Universities often conduct out-of-the-ordinary activities and maintain high-risk facilities, including medical teaching centers, research laboratories and testing equipment.
When a prominent international university approached Expense Reduction Analysts Insurance (ERAI) to evaluate its coverage, consultants were sensitive to the industry’s use of captive and specialized underwriting insurance agencies.
Analysts also recognized the importance of conducting regular governance reviews to ensure that the captive managers maintain global best practices. If managers become complacent, the university's coverage could lag and risk capital would be wasted.
Finding an independent agent who had its best interests at heart was exceedingly important to the university. Consultants customized the guidelines of a conceptual bid to reflect this advocacy requirement.
Because the final selection process required a vote by a large group of stakeholders, analysts used customized software to help rate responses and conducted a series of interviews to help in the decision-making process.
By inviting bids from the specialized captive education sector as well as from the "open" market, consultants were able to reduce the university's insurance costs by 18% and find an agent that represented the university's needs.
- Category – Insurance
- Industry – Education
- Client Savings – 18%
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