How Gallagher is meeting the complex insurance needs of not for profits
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At Gallagher, we understand that the Australian not for profit services sector is facing many issues, including increased demand in some areas, and some organisations having to dip into their capital reserves to maintain services.
Necessary changes to adapt to meet these needs have raised wide-ranging operational issues, along with the need to place greater reliance on technology and virtual platforms, which involves a range of new risk and insurance considerations.
In many cases, NFPs are trying to do more with less. This puts organisations under stress when it comes to meeting their insurance coverage needs and regulatory responsibilities.
“Following many discussions with NFP clients there appears to be several themes or issues arising, demand for services is increasing while revenue streams are reducing. Demand in some sectors is 2‒3 times greater than it was 2 years ago.” Richard Haig, National Practice Leader Business Development, Gallagher
Expertise and partnership delivered on an insurance wish list
Recently Gallagher was able to help an expanding NFP, where our experience in the industry and logistical capability to support growth provided a response to the organisation’s complex wish list of needs.
The organisation was looking for an insurance broker with the knowledge to seamlessly move from their current government-funded program to the private sector while maintaining the same coverage in the current insurance market.
Managing the two different funding models involved arranging individual private cover for some of the NFP’s partner organisations that were no longer eligible for government-funded insurance, and all this needed to be consolidated into a comprehensive and cohesive program.
Gallagher provided risk and insurance review for this NFP and the most significant need was for improved motor vehicle cover (which represented their greatest number of claims). Our approach was to consolidate the fragmented, unfitting policies into a uniform cost-effective program, including under excess claims solutions for non-delay repairs.
In addition to the capability to reorganise and integrate the NFP’s insurance into a manageable program of cover, Gallagher also has claims handling experience in sensitive liability matters ‒ which positions us to offer informed advice, specifically in relation to the Royal Commission matters such as sexual abuse.
Ongoing support for NFPs facing multiple challenges
Gallagher is positioned to offer immediate support via our on the ground network of regional and metro offices. Plus the broad scope of our risk management expertise allows NFPs to access best practice approaches in various workplace situations and assistance with mergers and acquisitions to further growth.
“The not for profit sector is facing increased changes to government policies across the states and territories and working through challenges relating to COVID and increase requirements for procedural governance. Gallagher understands the everyday challenges faced by NFP providers and works with our clients to create insurance programs that deal with these issues.” Gail Murray, Senior Account Executive, Gallagher
As an endorsed insurance broker of the National Disability Services (NDS), Gallagher is charged with providing risk management and insurance advice to NDS and its members, including handling sensitive liability matters, that positions us to provide informed advice on Royal Commission issues.
Insights and strategies to balance insurance costs
The Gallagher Insurance Market Conditions Report Q3 2021– Navigating the Hard Market, provides additional insight on the factors impacting the availability of insurance and strategies to help balance rising costs. Download it here.
No matter what tomorrow brings, we will help you face it
At Gallagher, we believe that providing insurance, risk management and business consulting services means being there to see you through every challenge, every decision, every step of the way. In an ever-changing world, we still believe in the power of the simplest things: like having a partner by your side. We are here to help, contact us on 1800 861 717
Lourdes Antenor is an experienced writer who specialises in the not-for-profit sector and its affiliations. She is the content producer for Third Sector News, an online knowledge-based platform for and about the Australian NFP sector.
