The not-for-profit sector is struggling to cope with steep rises in insurance costs in recent years. Z/Yen Limited, the UK's leading risk/reward management firm have recently completed a major benchmarking study to help the sector understand the current state of insurance, including an in-depth analysis of insurance costs, claims, restrictions and options. More than 100 organisations, covering the breadth of the UK not-for-profit sector contributed their insurance details and obtained in return a full picture of insurance in the sector and how their costs and returns compare to others.
This insurance information is proving invaluable to participants, enabling them to inform and educate their brokers about the nature of insurance in the sector, and to negotiate more realistic premiums based on market information.
The study has revealed that some so-called "high risk" charities have a huge variation in premiums, with some paying nearly 150% more than others. Clearly this kind of inconsistent pricing could have a major impact on any not-for-profit's bottom line.
Z/Yen are proposing to make this study available on an ongoing basis, allowing charities to compare their insurance costs to their peers, and identify what savings could be made. Charities will be able to increase their negotiating power with their brokers and should benefit from lower premiums. If your existing broker can't help you, then the benchmark will help to identify better performing brokers and better value insurance companies. The survey will be available online and in paper, making it simple to provide you with results in the shortest time possible - helping to reduce pressure on you at insurance renewal time.
If you would like to learn more about this study, please complete the form below and fax it back to Z/Yen - (020) 7628-5751. Alternatively you can express your interest by e-mailing your details to firstname.lastname@example.org.
Z/Yen Limited, the UK's leading risk/reward management firm, works with many charities on strategic planning, system reviews, value for money studies, interim management roles, financial planning, computer systems implementations, effectiveness reviews, information technology strategies and reserves assessments. Z/Yen helps trustees, executives, staff and volunteers structure the issues they face and make choices that improve performance. Z/Yen have an excellent record of running benchmarking studies in the not-for-profit sector (most recently completing the Charities Consortium IT Director's Group Benchmark 2002/03), as well as in the commercial sector.