Buying hub launch promises insurance savings

The UK’s first Insurance buying group will be locked in with a portfolio estimated at £1m on Friday.

Lancashire procurement and cost reductions experts, Businesswise Solutions, can confirm that all members will enjoy, at bare minimum, a 7.5% saving against their current premium.

The scheme is backed by Lancashire Business View and follows on from the success of the energy buying hub launched earlier this year, tackling the rising costs of gas and electricity head on.

Dean Cockett of Businesswise said: “Once the group is locked in, we will have a substantial list of insurance premiums for our partners, Financial Affairs, to take to market in order to get the best price available.

“This is a unique opportunity for businesses across the region to work together to enjoy big savings on their insurance spend and there is still time to join the group and enjoy its many benefits.”

The group consists of a variety of businesses, from colleges to engineering firms and from manufacturing plants to solicitors covering every possible policy from fleet to professional indemnity.

Laurence O’Connor of Financial Affairs said: “There really is a vast and varied mix of business within the buying group and beauty of it is, we can make them all substantial percentage savings regardless of size and requirement.

“I have spent a lot of time with each business in order to understand their individual needs and, by working with other businesses, every member will have better deal on the table come January. "

The Insurance Wise Buying Group offers an extensive list of benefits for all joining members, including long term rate agreements, enhanced credit terms, free advice from HSE executives and HR support.

It also provides trade specific cover enhancements and policy wording in order to meet individual needs. If you would like to join the Insurance Wise Buying Group please email [email protected] or call 0800 035 2929 before noon, Friday, December 20th