New IP Business – Poll Result

Is your advice practice writing more IP new business in 2024?
  • Yes - slightly more (28%)
  • About the same (24%)
  • No - significantly less (19%)
  • No - slightly less (13%)
  • Yes - significantly more (12%)
  • Not sure (4%)

Nearly half of the adviser community has indicated their practice is writing either ‘slightly more’ or ‘significantly more’ IP new business in 2024.

As we go to press a total of 42% of respondents to our latest poll say yes, they are writing ‘slightly more’ new IP business (28%) with 14% writing ‘significantly more’ new business.

Another 34% of respondents say their new IP business has remained about the same.

24% say they are writing less IP new business this year, with 10% writing significantly less and 14% slightly less.

Our latest poll is based around indications IP new business sales are on the rise with DEXX&R’s latest quarterly data revealing there was a 7.3% jump in individual income protection new business in the year to December 2023, although age-based and CPI increases to in-force policies are included in this number (see: Lift in Disability Income Sales).

…around 60% of this increase comprised ‘actual’ new business…

DEXX&R estimates around 60% of this increase across 2023 comprised ‘actual’ new business, rather than endorsements to existing contracts.

As we noted earlier in canvassing advisers on these green shoots, advice practices’ IP numbers might be up for different reasons, such as more advisers operating in your business or a change in client focus or an increased focus from existing advisers in your practice.

For those whose IP numbers are down, this might also reflect changes in adviser capacity or client focus.

Our poll is open for another week and we are keen to hear your views…