Optimising Insurance for Aged Care:
$200K+ in Annual Savings Secured
How Procurement Australia helped a national aged care and retired living provider enhance coverage, strengthen insurer relationships, and achieve significant cost savings.
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Over $200K in Cost
Savings
Achieved over $200,000 in annual premium reductions while maintaining insurer continuity.
Enhanced Policy
Coverage
Identified and addressed deficiencies in key policy wordings, ensuring comprehensive protection.
Industry-Specific
Expertise
Leveraged top aged care insurance specialists to secure tailored solutions and long-term benefits.
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Supporting a National Leader in Aged Care Services
One of Australia’ largest, privately owned providers of residential aged care engaged members of the Insure Right team to complete a comprehensive review of their insurance arrangements.
Established for more than 20 years, the client boasted one of the most geographically diversified portfolios of any aged care provider in Australia, with more than 54 facilities housing some 6,000+ residents nationally.
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Navigating Growth and Evolving Insurance Needs
Although the client was seen as a relatively attractive risk due to their demonstrated commitment to risk management, recent operational changes driven by strong growth – such as third-party acquisitions and a recent IPO – necessitated a review of their insurance coverage to ensure it remained adequate.
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Leveraging Industry Expertise to Optimise Insurance Solutions
The initial phase of the project was to implement and manage a competitive tender process for the provision of insurance broking services involving a select panel of brokers – 5 in total – with proven experience in the health and aged care sector.
This enabled the client to leverage the expertise, data, and technical insights of the most qualified brokers specialising in aged care, ensuring their insurance solutions were optimised.
In addition to the extensive tender exercise, the Insure Right team also carried out technical reviews on the client’s four major policy wordings; comparing them to alternative products available in the market and highlighting opportunities to address numerous deficiencies that were found.
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Enhanced Coverage and $200K+ in Annual Savings Secured
This process resulted in the client reappointing their incumbent provider who, armed with the findings of the preceding wording reviews, delivered multiple policy enhancements and improvements in cover.
Additionally, the client secured significant premium cost savings of more than $200,000 annually; a majority of which were achieved with the incumbent panel of insurers, meaning the client also reaped the long-term benefits associated with insurer continuity.
Ready to Achieve Outstanding Results for Your Organisation
Contact us to learn how we can help you achieve better value and lasting impact through strategic procurement.