1  Banking/Finance

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Scope of Services:

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Description:

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 2  Government/Municipal

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Scope of Services:

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Description:

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 3  Sports/Entertainment

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Summary: With an eye toward assessing the effectiveness of its insurance program and saving costs, NCAA retained Hanover Stone Partners (HSP) to review its insurance program and its insurance brokerage relationships. In addition to working with NCAA to enhance coverage in its property and casualty insurance program, HSP helped NCAA adjust its brokerage compensation structure, resulting in an annual savings of $100,000.

 

The Client: Established in 1906, the NCAA oversees athletics of more than 1,200 member higher educational institutions throughout the U.S. Its 23 championship events generate nearly $1 billion in annual revenue, which is largely distributed among its member institutions. The schools are classified into three divisions to facilitate fair competition based on size, scope of athletics, and availability of athletic scholarships. Besides providing a framework for the conduct of athletics by member institutions, coaches and student athletes, NCAA promotes the health and safety of athletes, staff and spectators.

 

The Challenge: NCAA sought to gain insights on its insurance and risk management program and to determine whether alternatives might be more effective in its efforts to manage its existing and potential exposures. The association retained Hanover Stone Partners (HSP) to assess its risk management program structure and provider relationships, and assist it in exploring alternatives that might prove more effective.

 

The Strategy: The first order of business for Hanover Stone Partners was to review the NCAA’s existing property and casualty insurance program in conjunction with NCAA’s existing insurance brokers, including providing an assessment of the adequacy, structure and costs of its coverages in light of the nature of its exposures and current commercial insurance market conditions.

In this process, HSP identified numerous issues, including restrictive policy wording, sub-optimal program structure and other opportunities for enhanced program clarity and structure.

 

Next, HSP reviewed NCAA’s insurance brokerage relationships, including services being provided, and audited its broker compensation structure. On behalf of NCAA, HSP then developed an RFP for insurance brokerage services. Notably, because NCAA lacks a full-time risk manager, it relies extensively on its brokerage relationships for the development, implementation and oversight of its overall risk management program.

 

NCAA received competing bids from several prominent insurance brokers and HSP worked with NCAA to evaluate the responses. Ultimately, NCAA chose to change its primary insurance broker alignment as well as its broker compensation structure.

 

The Results: Working with HSP and its new insurance broker, NCAA revamped its property and casualty insurance program, structuring its coverages to align more precisely with its critical risk issues and strengthening its protection to avoid coverage gaps, restrictive wording and other issues that otherwise may have left NCAA underserved for certain exposures.

In addition to making significant improvements in its insurance program, HSP worked to change NCAA’s broker compensation structure, resulting in an annual savings of $100,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 4  Health Care/Life Sciences

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 5  Technology/Software

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 6  Industrial/Machinery

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