60 intermediary businesses have now added a LifeQuote-powered protection comparison service to their website, allowing clients to independently search, select and buy from a whole of market protection service.
In addition, advisers receive full commission for any policies purchased online through their service.
LifeQuote argues that adding a D2C service is increasingly seen as an extension of an adviser’s offering rather than in conflict with their intermediated service. Data on clients that transact online also shows that they are happy to buy a range of policies, with premiums comparable to an intermediated service. The persistency is marginally better for clients that purchase online than some intermediary channels, it claims.
Brokers cite a range of reasons for adding the service, which include extending the buying options for clients that want both advised and non-advised services and being able to offer protection when either client or adviser time constraints mean that it cannot be covered in a face to face conversation.
Neil McCarthy, sales and marketing director, LifeQuote, said: “As online becomes the default option for many products and services whether financial, retail or government, it is critical that brokers retain their clients across all their products and services, if possible. While face to face will be the preferred option for many mortgage and indeed protection clients, advisers must recognise that a small and increasing number of clients may prefer to transact some of their needs online. By providing your own service you retain the client, and importantly the income that goes with it.”