Yorkshire Building Society says members have saved more than £2 million in insurance premiums in the first year since it introduced commission-free life and home insurance.
The mutual said the initiative, launched 12 months ago, was designed to tackle cost barriers that leave many households underinsured, with all commission savings passed directly back to members.
At the time of launch, research highlighted that almost a quarter of people in the UK had no home insurance, with 31% citing cost as the main reason. The same research showed that 58% had no life protection in place, while many admitted they had not reviewed their cover for several years.
Yorkshire Building Society partnered with Uinsure for home insurance and LifeSearch for life and lifestyle protection, removing commission entirely from the proposition. The society said this approach enables members to access competitively priced cover without compromising on quality or advice.
Since launch, the average home insurance premium arranged through Uinsure has been £310, which the society said is £81 lower than the Association of British Insurers’ reported average. Life insurance policies arranged through LifeSearch have delivered an average 12% reduction in monthly premiums, equating to savings of around £1,651 over the life of a policy.
Susan Allen, chief executive at Yorkshire Building Society, said: “One year ago, we set out to make protection fairer and more affordable by removing commission and passing every penny of savings back to our members.
“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 £2 million in premiums. This isn’t just about numbers, it’s about giving people confidence that what matters most is protected.”
Debbie Kennedy, chief executive of protection advice at LifeSearch, said: “The first year of our partnership with Yorkshire Building Society has delivered something remarkable – genuinely transformative outcomes for customers.
“What makes this partnership special is that members get both better value and better outcomes. They’re saving an average of 12% on their premiums while also getting genuine choice, better access to the wider market, and specialist advice that ensures they find the right cover for their circumstances.”
Lauren Bagley, chief distribution officer at Uinsure, added: “Yorkshire Building Society had a clear vision to make insurance simpler and genuinely member-focused, and our role at Uinsure has been to support that vision every step of the way.
“Together, we’ve built a home insurance proposition that’s easy to access, high quality and aligned with the values of a mutual that puts members first, giving them confidence that their homes are properly protected.”
