The introduction of seven new products and the use of IFAs have both been identified as factors that enabled PruProtect to deliver a £2.2 million profit in the first half of 2011.
The new products, which have proven so popular, include whole-of-life cover, education cover and the introduction of “vitality” point for customers who have healthier lifestyles.
PruProtect also claims its use of independent financial advisers has helped it to expand its footprint over the UK. Hershel Mayers, who heads up PruProtect, commented: “Our new products have gone exceptionally well, with 31 per cent of new business coming from them. For a young company to turn significant earnings over that period is impressive, in tough economic times.”
IFAs have boosted the firm’s performance considerably, with an average of 250 new referrals through this rate each day, averaging at £650 each. Not surprisingly, Mayers said that the firm will continue to focus on distribution through IFAs in the future.
Mr Mayers said that IFAs should consider the insurance industry as a major potential source of business. He explained, “Protection is undersold in this country and has not been popular, particularly in light of the payment protection insurance scandal. But there is a definite need for it.”
