PruProtect trebles registered IFAs in six months

PruProtect has increased the number of advisers registered with the insurer by 200% since the beginning of the year.

A relative newcomer to the market after launching in 2007, actuarial and product director Deepak Jobanputra says the firm is approaching 12,000 registered brokers, up from around 4,000 on 1 January. “We can’t be called niche now,” he says.

The firm, a joint venture between Prudential UK and South Africa’s Discovery, says it is benefiting from its creativity in the protection arena, as well as its ability to turn an idea into an end product quicker than its rivals.

It says the “buzz” created by products including its Serious Illness Cover, which pays out based on the severity of a condition, and initiatives including its Vitality programme has also helped it gain market share.

“We’re delighted we are continuing to make inroads into the protection industry, “Jobanputra says.

“People are beginning to recognise the value in what we’re offering and we’re becoming a significant player. We can’t be called niche now.

“Serious Illness Cover has been a success. It would not surprise me if, before long, most insurers offered some sort of severity based plan.”

Jobanputra adds the firm is set to go to market again before the end of the year, but not, contrary to reports, in the group space.