✓Tender information last checkedLast checked 15 Oct 2026, 11:06.
Opportunity overview
The National Wealth Fund (“the Fund”) currently provides Life Assurance and Income protection as benefits to all its employees, with the Fund putting in place group policies for both benefits via an insurance broker contract.
The Fund is looking to put in place a new contract for Insurance Brokerage Services to award and manage the placement of future Group Income protection and Group Life Assurance Insurance policies on its behalf.
These policies will need to be placed in a manner that is compliant with the Procurement Act 2023 (PA23). It is anticipated that these new group policies will be put in place with a guaranteed rate of 2-3 years (to be agreed with the successful supplier).
Following the award of these policies the successful supplier will be required to manage any claims on behalf of the Fund on an annual basis, advise on any market changes that may impact the Fund's policies and make recommendations on whether to keep existing policies or undertake a new PA23 compliant market assessment to put in place new policies.
CONTRACTING AUTHORITIES THAT MAY USE THIS CONTRACT:
National Wealth Fund Limited
British Business Bank PLC
British Business Bank (BBB) may also look utilise the brokerage services under the awarded contract as a service recipient to put in place future insurance requirements in a PA23 compliant manner.
They currently have the insurance policies below, however please note this is shared for awareness only and Suppliers are not expected or required to be able to act as a Broker for all of these:
• Employers liability insurance
• Professional Indemnity
• Cyber
• Travel
• Life
• Private medical
• Credit risk
The total contract value declared in this notice takes into account the possibility of BBB utilising this contract, and should not be as a commitment or guarantee of the level of spend under any subsequent contract.
Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.
Scope, procedure and submissions
Id
C1374
Status
active
Procurement Method
open
Procurement Method Details
Open procedure
Main Procurement Category
services
Above Threshold
Yes
How to submit
This opportunity will go live on Thursday 15th October 2027.
To gain access to the documentation and submit your proposal for this opportunity, please register on Atamis, available on the following link: https://atamis-3929.my.site.com/s/Welcome
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ATAMIS GUIDANCE
To access user guidance that shows how to access opportunities, create and submit bids and to send clarification requests through the message centre, please click here:
https://suppliersupport.atamis.co.uk/hc/en-gb
https://services.atamis.co.uk/docs/Supplier_User_Guide.pdf
The tender documents provided are as follows, with associated appendixes:-
• Invitation to Tender
• Appendix 1 - Glossary
• Appendix 2 - Rules of Procurement
• Appendix 3 - Specification
• Appendix 4 - Contract
• Appendix 5 - Tender Assessment Methodology
• Appendix 6 - Procurement Specific Questionnaire
• Appendix 7 - Technical Envelope Response, Award Questionnaire
• Appendix 8 - Commercial Envelope Response, Pricing Template
• Appendix 9 - Confidential & Commercially Sensitive Information
• Appendix 10 - Form of Tender
• Appendix 11 - Tender Response Checklist
• Appendix 12 – Non-Functional Requirements
Please note that, as part of your response to Appendix 6: Procurement Specific Questionnaire, your organisation must be registered on the Central Digital Platform (CDP) and hold an active account containing complete, accurate, and up to date organisational information. You will be required to generate a Share Code for sharing with NWF and to download your supplier information file for onward submission to NWF. If you are unfamiliar with the CDP, please refer to the guidance here: https://www.gov.uk/government/publications/procurement-act-2023-short-guides/suppliers-how-to-register-your-organisation-and-first-administrator-on-find-a-tender-in-three-easy-steps-html#step-3-declare-and-share
Payment terms will be in accordance with the published procurement documents
Amendments
Entry 1
Description
Updated link to Atamis.
Id
097293-2026
Lots and requirements
Entry 1
Id
1
Status
active
Has Renewal
Yes
Has Options
Yes
Value
Including VAT
360,000
Amount
300,000
Currency
GBP
Award criteria
Criteria
Criterion 1
Type
quality
Name
Technical
Description
Quality will be assessed based on the Appendix 7 Technical Response - Award Criteria and Appendix 5 Tender Assessment Methodology.
Questions and weightings are as follows:
1) Core Service Delivery - Renewals Process - 25%
2) Core Service Delivery - Compliance with Procurement Act 2023 (PA23) - 15%
3) Supplier Special Terms - 5%
4) Core Service Delivery - Claims Management - 5%
5) Service Flexibility / Added Value - Wider Capabilities - 5%
6) Market Knowledge and Innovation - 5%
7) Social Value - 10%.
Additionally suppliers will be asked to complete appendix 12 - Non-Functional Requirements, confirming whether they meet, partially meet or don't meet each Non-Functional Requirement. This will have no weighting but be evaluated on a Pass/Fail basis.
Numbers
Entry 1
Number
70
Weight
percentageExact
Criterion 2
Type
price
Name
Commercial
Description
Suppliers are asked to complete Appendix 8 - Pricing template, providing a fixed price for the initial PA23 compliant market reviews for the Funds Insurance requirements, the subsequent award and the Annual fee for the management claims handling which arise under the policies.
Pricing for optional additional services, and for the compliant placement off additional policies are also sought.
Full details of the commercial assessment are available in Appendix 5 – Insurance Brokerage Services - Tender Assessment Methodology and Appendix 8 - Pricing Template.
Numbers
Entry 1
Number
30
Weight
percentageExact
Selection criteria
Criteria
Criterion 1
Type
economic
Description
Please see the conditions of participation in Appendix 6 – Procurement Specific Questionnaire included within the Invitation To Tender document.
Suitability
Sme
Yes
Contract period
Starts
1 Feb 2027, 00:00
Ends
30 Sept 2030, 23:59
Max Extent Date
30 Sept 2032, 23:59
Renewal
Description
2 optional 12 month extensions are included in the contract, subject to performance.
3 published notice versions reviewed by ProcuraAxis.
3 VERSIONS
1
052373-2026Preliminary market engagement notice on Find a Tender ·
2
097277-2026Tender notice on Find a Tender ·
3
097293-2026Tender notice on Find a Tender ·
PROCURAAXIS ANALYSIS
ProcuraAxis Analysis
Our approved analysis of the opportunity appears below the official tender information.
ANALYSIS PREVIEW
Opportunity intelligence at a glance
National Wealth Fund Limited is seeking an insurance broker to arrange future Group Income Protection and Group Life Assurance policies, manage claims annually, advise on market changes and recommend whether policies should be retained or re-marketed in a Procurement Act 2023-compliant manner. British Business Bank PLC may use the contract, but this is not guaranteed.
Who this may suit
Best suited to insurance brokerage providers with evidenced group life assurance and group income protection placement capability, claims-management capability and Procurement Act 2023-compliant market assessment experience.
Key points identified
Core brokerage scopeAward and manage placement of future Group Income Protection and Group Life Assurance policies.Evidence: "put in place a new contract for Insurance Brokerage Services to award and manage the placement of future Group Income protection and Group Life Assurance Insurance policies"
Claims managementManage claims annually after policy award.Evidence: "the successful supplier will be required to manage any claims on behalf of the Fund on an annual basis"
Market adviceAdvise on market changes that may affect the Fund's policies.Evidence: "advise on any market changes that may impact the Fund's policies"
96% approved-analysis confidence6 supplier criteria identified4 risks or unknowns
ProcuraAxis structures information found in published procurement records, checks the result for consistency and publishes only approved analysis. Confidence describes the completeness and consistency of the available source information; it is not a guarantee of eligibility or contract award.
National Wealth Fund Limited is seeking an insurance broker to arrange future Group Income Protection and Group Life Assurance policies, manage claims annually, advise on market changes and recommend whether policies should be retained or re-marketed in a Procurement Act 2023-compliant manner. British Business Bank PLC may use the contract, but this is not guaranteed.
Who this may suit
Best suited to insurance brokerage providers with evidenced group life assurance and group income protection placement capability, claims-management capability and Procurement Act 2023-compliant market assessment experience.
Key deliverables
Placement of future Group Income Protection and Group Life Assurance insurance policies
Annual claims management on behalf of the Fund
Advice on market changes affecting policies
Recommendations on retaining policies or conducting a PA23-compliant market assessment
SUPPLIER REQUIREMENTS
6 criteria identified
Core brokerage scope
99% confidence
Award and manage placement of future Group Income Protection and Group Life Assurance policies.
View supporting evidence
"put in place a new contract for Insurance Brokerage Services to award and manage the placement of future Group Income protection and Group Life Assurance Insurance policies"
Claims management
98% confidence
Manage claims annually after policy award.
View supporting evidence
"the successful supplier will be required to manage any claims on behalf of the Fund on an annual basis"
Market advice
97% confidence
Advise on market changes that may affect the Fund's policies.
View supporting evidence
"advise on any market changes that may impact the Fund's policies"
Policy/market-assessment recommendations
98% confidence
Recommend retaining existing policies or undertaking a PA23-compliant market assessment for new policies.
View supporting evidence
"make recommendations on whether to keep existing policies or undertake a new PA23 compliant market assessment"
Guaranteed-rate period
90% confidence
Anticipated 2–3 year guaranteed rate for new group policies, to be agreed with the successful supplier.
View supporting evidence
"It is anticipated that these new group policies will be put in place with a guaranteed rate of 2-3 years (to be agreed with the successful supplier)."
Supplier eligibility criteria
99% confidence
Unknown.
View supporting evidence
No eligibility, company-size, insurance, financial-standing or certification criteria are stated in the supplied notice data.
COMMERCIAL AND DELIVERY
Contract intelligence
Commercial
Maximum stated contract value
99% confidence
£300,000.
View supporting evidence
Opportunity value_max: "300000"; lot 1 value_amount: "300000"; currency: "GBP".
Spend commitment
99% confidence
The declared total includes potential British Business Bank use and is not a commitment or guarantee of spend.
View supporting evidence
"The total contract value declared in this notice takes into account the possibility of BBB utilising this contract, and should not be as a commitment or guarantee of the level of spend under any subsequent contract."
Contract term
96% confidence
Unknown; only the anticipated policy guaranteed-rate period is stated.
View supporting evidence
contract_start_at and contract_end_at are null; the description states an anticipated "guaranteed rate of 2-3 years" for policies.
National Wealth Fund Limited; British Business Bank PLC may also use the brokerage services.
View supporting evidence
"CONTRACTING AUTHORITIES THAT MAY USE THIS CONTRACT: National Wealth Fund Limited British Business Bank PLC" and "British Business Bank (BBB) may also look utilise the brokerage services".
submission_deadline: "2026-11-12T12:00:00Z"; lot 1 submission_deadline: "2026-11-12T12:00:00Z".
RISKS AND UNKNOWNS
Points requiring attention
Non-guaranteed demand
99% confidence
British Business Bank use is possible but not committed, and total declared value is not a spend guarantee.
View supporting evidence
"BBB may also look utilise the brokerage services" and "should not be as a commitment or guarantee of the level of spend".
Scope boundary for BBB policies
99% confidence
BBB's listed insurance policies are awareness information only; suppliers are not required to broker every listed policy.
View supporting evidence
"this is shared for awareness only and Suppliers are not expected or required to be able to act as a Broker for all of these".
Policy-rate duration not final
96% confidence
The 2–3 year guaranteed rate is anticipated and remains subject to agreement with the successful supplier.
View supporting evidence
"It is anticipated" and "to be agreed with the successful supplier".
Contract term unspecified
99% confidence
The overall contract start date, end date and term are not supplied.
View supporting evidence
contract_start_at and contract_end_at are null.
ProcuraAxis analysis supplements, but does not replace, the original notice and tender documents. Always verify eligibility, deadlines and commercial terms with the issuing authority.
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