Starpeak partners with Peach Pi to offer specialist insurance to the SME market
Starpeak, the specialist digital distributor of insurance to niche online markets, has partnered with commercial insurer Peach Pi, to co-create specialist insurance products designed specifically for the micro and SME market.
The collaboration between Peach Pi and Starpeak highlights the synergies between the two niche businesses. Both organisations understand that the needs of business owners vary and that a one-size-fits-all approach doesn’t work. As a result, they are committed to working with like-minded insurance professionals to provide flexible, agile cover based on a thorough understanding of an individual SME customer’s risk profile and protection requirements.
Partnering to Empower the Micro and SME Market
Starpeak’s online platform enables it to launch specialist insurance products rapidly in new markets – leveraging its technology expertise to deliver superior customer experiences their customers deserve. A thorough understanding of the SME market, coupled with an agile and collaborative approach to co-creating products, is therefore a critical consideration when selecting its insurer partners.
Starpeak’s commercial director Andy Brownsell explains what attracted him to Peach Pi: “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.”
There is considerable synergy between Peach Pi and Starpeak’s growth strategies. Peach Pi was launched in 2020 as a trading style of NPA Insurance, the insurer of choice for pharmacies and pharmacists for over 125 years. Initially focussing on the health and wellness sector and allied professions, Peach Pi is now broadening its focus to service the wider micro and SME sector. Similarly, Starpeak – previously SportsCover Direct – rolled out its new corporate structure to reflect the company’s broader offering and expertise beyond sport as it ushers in a new era of growth.
Peach Pi’s head of commercial trading & distribution, Ryan Bendelow, comments: “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. At Peach Pi, we are not restrained by bureaucratic processes. 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. We believe that our in-house capacity, collaborative approach and understanding of this market complements Starpeak’s technological expertise and speed to market. We are very excited about working with Andy and the team at Starpeak to co-create insurance solutions that empower small businesses to thrive.”
Building the Foundations for Ongoing Business Growth
The partnership between Peach Pi and Starpeak will play a key role in the growth plans for both businesses. Starpeak recently announced its H1 2024 figures, revealing that it achieved 27% growth in Gross Written Premiums (GWP) compared to H1 2023. The company expects to continue building on its success, growing by at least 25% per year and tripling the turnover of the business to £30m in the next five years. Meanwhile, NPA Insurance is looking to grow GWP to around £28m by the end of this year, a significant part of which will be delivered through Peach Pi. This will include doubling the number of its niche schemes.
During the first full year of trading as partners, Starpeak drove half a million of premiums, with forecasts for 2024 at 50% growth. Further products are currently under development with Peach Pi, with plans to diversify and expand, leveraging their combined expertise and resources for mutual benefit and growth. Andy Brownsell concludes:
“It’s difficult for intermediaries to get ‘buy-in’ to new schemes where there is no existing business to transfer and where the first- and second-year gross premium is under £1m. However, small niche schemes do have their benefits. When managed correctly, they provide consistent and profitable income streams to both the intermediary and the insurer – growing into sizeable product lines over time. We embrace the potential that lies ahead for Starpeak through its partnerships such as the one with Peach Pi and look forward to what the future holds!”
