Sun Life Continues to Grow Market Share

SunLife, the UK’s most successful direct marketing over 50s brand, has reported continued substantial growth in 2017, achieving robust performance in all business areas, as life after 50 proves to be a golden age.

SunLife has extended its market share in over 50s life cover and seen its launch into home and motor insurance quickly gather momentum.

With a new over 55 equity release service just launched and a market-leading funeral plan proposition to follow soon after, SunLife’s CEO Dean Lamble believes the company’s transformation over the last three years has created the framework for this recent success.

Chief Executive, Dean Lamble, commented: “One in five people aged over 50 feel they are not represented by financial services providers.  A key factor in SunLife’s success and continued strong growth is our intimate knowledge of the growing over 50s demographic. Our focus on great value service, straightforward propositions and a frictionless customer journey has helped SunLife to retain customers for longer and attract new ones.”

Dean Lamble continues:  “Investing in new digital channels has resulted in a record year for online business and phone-based sales, across all solutions. 63% of over 50s already bank online, and the numbers increase with age”.

SunLife was acquired by life insurer Phoenix in 2016.  Phoenix Life’s CEO Andy Moss commented: “Dean Lamble and his team can be credited with developing a highly successful strategy which has led to SunLife becoming a leading over 50s brand”.

Mr Lamble concluded:  “Proving the SunLife brand can extend into new product areas, in 2017 we developed a strong portfolio of additional general insurance services tailored for the over 50s customer, based on our deep sector insight and clear understanding of what our customers want. We anticipate significant future growth in 2018 with the launch of additional services and solutions tailored specifically for the growing over 50s market, with high impact consumer campaigns to raise awareness of the SunLife brand.

We’ve now launched our Over 55 Equity Release Service across a range of national media including TV, taking one of the largest shares of voice in a market that grew over 20% last year.”

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