe the panel will have an important role to play in ensuring they have the tools they need to meet their clients’ protection needs in full.”
Andy Rowson, director of individual protection, AEGON, said: “We are delighted with the success of Openwork Select and the quality of business we have been receiving from its users. We look forward to building our partnership further over the coming years.”