Yorkshire Building Society says its commission-free insurance proposition has helped members save more than £3 million on home and life insurance premiums in its first year.
The mutual said the savings had been achieved since it launched commission-free home and life insurance products in partnership with Uinsure and LifeSearch, with all savings passed directly to members.
Yorkshire Building Society introduced the proposition following research which found that almost a quarter of UK adults did not have home insurance, while 31% of those without cover cited cost as the main reason. The same research found that 58% did not have life protection in place.
According to the society, members have saved more than £2 million through home insurance policies arranged via Uinsure. Average premiums have been £295.75, which the mutual said is £100 lower than the Association of British Insurers’ average cost for combined buildings and contents cover.
Life insurance policies arranged through LifeSearch have generated savings of more than £1 million, with customers seeing an average 12% reduction in monthly premiums. Yorkshire Building Society said this equates to an average saving of around £625 over the lifetime of a policy.
The proposition provides access to Defaqto five-star rated home insurance products alongside a range of life and lifestyle protection options.
Tina Hughes, director of savings at Yorkshire Building Society, said: “Last year, we set out to make protection fairer and more affordable by removing commission and passing every penny of savings back to our members unlike many other providers in the market. Too many households were missing out on cover because of cost or complexity, and we wanted to change that.
“Today, thousands of members have chosen affordable protection for their homes and families, saving over £3 million in premiums. This isn’t just about numbers, it’s about giving people the confidence that what matters most is protected.”
Debbie Kennedy, chief executive of LifeSearch, said: “Switching from a single-tie model to our broker approach means Yorkshire Building Society members now have genuine choice, access to the wider market, and specialist advice tailored to their individual needs – and the savings speak for themselves.
“When a lender is genuinely committed to doing right by its members, better outcomes follow. Working together we can continue to protect more people properly.”
Lauren Bagley, chief distribution officer at Uinsure, added: “This milestone is exactly what we hoped to achieve when we partnered with Yorkshire Building Society a year ago.
“Its return of over £2 million to members in home insurance savings, while providing high-rated cover, shows YBS’s conviction to do something genuinely different for their members, and we’re proud to have built this proposition alongside them.”
