One advantage of the council’s position was their universal coverage requirements because a lot of their exposures and subsequent insurance requirements were very similar. Moreover, they shared several common goals: reducing insurance costs, enhancing policy coverage, and ensuring their brokers were providing the best value.
To address the councils’ objectives and maximise their cost-saving potential, Insure Right proposed a collective Request for Proposal (RFP) tender process. This approach involved grouping the councils’ insurance needs into a single tender opportunity, which was advertised to brokers in the market as a unified “group” tender.
By aggregating their insurance buying power, the councils were a much more attractive opportunity to potential brokers. This strategy allowed the councils to maintain their individual programs while benefiting from the competitive leverage of negotiating as a collective. It also enabled the councils to share all costs associated with running the tender exercise.
Insure Right’s senior partners took the lead in coordinating the tender process, ensuring that each council’s specific needs were addressed.
