Award

Independent Insurance Claims Handling Services

FINANCIAL SERVICES COMPENSATION SCHEME

This public procurement record has 1 release in its history.

Award

17 Jan 2025 at 13:50

Summary of the contracting process

The Financial Services Compensation Scheme (FSCS) has concluded the procurement process for Independent Insurance Claims Handling Services, classified under the insurance services industry category (CPV code 66510000). This process, now in the award stage, covers a broad geographic scope including the United Kingdom, British Overseas Territories, Channel Islands, Europe, Isle of Man, and the Rest of the World. The contract, valued at £4,005,600, entails handling FSCS-protected claims related to Independent Insurance Company Ltd. The contract period is from 1 April 2025 to 31 March 2027, with the award being officially published on 17 January 2025.

This tender presents substantial growth opportunities for businesses within the insurance services sector. It is particularly suited for small to medium enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) due to the procurement's inclusivity criteria. Given the high contract value and extensive geographic coverage, companies skilled in managing large-scale insurance claims processes would find this tender highly advantageous. The procurement method employed offers a bespoke engagement model, likely providing flexibility and specificity advantageous to firms with robust, adaptable service delivery capabilities.

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Notice Title

Independent Insurance Claims Handling Services

Notice Description

Handling of FSCS protected claims in respect of Independent Insurance Company Ltd.

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-f5e83621-f624-454d-868c-60e6b506d436
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/945ba7dc-d877-4e31-a060-97a7f4c290d6
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, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66510000 - Insurance services

Notice Value(s)

Tender Value
£4,005,600 £1M-£10M
Lots Value
Not specified
Awards Value
£4,005,600 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
17 Jan 20251 years ago
Submission Deadline
12 Dec 2024Expired
Future Notice Date
Not specified
Award Date
12 Dec 20241 years ago
Contract Period
31 Mar 2025 - 31 Mar 2027 1-2 years
Recurrence
Not specified

Notice Status

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

Contracting Authority (Buyer)

Main Buyer
FINANCIAL SERVICES COMPENSATION SCHEME
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
EC3A 7QU
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
Portsoken
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

WESTERN MORTGAGE SERVICES

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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