Peach PI launches for broker market

Alison Hughes and Paul Coleman, Peach PI

The provider is backed by insurer NPA Insurance and offers PI and property cover.

NPA Insurance has developed a proposition called Peach Pi in order to extend its products to a wider broker audience with a focus on the wellbeing space.

It currently has a GWP of around £14m.

Paul Coleman, managing director, said: “Part of the evolution was to take our proposition to the wider markets.”

Allison Hughes, head of distribution, explained that NPA wanted to grow its “established niche insurer presence” but said that Peach Pi would continue “remain niche and offer products to community focused professionals”.

She added: “We know we can take the proposition to other professions via brokers.”

Schemes
Hughes explained that the proposition would be schemes driven and they would be working with a panel of hand-picked brokers.

She added: “We’re looking to work with MGAs, brokers, insurtechs and with delegated authority.”

The Peach Pi team explained they are happy to tailor products where required and pointed to its experience in wellbeing, lifestyle and healthcare but Hughes added:

“We won’t be constrained by that and are open to looking a new schemes and schemes that already operating. The only area we will stay out of is higher risk PI.”

Coleman continued: “The idea behind this is partnerships.”

The company is looking at micro-and small schemes starting at £100,000.

The Peach Pi offering is set to be available on Acturis and is a scaleable proposition backed by a legal team

Coleman said the proposition would help solve the problem of getting insurance for professionals who are not necessarily treated as such, e.g. emerging professions.

Capacity
He also remarked that Peach Pi backers have a triple B+ rating from Standard & Poors and a strong solvency ration.

“It isn’t a bottomless pit but there is substantial capital,” he noted.

The business officially launches this month and Coleman suggested that it comes at a time when the world is undergoing enforced change due to Covid-19.

He commented: “Covid is reshaping the world and there is a need for better cover as businesses are being run from home.

“The traditional package is on its way out. Covid has accelerated this.

“The insurance world has to get together to protect what is right and proper for the policyholder. People will start making choices.”

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