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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Background

One of the country's most popular sporting codes key administrators appointed The Lion Partnership to review their insurance arrangements. This included the key areas of Sporting Injury, Group Personal Accident and Professional Indemnity protection for its Players (including junior and local domestic competitions), Officials and Coaches, as well as the associations’ and clubs’ general corporate insurances.

The reviews primary purpose was to identify any opportunities that existed. So that that they could implement an alternative structure offering a more suitable, tailored and/or rationalised approach that addressed the immediate and long-term needs of each affiliated entity (9 in total) that were involved in administrating the game at both the domestic and professional levels.

Approach

The Lion Partnership considered various complex information at the outset from each affiliate, ranging from coverage and pricing details through to sponsorship arrangements, claims reporting protocols and historical claims information.

Our initial review discovered each affiliated entity across the various states maintained vastly different arrangements, not only about the actual levels of protection in place but also regarding the choice of brokers and insurers. This was because there was no collaboration between the affiliates in previous years, with each entity responsible for arranging their own insurances.

While we were able to identify and suggest alternative program structures and risk financing models for the long-term (e.g. annual aggregate deductibles, tiered program structures and/or a cooperative – a self-insurance model) our primary recommendation was for each affiliate to take advantage of their universal requirements in the immediate future. We recommend implementing a 'whole of game' solution that would enable them to use their collective buying power to negotiate the optimum program for their players and members.

Solution

Working closely with all the major stakeholders, we managed a detailed broker selection exercise involving numerous candidates chosen by each client's national and state stakeholders. They all had backgrounds in the sporting sector, ranging from more minor boutique broking houses to major global brokers.

The Lion Partnership put all of the affiliates in a position where the group stood to achieve a 30% reduction in their premium pool - which equated to millions of dollars in premium savings. This combined with excellent policy conditions that offered each of the affiliated entities access to market leading coverage.

Moreover, these results were obtainable for each affiliate on a standalone basis, meaning they reaped the group's bulk purchasing power benefits while controlling their own insurance arrangements

Testimonial

“It had been some years since Spark did a full review of not only its insurance broker but captive manager and policies. We wanted to ensure we were working with the best and that our policies were best in class and fit for purpose given the transformation of our business over time towards more digital services.

(TLP offered us an) independent review conducted by specialists in the insurance field which is a very unique industry. (Their) independence and the fact we got a full summarised report, score cards and that TLP took care of the work (was a great benefit). It was also great having TLP participate in the presentations to facilitate them but also ask questions".

Chante Mueller
Head of Investor Relations & Assistant Treasurer
Spark NZ
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