A fresh new brand of agile business insurance is launching into the broker market. Peach Pi is a niche insurer committed to working collaboratively with like-minded insurance professionals to co-create products that meet the specific needs of small community-focused professionals.
This hand-picked community of broker partners will have access to Peach Pi’s full range of professional indemnity and property related insurance expertise. The company’s in-house underwriting and claims capabilities allow it to shape its products and service delivery to meet the individual needs of its broker partners and their clients.
Peach Pi enjoys the agility and innovation of a new niche brand in the market, but it is by no means a start-up. The organisation benefits from a long and strong trading heritage in the community business arena, having been established by NPA Insurance Ltd (NPAI), the leading provider of specialist insurance for community pharmacy for over one hundred years. Managing Director, Paul Coleman, explains the rationale behind launching Peach Pi to the market in the current difficult climate:
“NPAI had a long term strategic objective to diversity beyond NPA membership in order to thrive and grow. It was a natural progression to take this depth of understanding to a broader market of community focused professionals and we have been preparing to launch Peach Pi for the last couple of years. Serving pharmacies during the pandemic only highlighted the needs of community oriented businesses for more flexible, tailored and unambiguous cover. The impact of COVID has also accelerated the already changing buying habits of business insurance customers and brought to light the need for the industry to return to its more traditional values of partnership and long term relationships if it is to re-build trust and thrive once again.”
As a niche insurer, Peach Pi has both the appetite and the capacity to work in collaboration with its broker partners in the development and growth of bespoke schemes business for small, community focused professionals. Head of Distribution Allison Hughes explains: “We know that one size does not fit all, so we will not expect our broker partners to fit in with standard processes that may not work for their clients. Our in-house underwriting capability provides us with the necessary agility to tailor our cover to each community based small enterprise and gives us control over product coverage, limits and risk acceptance. Our focus is on schemes business – we will be working with brokers to enhance existing schemes as well as co-creating new ones for emerging risks and professions. And we will work closely with our broker partners to deliver the best bespoke claims solution for each of their unique clients.”
As a new brand bringing capacity into the commercial space, Peach Pi is creating a small advisory panel from a cross section of the market, designed to facilitate collaboration and sharing of ideas. Hughes explains: “This will provide us with the opportunity to talk informally, consider the evolving needs of the insurance consumer in terms of cover and service and help to shape a way forward in the new, post pandemic world. We are delighted to have secured the support of some great CEOs and founders and are really looking forward to our first virtual panel meeting discussion on 15th October”.