Client Stories | September 14, 2021

How to Simplify Your Insurance Coverage

A statewide federation of hundreds of local unions found that over the years it had acquired an unwieldy collection of policies and coverages. When its longstanding broker decided to retire, the federation decided to see how it could do better — both for itself and those it covered.

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The challenge

The organization knew Segal and had used other Segal professional consulting services for many years — but had never utilized our insurance brokerage services. This was partly because their insurance coverages had grown so complicated that they felt only the broker who set them up could service them best. The organization, which had not had a complete insurance summary review in several years, seized the chance to conduct a RFP and find a broker who could look beyond the status quo. The challenge for a new broker would be simplifying both the yearly application and renewal processes as well as enhancing the insurance coverages and day-to-day management services for the client.

Our strategy

Representatives of the organization met their Segal benefits consultants at a conference. Because of the longstanding and very positive relationship through non-insurance services, the organization gave Segal consultants advanced notice that it had begun drafting an RFP for insurance brokerage services.

When the RFP was issued, it was clear that the organization valued following best practices in their new insurance program. In our proposal and finalist presentation, we were able to demonstrate that Segal insurance brokerage services would meet both their needs and their expectations. Ultimately, the federation selected Segal. Now the real work began.

A service the federation provided to member local unions was insurance coverage through a system of its policies and services. Administration of the financial lines (fiduciary liability insurance, cyber insurance, etc.) was relatively straightforward. Property and casualty (P&C) coverage, especially for a large portfolio of buildings and the commercial automobile fleet owned by the union, was not. This part of the P&C coverage accounted for the majority of claims each year.

Segal identified carriers with the highest customer service ratings and made sure that the coverage costs were still competitive. We reviewed and compared policy terms and quotations to be sure that coverages, while complex, were more complete than the former set of policies. We then worked out a plan of how the coverages, which included more than one carrier, could be administered more efficiently. Last, we provided value by making the submission process easier across all of the policy lines.

The results

The results spoke for themselves. Even during the first year of the new policies, our contacts at the federation commented that not only did they see improvements in administration, but also the member local unions praised their experiences since the switch.

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.

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