The Insurance Power Play

Susan G. Komen - Breast Cancer Foundation

Background

The Susan G. Komen Foundation, a renowned entity in the realm of breast cancer organisations, is known for its extensive reach and trusted reputation worldwide. Headquartered in the United States, it stands as one of the largest and best-funded breast cancer organisations globally. Despite its stature, the Foundation faced challenges in ensuring its insurance program was as robust and comprehensive as needed, especially in critical areas such as Professional Indemnity and Legal Liability.

Our Services

Ken Armstrong, a senior expert at Resilient, was brought on board to conduct a holistic assessment of Komen’s insurance program. His role extended to managing the tender process for the national insurance renewal, a crucial step in addressing potential coverage gaps and optimising insurance efficiency.

Strategy and Approach

The strategy involved a thorough evaluation of the existing insurance coverages, identifying significant gaps, particularly in Professional Indemnity and Legal Liability. The approach was to leverage the Foundation's prominent standing to negotiate better terms and conditions, ensuring a comprehensive insurance program aligned with the scale and scope of their operations.

Tendering Process and Broker Selection

A competitive tender process was initiated, attracting several of the world’s largest brokers vying for the opportunity to serve as the Foundation’s broker and risk advisor. The tender management process was geared towards creating competitive tension, ensuring the Foundation obtained the best value for its insurance investment. The criteria for broker selection included expertise in nonprofit sector insurance, the ability to offer comprehensive and tailored coverage, and competitive pricing.

Outcome

The engagement with Resilient yielded remarkable results for the Susan G. Komen Foundation:

Successfully identified and eliminated significant coverage gaps, particularly in Professional Indemnity and Legal Liability.

Through a competitive tender process, ensured the Foundation obtained optimal insurance coverage at the most economical cost.

Facilitated the selection of a broker and risk advisor that matched the Foundation’s size, scope, and specific insurance needs.

This case study demonstrates Resilient’s capability to enhance and streamline insurance programs for prominent nonprofit organisations, ensuring comprehensive coverage that aligns with their global stature and operational requirements.

The Insurance Power Play

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