LifeSearch is seeking to build upon a 47% increase in profits by investing further in technology, marketing and its staff.
This is according to the life insurance intermediary’s founder and CEO Tom Baigrie, who spoke to Health & Protection following the the firm’s latest annual results.
The results for the year to 31 August 2020 revealed profit before tax rising to £3,522,353 and turnover up from £43,028441 to £47,003,996,
Life and illness cover insurer commissions jumped almost 10% from £43,028,441 to £47,003,996, while more than 220,000 lives and over 100,000 families and businesses were protected by the firm over the period.
The group also saw wage and salary costs increase – from £12,059,571 to £12,510,627 over the year along with charitable donations which were up from £8,836 to £38,130.
Commenting on the results, Baigrie (pictured) attributed the firm’s success to years of heavy investment in better technology and people processes.
He said these helped improve the number of customers advisers were able to work with and the proportion of those it had been able to get covered.
“We have continued to invest heavily in the same areas and will see further improvements therefrom, but our new buy now online price comparison and trading service will attract new partners and increase our services to our existing ones,” he said.
He also revealed that the group’s development of its social media channels had delivered 48% more visitors to the firm’s site over the past year, while staff were rewarded with their highest ever partnership dividend, paid to every employee after three years’ service.
Looking ahead, Baigrie revealed while the firm has no real acquisition plans, it is seeking to invest further in technology, marketing and the group’s staff.
“We’re always interested in headcount growth as demanded by the growth in unprotected families delivered by our own brand and those of our growing list of super-brand partners,” he concluded.
