Private University Reduces Premium Spend by 20%

Challenge

A private university was part of a group insurance program. They assumed this would give them purchasing power and scale. However, the CFO didn't believe this was the case. In addition to paying high premiums, the institution also wasn't receiving risk management support, which they wanted. The CFO invited Hylant to review their program.

Solution

With Hylant's help, the university discovered that not only was it paying unnecessarily high premiums, but also its property values had been understated by 29%. This oversight meant that the institution was underinsured, a dangerous and potentially expensive gap.

Working with Hylant, the school was able to secure more affordable coverage with better terms and limits, even during a period of lower enrollment. The university was able to reduce its premium spend by 20%.

The university's risk manager also worked with Hylant to perform a thorough risk analysis. Together, they prioritized actionable items and incorporated them into the risk management plan. Systematically mitigating risks is an important step in controlling costs and avoiding unwelcome surprises.

Even though others had pressured the university to stay in the group insurance program, the CFO followed his fiduciary instincts to obtain another opinion. The university was rewarded with better coverage, better rates and an active partner in risk management.