InsureRight Case Study 1

InsureRight Case Study 1

International not-for-profit aid and development organisation secures a 20% reduction in annual insurance costs and improvements in coverage while meeting global compliance requirements and easing administrative burdens.

Background

Senior members of Procurement Australia’s Insure Right team were engaged by the Australian branch of a global not for profit, independent, community-based aid and development organisation. Their primary task was to help implement a 'master' insurance program that catered for the clients international affiliates, many of which were located in "high risk zones" that were notorious for various territorial and people risk exposures. These ranged from political and natural disasters to staff and active volunteers being vulnerable to multiple perils requiring medical, security and/or emergency assistance.

Approach

The role of InsureRight’s team was to work with the client to design and implement effective insurance strategies to deliver a more unified, global program for the group. We also ensured each affiliate was compliant with the relevant legislation and regulatory requirements in the countries in which they operated from.

To deliver the desired outcomes, we worked with the client to execute a bespoke, comprehensive tender process involving only suitably placed and experienced insurance brokers who had the capacity and global resources necessary to meet the client's requirement both locally and overseas.

Solution

The tender enabled the client to leverage their 'economies of scale' to obtain a number of general program improvements and achieve annual insurance cost savings over twenty 20%.The client realised various process efficiencies and eliminated unnecessary costs by rationalising the number of policies purchased by their overseas affiliates.

The client was also able to consolidate coverage in several critical areas for many of their global affiliates under their local 'master' program; thereby providing their overseas offices with automatic coverage and costs benefits afforded under the locally admitted policies controlled out of Australia.

 

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