Yorkshire Building Society has helped its members save over £3 million in insurance premiums since introducing commission-free Life and Home insurance a year ago. This milestone means thousands of households have enjoyed lower costs and greater peace of mind without compromising on quality cover.
The mutual launched these services in response to a clear need, with research at the time showing that almost a quarter of Brits had no home insurance, with a third (31%) citing cost as the main barrier, and nearly three-fifths (58%) had no life protection in place, leaving families financially vulnerable. Many people also admitted they hadn’t reviewed their policies for years, highlighting the importance of making protection easier and more affordable.
By removing commission and partnering with trusted providers Uinsure and LifeSearch, Yorkshire Building Society created a one-of-a-kind proposition that passes every penny of savings back to members. This approach ensures customers can access Defaqto 5 Star-rated home insurance and a wide range of life and lifestyle protection products at the best possible price, whether online or through expert advice.
Since launch, home insurance policies arranged through Uinsure have saved Yorkshire Building Society members over £2 million, with premiums averaging £295.75, which is £100 cheaper than the Association of British Insurers’ average for buildings and contents cover. This means members are getting comprehensive cover at a significantly lower cost compared to the market standard.
Life insurance policies arranged through LifeSearch have saved members over £1 million, delivering an average 12% reduction in monthly premiums and saving members approximately £625 over the policy term. These savings make long-term protection more attainable for families who want security without financial strain.
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 protection advice specialist 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, Uinsure's chief distribution officer, said: “This milestone is exactly what we hoped to achieve when we partnered with Yorkshire Building Society a year ago. It’s 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.”
