Insurance Brokerage Services
National Wealth Fund Limited · UK-wide · up to £300,000
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What the buyer wants
The National Wealth Fund Limited seeks an insurance broker to manage and place group Life Assurance and Income Protection policies, ensuring compliance with the Procurement Act 2023. The broker will also manage claims, advise on market changes, and recommend policy actions. British Business Bank may also use the contract for similar services.
The National Wealth Fund (“the Fund”) currently provides Life Assurance and Income protection as benefits to all its employees, with the Fund putting in place group policies for both benefits via an insurance broker contract.
The Fund is looking to put in place a new contract for Insurance Brokerage Services to award and manage the placement of future Group Income protection and Group Life Assurance Insurance policies on its behalf.
These policies will need to be placed in a manner that is compliant with the Procurement Act 2023 (PA23). It is anticipated that these new group policies will be put in place with a guaranteed rate of 2-3 years (to be agreed with the successful supplier).
Following the award of these policies the successful supplier will be required to manage any claims on behalf of the Fund on an annual basis, advise on any market changes that may impact the Fund's policies and make recommendations on whether to keep existing policies or undertake a new PA23 compliant market assessment to put in place new policies.
CONTRACTING AUTHORITIES THAT MAY USE THIS CONTRACT:
National Wealth Fund Limited
British Business Bank PLC
British Business Bank (BBB) may also look utilise the brokerage services under the awarded contract as a service recipient to put in place future insurance requirements in a PA23 compliant manner.
They currently have the insurance policies below, however please note this is shared for awareness only and Suppliers are not expected or required to be able to act as a Broker for all of these:
• Employers liability insurance
• Professional Indemnity
• Cyber
• Travel
• Life
• Private medical
• Credit risk
The total contract value declared in this notice takes into account the possibility of BBB utilising this contract, and should not be as a commitment or guarantee of the level of spend under any subsequent contract.
How Tenderoo reads it
The notice reads as one for a larger supplier: check the value, the geography and the requirements before committing time to it.
Services required
- Insurance brokerage services
What you will need to show
- Procurement Act 2023 compliance — Supplier must ensure that the placement of insurance policies complies with the Procurement Act 2023.
- Claims management and advisory services — Supplier must manage claims annually and provide advice on market changes affecting the Fund's insurance policies, including recommendations on policy retention or new market assessments.
Lots
- Lot 1 (up to £300,000)
Key facts
- Buyer: National Wealth Fund Limited
- Estimated value: up to £300,000
- Deadline: 12 November 2026
- Location: UK-wide
- Published on: Find a Tender
- First seen by Tenderoo: 15 October 2026
- CPV: 66518100
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