iPipeline has reported a record increase in total year-on-year new business growth.
In Q3, year-on-year new business volumes were up by 88% compared to 2018 levels.
The business also saw strong performance from its existing clients who contributed to a 17.8% increase in new business.
Protection new business volumes from mortgage brokers show a 91% rise year-on-year.
Ian Teague, UK group managing director at iPipeline, commented: “Our Q3 new business volumes were the best we’ve seen and we’re particularly proud of the growth that’s come through our existing clients.
“It’s testament to our close working relationship and combined desire to improve processes, develop better technology and grow the protection business.”
A wider spread of solutions are being selected according to iPipeline’s latest figures, with multi-benefit new business year-on-year sales increasing by 64% in Q3.
Income protection yearly sales also increased by 65%.
There is a growing trend in younger clients purchasing protection, with under-30s accounting for 18% of policies sold in Q3.
Teague added: “It’s also great to see more young people buying protection.
“Much of this increase is due to providers developing solutions that better serve younger people’s needs, along with advisers engaging and having more, much deeper protection conversations with this crucial but often underserved market segment.”