Insurance Brokerage Request for Information and Early market engagement

Description

The National Wealth Fund (NWF) is looking to conduct Early Market engagement with Insurance Brokers in order to understand the market and help shape a future Procurement activity to put in place a contract for insurance brokerage services and subsequently award Insurance policies in a manner that is compliant with the Procurement Act 2023 (PA2023). NWF currently provides Life insurance and Income protection as a benefit to all its employees, with the fund putting in place group policies for both benefits via an insurance broker contract. NWF is looking to understand Brokers ability to undertake market reviews and subsequently award policies in line with the Procurement Act and what, if any, additional support/activity suppliers may require from NWF in order to place these compliantly. British Business Bank (BBB) may also be included as a service recipient to any brokerage contract awarded, to allow them to utilise any contract to undertake placement of policies they may require. Please note, the Total contract value stated reflects the NWF's estimated brokerage fees only. If BBB is included as a service recipient in a future procurement then the Total contract value will be higher to incorporate their brokerage fees.