BVCA Insurance Services Q&A
Jason Edwards Development Manager
jedwards@bvca.co.uk +44 (0)20 7420 1860
What is BVCA Insurance Services? BVCA Insurance Services (BVCAIS) facilitates preferential insurance terms for BVCA members and their investee companies. Agreements are in place with global insurance partners who leverage the £1bn spend of the BVCA community, offering benefits which can be accessed via your broker.
There is no cost to either BVCA members or investee companies to access these preferential terms, no additional commitment required and no change to your programme structure, as discounts are offered on an individual policy basis.
BVCAIS provides a structure that delivers:
n Preferential terms on insurance purchasing n Long-term insurer partner relationships with high quality insurance providers
n A high value return on time invested
BVCAIS is not a broker, does not compete with existing purchasing channels, collect
premiums, or participate in the
transaction of insurance.
14 BVCA
BVCAIS is not a broker, does not compete with existing purchasing channels, collect premiums, or participate in the transaction of insurance. We do not seek to replace the specific policy advice usually provided by a company’s broker(s), we simply work with brokers to deliver benefits.
How can it benefit me?
Benefits may be accessed on a wide range of insurance classes including the main Property, Liability and Motor covers as well as specialist insurance such as Directors’ and Officers’ Liability, Professional Indemnity, PA/Travel, Credit and Health/ Medical.
Competition and market-choice are maintained to ensure the benefits offered by Partner Insurers remain optimised. Premiums are tested against competing non Partner Insurers at renewal. BVCA Insurance Services acts as an independent, centralised information source which can offer general guidance on insurance purchasing and broker selection.
Is it easy? Yes, it’s a simple process:
1.) BVCAIS issues a unique identifier code to the investee company insurance purchaser.
2.) The insurance purchaser simply emails on the code to their broker with a cc. to BVCAIS.
3.) BVCAIS facilitates introductions between the broker and Partner (if required).
4.) Broker approaches Partner Insurers at renewal to explore the level of benefits available.
BVCAIS was launched in 2010, what success have you achieved since then? We have many testimonials from BVCA members and investee companies who have benefitted from our support, a number of these are featured on pages 16 & 17. Since the launch, we have increased the number of Partner Insurer relationships and created a wider portfolio of benefits.
Who are the Partners? We select Partners on their ability to provide high quality insurance coverage and their appetite to offer preferential deals to the BVCA community. We simply ask Partners to offer preferential terms to BVCA members and investee companies. In return for offering these benefits, we offer our Partners a platform for promotion of new products and services which are relevant and beneficial to BVCA members and investee companies.
Current Partner Insurers include Chartis, Chubb and QBE (across all lines of insurance); Hiscox (Office Combined and Commercial Combined); and Aspen (Personal D&O). More information can be found out about our Partners in the Insurance Providers section of this publication. Other Partners include Jelf Employee Benefits (including Private Medical Insurance), Quantum PLC (personal insurances) and Deal Assured (Key Person Assurance Protection).
Risk and Insurance in Private Equity and M&A 2012/13
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