46 contracts with 11 insurers, each site with its own terms and renewal dates. Equipment insured using outdated valuations — leading to overpayment in some cases, underinsurance in others. Combined portfolio reports were compiled manually once a quarter, taking two specialists two weeks. Tenders were rare, contracts simply renewed with previous insurers.
Uploaded all contracts, policies and equipment register into AIINS — single database for all four sites. Reconciled register with records and identified 140 decommissioned and mothballed units still included in policies. Ran a tender for a single programme: 14 insurers, comparable offers, benchmarked by price and terms. Set up renewal and payment reminders, and premium monitoring by line of insurance.
-27% insurance cost reduction — 215 000$ saved per year. 1 insurance programme with a single renewal date. 1 day to prepare a consolidated portfolio report. 0 missed renewals in the first year.