PMS anticipates protection boost
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PMS expects a 25% increase in protection sales for 2011 compared with 2010, managing director John Cupis has revealed.
At the Sesame Symposium in London last week, Cupis told the audience that this is partly down to intermediaries ramping up their insurance business while the mortgage market is stagnant.
He told attendees: “We put the increase down to new providers that have joined PMS this year and the fact that a lot of our members have been selling more protection as the mortgage market has been flat.”
Andy Briggs, chief executive officer of Friends Life, told the audience that there is a huge protection gap in the UK, which represents an excellent opportunity for advisers.
He told delegates: “There is an opportunity for advisers to focus on insurance and improve the cash position of their business before the Retail Distribution Review comes into force at the beginning of 2013.”
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