Members are saving on average 40.16% on annual insurance premiums

The CPC College Insurance Framework has, for many years delivered significant savings for CPC member Colleges and the renewals in 2019 have been no exception. It was an exceptional year in terms of both feedback received and the savings generated. We would like to thank our members for their continued support.

We have been able to establish, using the data and feedback received on tenders undertaken in 2019, that members (whether repeat users or new to the framework) are saving on average 40.16% on annual insurance premiums. This is across a large sample of 12 Colleges whom all saved between 7% and 59% when compared to their previous year’s insurance premium. Putting this into a financial context, across the 12 institutions they together saved £739,720 in year one.

Over a typical three or five-year long-term agreement (LTA) the Colleges stand to save £2.2m -  £3.7m which can now be reinvested into other areas within the institutions, delivering an enhanced educational experience for their students.

CPC College Insurance Framework Savings

Year	Average Savings	New Users Average Savings
2015	16.20%	17.29%
2016	25.11%	46.24%
2017	17.79%	3.3%
2018	25.41%	27.40%
2019	40.16%	51.6%

Together with greater competition in insurance premiums, we are also seeing more sophisticated offers from the suppliers in terms of value-added services. These can include discounted property valuations for insurance rebuilding costs, support in business continuity planning and innovative methods of arranging insurance cover.

The CPC’s EU compliant framework also provides members with easy to use template documentation and guidance to make the tender process as painless as possible. 

Additional member comments attributed to the framework are as follows:

"Clear and simple to use"

On the model marking scheme – “Extremely Useful"

“Was able to use the framework without additional assistance”

“Excellent documentation and team very professional and offer support quickly”

All of the above is underpinned by the professional insurance advice and support provided by our FCA accredited partners Risk2Value Ltd (R2V), who can provide comprehensive tender management services. As one college put it; "the best specialist consultant I have ever come across."

CPC and R2V look forward to working with many more Colleges in 2020 with the aim of delivering even more savings to the sector. Many College renewal dates fall into August, so we would typically recommend starting the tender process as early as March or April allowing you and the framework providers plenty of time to get the very best from your tender processes.

Should you require any further information or have any questions please contact CPC Senior Contracting Manager Gary Sadler via email [email protected] or on 0161 974 0940.

You can also view our Procuring Insurance in an FE College blog article which incorporates a 40 minute presentation which details fundamental insurance principles together with cover options.