Tender: Insurance Brokerage for Group Life Assurance and Group Income Protection – National Wealth Fund

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The National Wealth Fund is seeking a supplier for insurance brokerage services to award and manage the placement of future Group Income Protection and Group Life Assurance policies on its behalf, with placements required to be compliant with the Procurement Act 2023. The new group policies are expected to be set on a guaranteed rate basis for two to three years (to be agreed with the successful supplier). Following award, the supplier will manage claims annually, advise the Fund on market changes that may affect its policies, and recommend whether to retain existing policies or undertake a new PA23-compliant market assessment to arrange replacements. National Wealth Fund Limited is the contracting authority and British Business Bank PLC may also use the awarded contract as a service recipient; a list of other existing insurance covers is provided for awareness only and suppliers are not expected to be able to broker all listed policies. The total contract value in the notice reflects the possibility of British Business Bank using the contract but does not guarantee any level of spend.