Aged Care

National aged care and retired living provider enjoys considerable cost savings of more than $200,000 combined with various improvements to their insurance program.

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Background

The Lion Partnership was engaged by one of Australia’ largest, privately owned providers of residential aged care to help 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.

While the client was considered a relatively ‘attractive’ risk from an insurer’s standpoint given their demonstrated commitment towards risk management, a series of recent operational changes brought about by the organisations strong growth and expansion strategies, which included several third party acquisitions and a recent IPO, created a need to review their insurances to ensure they remained adequate.

Approach

The initial phase of the project was to implement and manage a competitive tender process for the provision of insurance broking and risk management services involving a select panel of brokers with proven experience in the aged care and sector.

In addition to the extensive tender exercise, The Lion Partnership’s 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 the various deficiencies that were found.

Solution

This process resulted in the client reappointing their incumbent provider who, armed with the findings outlined in the preceding wording review, delivered a number of policy enhancements and improvements in cover combined with premium cost savings exceeding $200,000 per annum; 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.

Testimonial

“The expert industry knowledge of TLP was the most advantageous during writing the tender, negotiations and evaluation the tender responses. The reports were very well structured and I felt very informed and supported throughout the process.

TLP met and exceeded our expectations. By engaging with TLP it kept the process honest and transparent and ensured we were receiving the most suitable cover at the right price. While cost savings was not the main focus there were considerable savings achieved along with an increase in cover which was a win-win for us."
Mission Australia

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