Insurance | News | YPO

Insurance agreement delivers millions in savings

£4.6m savings achieved in less than 18 months

An agreement, designed to deliver savings on insurance services across the public sector, has already achieved over £4.6m in savings since its launch in February 2013. It is the first national agreement to meet the diverse needs of public sector bodies, and effective collaborative working between the partners has been key to its success.

Over the past 18 months, over 200 public sector bodies have benefitted from the agreement, with some local authorities saving over half a million on their insurance costs. It allows public sector bodies to purchase a number of insurances, including property, liability and motor.

The team responsible for developing and managing the agreement was recently awarded highly commended in the Team of the Year category at the Government Opportunities Excellence in Public Procurement Awards 14/15 and has also been shortlisted in the Best Public Procurement Project category at the CIPS Awards 2014.

Developed in partnership with the largest professional buying organisations in the UK - YPO, Crown Commercial Service, ESPO and NEPO - the agreement provides effective and efficient insurance services for the public sector. This provides access to insurers without having to go through lengthy procurement processes. Key benefits to public sector bodies are reduced cost and duplication, improved efficiency and time savings. The team have also hosted a series of webinars and market insight days, which included presentations from suppliers on key market issues.

Since using the agreement to procure insurance services a number of public sector bodies, including schools and local authorities have made significant financial savings. Blackpool City Council saved £500,000 on their insurance costs compared to the previous year’s premiums.

Simon Hill, Managing Director of YPO commented: “The national insurance agreement has made a considerable impact since its launch just 18 months ago. We are delighted that it is meeting the needs and requirements of our customers and saving both time and money. The agreement has also opened up a market traditionally dominated by a number of large insurance companies and ensured SMEs have a greater opportunity to do business with public sector organisations.”

Sally Collier, Chief Executive Officer, Crown Commercial Service and Deputy Chief Procurement Officer, commented: “This agreement has provided the public sector with a much needed quick and efficient route to market, which is and will continue to deliver savings for the nation. All of the partner organisations have worked well as a team and embraced collaborative working, which has yielded real benefits.”

Further information: