There is a new name in UK business insurance circles.
That name is Peach Pi, a niche insurer that says it is committed to working with “like-minded” insurance professionals to “co-create” products that meet the needs of community professionals.
A hand-picked community of brokers will be able to access its property related and professional indemnity expertise, and the firm will also boast in-house underwriting and claims capabilities. Managing director Paul Coleman (pictured), however, is keen to emphasise that it is far from a start-up and benefits from the heritage of specialist insurer for the pharmacy community, NPA Insurance Ltd (NPAI).
“NPAI had a long-term strategic objective to diversity beyond NPA membership in order to thrive and grow,” he said. “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.”
According to head of distribution Allison Hughes, Peach Pi will aim to work with brokers on bespoke schemes business.
“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,” she said. “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.”