Leading national mental health and disability support organisation achieves considerable premium savings of more than 14% during one of the most challenging periods on record for the insurance industry.
Background
A large national provider of mental health, disability and rehabilitation services approached InsureRight as part of a corporate governance review to help test the adequacy of their insurance arrangements from both a coverage and pricing perspective.
Approach
Insure Right managed a comprehensive broker tender process on behalf of the client, involving four highly qualified insurance brokers with dedicated practice groups that specialised in the NFP sector.
All of them submitted comprehensive proposals that were of an extremely high standard. Each respondent identified various deficiencies within the clients program and highlighted opportunities where improvements could be made in terms of the cover the client purchased and the service they were receiving from their incumbent broker.
Solution
Following a detailed evaluation process involving presentations from each respondent, the client opted to break their long-standing relationship with their incumbent provider and appoint a new broker. The result was a vastly more competitive program that generated premium savings of more than 14% or $75,000 at a time when most organisations were experiencing increases of 10% (minimum) due to the distressed market conditions.
Our team continues to work with the client and their newly appointed broker to ensure they continue to meet the clients expectations.