The word from the insurance brand formerly known as Peach Pi, now just Peach;
It’s officially ‘bye to the Pi’ at Peach Pi. From 10th October the niche commercial insurer is operating simply as Peach. This brand refresh has been introduced to reflect the evolution of the business from its original focus on health and wellbeing as a natural progression from its pharmacy roots, to a much broader appetite.
A trading style of NPA Insurance, Peach Pi was launched in 2020 to work collaboratively with like-minded insurance professionals to co-create indemnity-led products for small, community-focused professionals in the health and wellbeing sector. This new, broker-focused business was named Peach Pi to encapsulate its ‘fresh and handpicked’ approach to working with its intermediary partners. Over the last four years, the appetite of the business has continuously evolved into something far broader – both in terms of the sectors it serves but also the products it is providing. CEO Russell White said:
“When the business was first launched this time four years ago, it was all about taking our 120 plus years of expertise as the insurer of choice for community pharmacy and making it available to a wider set of aligned health and wellbeing professions, through a select group of broker partners. As the brand became more established, our appetite has evolved and we are now increasingly finding ourselves working with our intermediary partners on developing schemes for micro and SME customers in a much broader range of sectors. For example, in the last twelve months we have worked with Practice Cover to grow its Surgery Book and Alan Boswell Insurance to enhance and grow its Teachers’ Liability scheme. We’ve also partnered with digital specialist Starpeak to co-create insurance solutions for the micro/SME sector.”
MOVING AWAY FROM INDEMNITY
The decision to rebrand the business as Peach was taken to dispel any lingering perceptions that the business was all about indemnity, as head of commercial trading & distribution Ryan Bendelow explained: “When Peach Pi was first launched, our business was very much indemnity led – hence the inference in the name. Increasingly, however, the schemes we are co-creating with our broker partners are beginning to be more property led. The Surgeries scheme developed with Practice Cover, for example, is predominantly property led. And we see property as being a key part in the growth of Peach; very much on the radar alongside liability.”
The decision to drop the Pi was cemented by feedback from the broker market. Bendelow said: “Our whole philosophy is about listening to the industry and to our broker partners to make sure that we continue to deliver what the market needs, in an agile and flexible way. And we were hearing that we were perceived to be mainly focused on indemnity, rather than the much broader range of products we do actually offer. So, it was a natural and obvious decision to say ‘bye to the Pi’. We opted for a subtle refresh rather than a whole new brand relaunch, because feedback was also telling us that the Peach name has built a lot of positive recognition and credibility within the market and that it personifies our ‘fresh and handpicked’ approach to doing business. By that, I mean when you deal with Peach you are dealing with a really quite exclusive club – you’re not going to get lots of distribution conflict.”
Parent company NPA Insurance is looking to grow GWP to around £28m by the end of next year, a significant part of which will be delivered through Peach. This will include doubling the number of its niche schemes. It intends to do this by focusing on developing schemes with brokers that have niche specialisms and understand the specific covers customers need. White expanded: “We believe that brokers looking to develop schemes with premiums under £500,000 are still largely underserved by the larger players. So, we are looking to forge partnerships with intermediaries looking to create or enhance schemes from £100k GWP up.”
The brand refresh heralds the first phase of a three-year strategic plan to grow the business and shift the portfolio mix to meet this goal. Bendelow concluded: “The business has grown and evolved considerably over the last four years. Now it’s time to accelerate all the great things that we’ve managed to achieve and take the business to the next level. But it’s also important that our broker partners know that at the end of the day, we’re all about the service that we provide. It’s about being understood and listened to. About being able to pick up the phone and talk to someone who has the experience and authority to make decisions quickly, without being held up by lengthy processes. It’s about putting the customer at the heart of everything we do. And that is what Peach will strive to be about, wherever our next phase of growth takes us”.
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