LifeSearch reports record business results

Michael Lloyd

March 8, 2018

LifeSearch celebrated 20-year anniversary with record business results at its annual awards.

For the year ending in August 2017, LifeSearch reported a 27% increase in turnover to £31.94m and 13% increase in gross profit to £7.71m.

It also saw a 13% increase in earnings before tax to £1.67m.

Tom Baigrie, founder and chief executive of LifeSearch said: “This year and last look to be vintage years for a re-energised and much improved protection market, and its largest intermediary, LifeSearch, has achieved a year of strong growth and our best ever financial results.

“We take most satisfaction from the fact that we protected more people, families and businesses than ever before and now arrange over 3,000 policies every week.

“The wider market growth we  are seeing is driven not just by the search for new revenue streams in the banking, mortgage and IFA markets, but also by a growing sense that to arrange debts or financial plans for  consumers without ensuring they have the catastrophe insurance that our market offers is just plain wrong.

“At LifeSearch, we put our continued success down to our single sector focus and consequent ability to please not only customers, but also the famous brands and businesses consumers use most, many of which partner with us.”

Baigrie added: “Underpinning this capability is a strength we regard as far harder to emulate. For 20 years we have worked hard to build, maintain and promote a culture that prizes care, tolerance, openness and honesty, alongside excellence.

“We see many businesses thinking and talking this way now, but the constant effort needed to keep good actions flowing from words has in truth to be one’s central focus as a business. It has always been ours and it creates steady growth and a fun place to work.

“Our 82% net promoter score, 9.5 Trustpilot rating and an overall colleague retention rate of 88.6% further evidence these capabilities, which help to create a culture of genuine partnership.

“To further that feeling LifeSearch has again shared a substantial element of its profits between the 141 people who have been employed by us for more than three years. That distribution of £305,000 was 10% larger than in 2016 and is included in the above results.”

At the LifeSearch Protection Awards 2018 British Friendly won three awards: Best Income Protection Provider, The Nick Crossman Award for Best PR & Marketing and Ian Clark from British Friendly won Best Protection Leader.

AIG won both Best Critical Illness Provider and Best E-Commerce Provider. Legal and General won Celebrating 20 Years in Protection – Stand Out Insurer and Best Provider for Existing Customers.

Canada Life won Most Improved Provider and Evile Plumb from Canada Life won Best Individual Impact.

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