Procurement Australia | Case Study

Significant Cost
Savings

Achieved $485,000 in annual insurance premium reductions through a competitive tender process.

Enhanced Insurance
Protection

Identified and addressed restrictive policy conditions, securing more comprehensive coverage.

Improved Broker
Performance

Implemented service agreements with key performance indicators for ongoing accountability and transparency.

Background and Overview

Evaluating Insurance for a Leading University with Complex Risk Exposures

Members of the Insure Right team were approached by a major Australian public research university to conduct a review of their insurance arrangements.

With roots dating back to 1887, the client had grown to become one of the largest and wealthiest universities in Australia, with more than 81,000 vocational and higher education students. And with more than 80 buildings in one of Australia’s biggest CBD’s, along with multiple campuses and sites across metropolitan areas, the client had a significant geographical footprint that left them exposed to numerous risks, particularly due to the high volume of foot traffic from students, faculty and staff, and pedestrians.

Our team began by conducting a technical review of the policy wording for the client’s major insurance classes. This resulted in more than 120 pages of detailed commentary, highlighting opportunities to enhance the wordings by removing or altering restrictive and/or poorly worded policy conditions that significantly limited the client's coverage.

After completing the reviews, the team oversaw a comprehensive insurance broker tender process, engaging multiple suitably qualified brokers with a proven track record in the tertiary education sector to ensure the program's overall optimisation.

The tender process generated strong competitive tension among the participating brokers, enabling the client to secure vastly improved coverage aligned with prior policy reviews while also achieving substantial premium savings of over $485,000 annually. This combination of enhanced protection and cost efficiency marked a considerable improvement in the client’s insurance and risk management strategies.

Moreover, the newly appointed broker was also willing to include several key performance indicators within their service agreement which enabled the client to easily monitor and measure their performance going forward.

Securing Smarter Insurance: $485K Saved for Leading University

Significant Cost
Savings

Enhanced Insurance
Protection

Improved Broker
Performance

Evaluating Insurance for a Leading University with Complex Risk Exposures

Addressing Evolving Risks with a Comprehensive Insurance Strategy

Comprehensive Policy Review and Broker Tender for Optimal Coverage

Enhanced Coverage, $485K Savings, and Improved Broker Accountability

Ready to Achieve Outstanding Results for Your Organisation

Securing Smarter Insurance: $485K Saved for Leading University

Significant Cost Savings

Enhanced Insurance Protection

Improved Broker Performance

Evaluating Insurance for a Leading University with Complex Risk Exposures

Addressing Evolving Risks with a Comprehensive Insurance Strategy

Comprehensive Policy Review and Broker Tender for Optimal Coverage

Enhanced Coverage, $485K Savings, and Improved Broker Accountability

Ready to Achieve Outstanding Results for Your Organisation

Significant Cost
Savings

Enhanced Insurance
Protection

Improved Broker
Performance