Education

One of Australia's largest tertiary education providers enjoys $485,000 in annual insurance savings while securing vastly improved levels of insurance protection and broker performance.

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Background

The Lion Partnership was approached by a major Australian public research university to conduct a review of their insurance arrangements. With roots dating back to 1887, the university had grown to become one of the largest and wealthiest in Australia, with more than 81,000 vocational and higher education students.

Having more than 80 buildings in one of Australia’s biggest CBD’s in addition to multiple allied campuses and sites in metropolitan areas, the client had a large geographical footprint that left them vulnerable to a number of exposures given the high volume of regular foot traffic from students, faculty and staff and pedestrians.

With a dedicated and focused outlook on better managing their inherent risk exposures, the university was seeking to explore opportunities to improve their existing insurance and risk management arrangements. Accordingly, TLP recommended a holistic approach comprising two core functions.

Approach

Our team carried out detailed technical policy wording appraisals on the client’s major classes of insurance; producing more than 120 pages of commentary that outlined opportunities to rectify a number of perceived weaknesses while also removing several onerous and/or restrictive conditions that were identified.

Then in order to help the university maximise its position in the insurance market, The Lion Partnership managed a comprehensive insurance broker selection exercise involving candidates with a proven track record in the tertiary education space.

Solution

This then generated a significant amount of competitive tension among the respective brokers tendering for the business, which in turn greatly enhanced the client’s ability to not only secure vastly improved levels of insurance protection in line with the preceding wording reviews but also achieve substantial insurance premium savings of more than $485,000 per annum.

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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Publicly listed Global Information Technology Company works with The Lion Partnership to review their insurance arrangements from both a coverage and costs perspective.
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Sporting Association
Administrators for one of Australia's largest and most popular sporting codes engage The Lion Partnership to help refine their insurance arrangements.
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Construction
National Construction and Property Development Company with annual revenues in excess of $250m secures major coverage enhancements combined with a 23% premium saving without the need to change insurers.
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