Buying Consortium Looks for Cost Effective Engineering Program
The Client and Its Challenge
Due to recent budget constraints, a higher education buying consortium made up of 35 large universities and colleges was interested in securing the best purchase price on property insurance. Unsatisfied by its current provider's ability to meet its demands, the consortium turned to Marsh to design a new engineering program and to market this program.
The Risk Consulting Solution
Marsh consultants worked with the various consortium members to determine what they liked and did not like about their current engineering program. Based on the feedback Marsh received, a new engineering program was proposed with the following goals in mind:
Promote safety awareness
Reduce the total cost of risk
Code compliance and insurance acceptance
Savings — in time, money, and frustrations
The engineering program that Marsh consultants designed leveraged the expertise from several third-party vendors including a Web-based data management tool. Marsh would manage/oversee all aspects of the program, as well as perform those aspects of the engineering program where Marsh has specific expertise.
Results
A presentation of the proposed engineering program was made to the consortium's oversight committee. After an "apples-to-apples" comparison between the current and alternative programs, the committee selected the Marsh solution. Armed with the new engineering program, Marsh approached the market and was able to locate a property insurance carrier that provided the terms and conditions the consortium sought.
<
If you have any questions or would like additional information, please contact us.
