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UKIB Insurance Brokerage to place Group Insurance Policies

UK Infrastructure Bank Limited

This public procurement record has 2 releases in its history.

Award

06 Aug 2024 at 15:55

Award Notice
Tender

19 Mar 2024 at 10:29

Tender Notice
Summary of the contracting process

The UK Infrastructure Bank Limited (UKIB) conducted a tender process for the procurement of an insurance brokerage to place group insurance policies. The procurement process was classified under the CPV code 66510000 for insurance services, falling under the services category. This open procedure aimed to secure a contract worth £750,000 and included both the brokerage and policy costs over the contract term of 720 days, with an option to extend for an additional year. Key dates included the tender period ending on 19th April 2024 and the contract being awarded on 8th July 2024. The process targeted services to be delivered across the UK, indicating the widespread applicability of the contract.

This procurement presents a significant opportunity for businesses in the insurance brokerage sector, particularly those capable of managing large-scale group insurance policies. Companies with strong technical capabilities, a focus on social value, and competitive pricing would be well-suited to this opportunity. The winner of the tender, Barnett Waddingham LLP, exemplifies the type of business that can leverage such contracts to foster growth and establish long-term relationships with national institutions like the UKIB. Engaging in such contracts can lead to increased market presence and further opportunities in the public sector.

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Notice Information

Notice Title

UKIB Insurance Brokerage to place Group Insurance Policies

Notice Description

This ITT relates to the procurement process by the Buyer to procure an Insurance Brokerage to place Group Insurance Policies (the "Procurement").

Lot Information

Lot 1

This ITT relates to the procurement process by the Buyer to procure an Insurance Brokerage to place Group Insurance Policies (the "Procurement").

The Estimated Value of the Procurement incorporates both the Insurance Brokerage and Group Insurance Policy costs across the Contract Term.

Renewal: Option to extend the Contract by a further period of up to one year.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-044a33
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/024710-2024
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66510000 - Insurance services

Notice Value(s)

Tender Value
£750,000 £500K-£1M
Lots Value
£750,000 £500K-£1M
Awards Value
Not specified
Contracts Value
£750,000 £500K-£1M

Notice Dates

Publication Date
6 Aug 20242 years ago
Submission Deadline
19 Apr 2024Expired
Future Notice Date
Not specified
Award Date
8 Jul 20242 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
UK Infrastructure Bank Limited
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LEEDS
Postcode
LS1 4DW
Postcode Area
Leeds
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE4 West Yorkshire
Small Region (ITL 3)
TLE42 Leeds
Delivery Location
Not specified
Local Authority
Leeds
Electoral Ward
Hunslet & Riverside
Westminster Constituency
Leeds South

Supplier Information

Number of Suppliers
1
Supplier Name

Barnett Waddingham LLP

Further Information

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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