Some partnership news from Peach Pi and Practice Cover;
Specialist broker Practice Cover has partnered with niche commercial insurer, Peach Pi, to expand its Surgery book of business. Peach Pi has worked closely with Practice Cover to build a bespoke scheme to meet the specific protection requirements of its Surgery clients. Peach Pi, a trading style of NPA Insurance, was created in 2020 to enable it to extend its specialist knowledge of community pharmacy to a wider health and wellbeing market through selected broker partners. NPA Insurance is owned by The National Pharmacy Association (NPA).
Practice Cover is committed to providing an excellent level of customer service to new and existing clients. Its small, focused and experienced team prides itself on going the extra mile to make Practice Cover the obvious choice for GPs, dentists, vets, opticians and allied health professionals. This commitment relies on being able to offer an enhanced insurance solution to meet the unique needs of its clients.
Managing Director Natasha Hardy knew that, to meet her vision for the Surgery business, she needed to evolve and improve the existing solution into something more bespoke than was being offered via the current insurer on an open market online Surgery product. She spotted the synergies between Practice Cover and Peach Pi and was drawn by the niche insurer’s ability to provide flexible, agile cover based on a thorough understanding of the specific risk profile of her surgery clients.
“I have been looking for a long-term partner I felt we could work with to develop and grow our Surgery book and price it as a ring-fenced specialist portfolio. I was impressed with Peach Pi’s approach to reviewing our existing product and building a bespoke Surgery scheme” said Natasha. “I have aspirations to grow this area of the business with the right partner. I’m confident that the partner for Practice Cover is Peach Pi – it has both the capacity and the passion to help create a superior insurance solution and realise my vision for the business”.
Peach Pi has been working closely with Practice Cover to build on the existing product to create a bespoke scheme. The newly created product has added extra covers, new cover and limit options and a new modular policy wording. Moving forward, Practice Cover will be utilising Peach Pi’s rating model, having created its own online quote and bind tool – removing its previous reliance on an existing e-trading platform.
Ryan Bendelow, Head of Commercial Trading and Distribution at Peach Pi explained: “We’ve worked very closely with Natasha and her team, together with Practice Cover’s third-party software partner of choice, to build a scheme which will meet the needs of Practice Cover’s Surgery clients – both now and in the future. That’s entailed several office visits and studying the required framework for a great Surgery product and emulating those standards. Here at Peach Pi, we are not restrained by bureaucratic processes. Our agile and flexible approach to underwriting and risk management has enabled us to weigh up Surgery liability risk exposure and make quick and informed decisions on cover issues in a timely manner.”
The Practice Cover Surgery scheme will carry the NPA Insurance branding to reflect the product’s pharmacy underwriting heritage. This deep understanding of the unique needs of Surgeries and other allied health professionals was another key factor in Practice Cover’s decision to partner with Peach Pi. Natasha commented: “Our customers have their own very unique risk profile and require a tailored and flexible scheme to protect their business. I was reassured by Peach Pi’s heritage in the health and wellbeing space through NPA Insurance. I felt it really understood the risks my clients face and how to build the right levels of protection into the cover. Peach Pi’s award-winning in-house claims team also provides us with the reassurance that any claims our clients do face will be dealt with professionally, promptly and empathetically.”
Commenting on Peach Pi’s partnership with Practice Cover, Ryan concluded: “We see this very much as a long-term relationship – it’s not a case of ‘once and done’ – of setting up a scheme and sitting on our laurels. We will ensure that it evolves in line with the changing Surgery market and risk profile and look forward to continuing to work collaboratively with Practice Cover to modify and adjust our product and its pricing accordingly.”
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