Expanding the underwriting footprint
The insurance arm of the National Pharmacy Association, NPA Insurance, decided to diversify its proposition through the new trading style Peach Pi, providing property and professional indemnity insurance to the lifestyle and wellbeing sectors of the UK.
In order to launch its trading style successfully, NPAI required a “safe pair of hands”, a reliable platform to support its business model, expand its underwriting footprint and make the new offering accessible to brokers – and Acturis fitted the bill perfectly.
Specifically, NPAI was looking for a flexible and secure solution that can be utilised by brokers to cover different professions to provide both professional indemnity and property insurance. Breadth of coverage was key and it was paramount that the adopted solution could accommodate a product that evolves to meet the needs of brokers and their entrepreneurial clients.
It would have been difficult to change our business model and support our growth strategy using our legacy systems. To be on the front foot and grow, you need to do things differently. Investing in a new system that gives you the efficiency and flexibility required is the only viable business option.— Martin Alderman, CFO at NPA Insurance
Having already deployed the Acturis platform for the NPAI business and following an extensive RFP process, the insurer, trading now also as Peach Pi, was confident that Acturis had the platform and the experience to provide the necessary agility and take their business in an exciting new direction. Additionally, Acturis would allow Peach Pi access to its community of brokers, the biggest and broadest range of commercial brokers available in the UK market.
A modular solution
The first priority for Acturis was to listen and fully understand the Peach Pi business model. After discussing the business’ goals, both partners agreed that, to enable scaling and expansion in the future, a flexible bespoke product would make more sense than an off-the-shelf package.
Together we built a full cycle e-trade product, with a modular structure, including quote and policy point of sale documents. Peach Pi for Professionals is aimed at freelancers and small professional businesses operating in the lifestyle and wellbeing sector.
The modular nature of the product means that adding new sections of cover as required will be relatively straightforward. In fact, any new sections of cover can be grouped with existing sections to create new product offerings for brokers. An additional advantage to this approach is that Peach Pi will be able to use its flexibility to sell under different brands/wrappers, if needed.
“The Acturis team has been extremely disciplined on communicating when key activities will happen and provided us with a clear, structured plan and weekly updates”, said Martin.
Russ Anderton, Product Manager at Acturis, added: “Working with the team at NPA on the Peach Pi product is a great opportunity for us to work with a niche insurer in a specific market segment, helping this business spread its wings in a new marketplace”.
Distribution to the Acturis community and beyond
Acturis also recommended the use of the “Acturis Connect” distribution method to allow NPAI to distribute their products to other brokers. By API-enabling the product suite, NPAI is able to make its products available on any third party system, all facilitated through the Acturis back office system, allowing them to realise a true multi-channel distribution solution. Additionally, this functionality offers flexibility outside of the Polaris standards, meaning client products can be fully bespoke.
“Utilising the Acturis platform will allow us to broaden our business income stream and diversify our portfolio. It will allow us to strengthen our position as a niche commercial insurer and ultimately help us to grow our top line”, said Allison Hughes, Head of Distribution at NPA Insurance.
We have been very impressed with the professionalism and focus of the Acturis team and its solutions focussed approach. The team has really listened to us and been very attentive to our specific needs. We have been delighted with the nature of the relationship and look forward to our continued collaboration.— Daniel Banham, CIO at NPA Insurance
The e-trade way
Whilst the project has only recently been completed, NPAI has already seen significant growth in their pipeline and feedback has been extremely positive. Peach Pi is reaching out to Acturis brokers while Acturis is continuing to provide any support required.
Employees have been impressed with the breadth and functionality of the new product. “The product’s modular approach has been very well received. And since it’s e-tradeable, it will be a great benefit to all the brokers using a system recognised as the industry leading standard”, said Allison.