Commercial insurer expands coverage as it inks deal with distributor

Commercial insurer Peach Pi has teamed up with distributor Starpeak to co-create specialist products designed for the micro and SME market.

Peach Pi said it was making the move as it looks to widen its services after initially focusing on the health and wellness sector since its launch in 2020.

It will use Starpeak’s online platform to help launch new specialist products that will be based off a customer’s risk profile and protection requirements.

Peach Pi’s head of commercial trading and distribution Ryan Bendelow said: “We are committed to working with intermediary partners with the relevant in-house capabilities and understanding of their customers’ needs, who want to work collaboratively and creatively to bring the right products to market in a timely manner.

“Like us, Starpeak’s heritage is in the health and wellbeing sector and the organisation is now building on that expertise to service the broader micro and SME market.

“Our agile and flexible approach to underwriting and risk management enables us to weigh up liability risk exposure and make quick and informed decisions on cover issues.”

Growth plans

Both companies said the deal would form part of their growth strategies.

For example, with the help of this partnership, Starpeak aims to grow by around 25% per year and triple its turnover to £30m in the next five years.

Meanwhile, NPA Insurance, which owns Peach Pi, is looking to grow its gross written premium (GWP) to around £28m by the end of this year.

Starpeak’s commercial director Andy Brownsell said: “We have established a strong track record for using our data analytics and digital marketing capabilities to build products from the ground up and grow our customer base quickly.

“We need to work with insurer partners who can match our understanding of the SME market and ability to work quickly to co-create schemes that meet our customers’ individual requirements.

“Peach Pi has that agility and collaborative approach in spades. And thanks to their in-house capacity to underwrite and pay all claims on their policies, we don’t have to worry about cover being declined or removed.

“I am confident that partnering with Peach Pi will support Starpeak’s ongoing growth aspirations in this space.”