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 Lion Partnership (TLP) bring a wealth of knowledge and industry experience to the negotiating table. We had a difficult negotiation with our lead broker as they went back on their word, and TLP held them to account.

I found the process simple and straight forward to follow. TLP have a methodology that works, and delivered a very good outcome for the organisation.

In my view, you have nothing to lose. TLP bring their skills to the table (and) provide a solution for the organization with minimal assistance from myself. (We were) very satisfied with TLP. They are prompt, accurate, and deliver on time."

David Wilson
CEO
Tyrepower

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International Workforce Management Services Company discovers their appointed broker of 10+ years is collecting undisclosed commissions on a poorly structured insurance program.
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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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