Award

Insurance brokerage services

BANK OF ENGLAND

This public procurement record has 2 releases in its history.

Award

17 Jul 2020 at 14:31

Award Notice
Award

24 Apr 2020 at 15:23

Award Notice
Summary of the contracting process

The Bank of England has completed a procurement process for insurance brokerage services, which was initiated as a tender. The total value of the contract is £120,500, with a contract period commencing on 1st June 2020 and concluding on 31st May 2023. The tender was officially awarded on 24th April 2020, following a tender period that ended on 13th March 2020. This procurement falls within the services category, specifically under insurance brokerage, and is targeted at service providers capable of delivering complex insurance solutions. The relevant delivery addresses encompass the United Kingdom as well as various British Overseas Territories and territories in Europe.

This contract presents significant growth opportunities for small to medium-sized enterprises (SMEs) that specialise in insurance brokerage and related services. Companies with expertise in managing insurance tenders, providing claims management processes, and ensuring compliance can leverage this opportunity, particularly those aiming to partner with large organisations like the Bank of England. The need for value-for-money and comprehensive annual policy reviews creates a competitive landscape in which SMEs can excel by demonstrating their capability to deliver cost-effective solutions while maintaining high service standards.

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Notice Information

Notice Title

Insurance brokerage services

Notice Description

The Bank of England has a requirement for insurance broker services, including but not limited to: - Running a compliant tender process to appoint insurers - Drive commercial reviews to ensure value-for-money - Produce annual policy reports - Provide a claims management process

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-6b5b6938-22b9-49ca-bec9-1ac10521d5d8
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/364e1037-bced-4a66-a7f7-38fd42ac0799
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other -
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66518100 - Insurance brokerage services

Notice Value(s)

Tender Value
£120,000 £100K-£500K
Lots Value
Not specified
Awards Value
£240,500 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
17 Jul 20205 years ago
Submission Deadline
13 Mar 2020Expired
Future Notice Date
Not specified
Award Date
23 Apr 20205 years ago
Contract Period
31 May 2020 - 31 May 2023 2-3 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2R 8AH
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

WILLIS TOWERS WATSON

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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