The Insurance Power Play

Hobsons Bay City Council

Background

Hobsons Bay City Council, a significant local government entity in Victoria, Australia, faced the need to reassess its insurable risks, general insurances, and insurance broking arrangements. This review was prompted by the Victorian Auditor General's scrutiny of Local Government Insurance Risks, highlighting the importance of efficient and effective risk management and insurance practices in the public sector.

Our Services

Resilient was engaged to conduct a comprehensive review of Hobsons Bay's risk management and insurance program. This included benchmarking the Council's existing insurance arrangements against industry standards and managing an insurance tender process to optimise coverage and cost-effectiveness.

Strategy and Approach

The strategy involved a thorough evaluation of the Council’s current insurance program, focusing on identifying gaps in coverage and areas for cost reduction. The approach was to provide a holistic view of the Council’s risk landscape and align it with the best possible insurance solutions available in the market.

Tendering Process and Broker Selection

A competitive tender process was implemented to reassess the Council’s insurance broking arrangements. The criteria for broker selection included not only the capacity to offer comprehensive and cost-effective insurance solutions but also experience in handling the unique insurance needs of local government entities.

Outcome

The engagement with Resilient yielded remarkable results for the Hobsons Bay City Council:

Hobsons Bay City Council achieved significant improvements in coverage and substantial annual cost savings of approximately 30%.

Resilient provided ongoing risk management support to the Council’s Executive Management Team and Audit and Risk Management Committee, enhancing their risk management capabilities.

Over the past decade, Resilient has successfully managed several insurance and risk management reviews for Hobsons Bay, indicating a strong and effective ongoing relationship.

This case study underscores Resilient’s expertise in addressing the specialised insurance and risk management needs of local government entities, leading to enhanced insurance coverage, significant cost savings, and strengthened risk management practices.

The Insurance Power Play

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