In association with Iress, we have analysed a large dataset of income protection (IP) applications which has enabled us to build a clear and comprehensive picture of today’s IP customer. By examining patterns over time, we can better understand who is currently purchasing protection, their needs and motivations, and how these have evolved alongside broader demographic and economic changes.
Profile of an IP Customer Series
Importantly, this analysis not only highlights the characteristics of those who are accessing income protection, but also helps identify segments of the market that remain underserved. Understanding both groups provides valuable insight into the protection gap and the barriers preventing more people from securing financial resilience.
These findings offer an opportunity for the industry to reflect on how effectively current products and propositions meet the needs of a changing population. By applying these insights to product and proposition design and development, we can play a key role in reducing the protection gap and ensuring more individuals and families have access to the financial security income protection can provide.
Evolving the profile
Building on last year’s insights, this report delves deeper into the evolving dynamics of Income Protection sales, incorporating fresh data from 2024 and broadening the scope to include policies sold as part of multi-benefit solutions.
This year, our analysis is more comprehensive than ever, drawing on over 50,000 applications to uncover emerging trends, demographic shifts and the growing importance of financial resilience.
Spotlight on business IP
Business Income Protection is one of the most undersold yet critically important areas in the protection market today. While personal IP has seen encouraging growth, business IP remains a largely untapped opportunity. This report highlights the rising demand, the evolving profile of those purchasing Business IP, and the strategic role it plays in ensuring business continuity, employee wellbeing, and long-term financial resilience.
”The latest Profile of an IP Customer Report reveals fascinating insights into the shifting landscape of Income Protection. With IP sales reaching record highs, it's clear that more people are prioritising financial resilience. But who is buying, and why?
Carly GibbSesame Bankhall Group
Preferences and Needs
In recent years, the landscape of income protection insurance has undergone a significant transformation, marked by a noticeable increase in sales and a shift in demographic interest towards younger generations. In this report we will look at how the profile of an IP customer has changed over the years (from 2017 to 2023).
This comprehensive examination has enabled us to construct an updated profile of the IP customer today resulting in rich insight into where the growth is coming from and what type of people are buying what types of policies against changing economic and demographic factors.
