The most important decision a college or university can make for its athletic accident insurance program is the selection of an insurance consultant/broker to advocate for their institution. The insurance consultant/broker provides expertise and valuable services to support the Institution’s overall athletic accident insurance program that may not be considered through a product-only RFP.
Examples of broker services include:
College and university stakeholders are often unaware that most insurance carriers providing coverage for athletic accident insurance typically do not sell their products direct to an institution. The carriers rely on consultants/brokers to offer their products to the consumer.
When a college or university releases an RFP for an “insurance product” (instead of consultant/broker services), brokers scramble to try and reserve carrier markets, as carriers will typically not allow multiple brokers to offer their product to an institution. Most institutions overwhelmingly value price over other factors presented by the consultant/broker during the decision process, which means they may often select a company that simply was the quickest to offer a low-priced insurance carrier for a quote as opposed to selecting a consultant that presents better advocacy for the students and service for the institution.
This highlights the importance of selecting the correct consultant versus an insurance product in the RFP process. Selecting the consultant/broker based on their services and expertise will ensure your institution has the best overall program to fit the needs of both the student and school.
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