Case Study: Peter Bedford Housing Association Insurance Renewal
Peter Bedford Housing Association (PBHA), based in North London, is a not-for-profit organisation dedicated to providing social housing and support services to vulnerable and socially excluded adults. Their housing provision encompasses 200 properties, serving individuals facing challenges such as homelessness, substance misuse, and mental health needs.
The Challenge
The PBHA contacted the National Housing Federation (NHF) with an urgent request for assistance. PBHA had received a substantial premium increase from their current insurance broker, the increase was nearly times more than what they were paying with only a seven-day notice. This steep increase threatened the PBHA's cash reserves, hindering their ability to invest in property maintenance and other essential services.
Immediate Response
NHF connected Clare with our team to explore possible solutions. That same afternoon, Howards Collins from PIB contacted Clare to discuss the situation in detail. Understanding the urgency, we immediately began working on finding a viable solution. We collaborated with Dean Anthony from our Leicester office and Tom Holland from PIB’s London Team to obtain alternative quotes from various insurers.
The Solution
Within a week we had secured several insurance quotes. The first quote we offered to PBHA reduced their overall premium, yielding a 19% saving compared to the initial increase. We continued negotiations and, with just a day to spare, secured final terms from alternative insurers, further reducing the premium resulting in a 27.5% saving.
Outcome
The PBHA team were extremely pleased with the outcome, having saved the organisation nearly 28% compared to the initial renewal quote. Consequently, PBHA appointed us as their insurance brokers on March 31.
Continued Partnership and Savings
Our commitment to PBHA didn't end with the initial renewal. Working closely with Kerry Keller from the Leicester branch, we continued to improve the insurance cover and premium. Our efforts paid off, resulting in a reduction to the overall spend this year of 30%.
Conclusion
The collaborative effort by our team not only safeguarded PBHA's financial stability but also reinforced our commitment to supporting organisations that serve vulnerable communities. Through negotiations we delivered significant savings and peace of mind to PBHA, enabling them to focus on running their organisation.