Higher Education

IMA helps clients in higher education see
around corners, enabling them to take advantage
of risk rather than simply purchasing insurance.

IMA has a 100% SUCCESS RATE driving down net
cost of risk for private colleges.

Insurance by Industry  |  Higher Education

Protecting Assets
in Higher Education

Managing risk means more than insuring what is here today, but seeing ahead
to where the business will be tomorrow. IMA understands clients’ business
first and places insurance second.

We have experience in the following verticals:

+ Private Colleges
+ State Associations
+ Private Universities

+ Community Colleges
+ Public Universities

Market Update 2022

The pandemic created significant challenges for American colleges and universities. Between the fall 2019 and spring 2022 semesters, undergraduate enrollment dropped by 6.6%, or over a million students. Community colleges enrollment declined in that time period by a staggering 13%. The nation’s under-18 population had already been declining — from 74.2 million in 2010 to 73.1 million in 2020 — and the overall share of 18-24 year-olds enrolled in college declined from 41.3% in 2009 to 40.7% in 2019.

Like many aspects of the American economy, these changes can be told as a story of haves and have-nots. Elite universities saw steady enrollment and soaring endowments throughout the pandemic, while community colleges are still struggling to maintain numbers, and some small, regionally-focused private 4-year colleges were forced to close or merge. The latest casualties are Ohio Valley University, which shut its doors for the spring 2022 semester, and Mills College, one of the last extant women’s only schools, which is set to be acquired by Northeastern later this year and become co-ed.

One bright spot is the return to in-person classes for the spring semester, with over 90% of colleges and universities welcoming students back to campus. Whether this move persists will partly depend on external public health factors, but also on universities’ appetite for learning to live with COVID, as many have advocated.

 

Higher Education Services

Active Shooter +
Workplace Violence
Property Workers' Compensation Contract Review
Risk Control Complex Risk Risk Management Executive Risk
Cyber Coverage Insurance Marketing
Services + Structure
Claims Life Cycle +
Coordination
Coalition Membership Benefits

Coalition for College Cost Savings

As a former CFO of two private, non-profit colleges, I understand the unique challenges and limitations facing CFOs and Risk Managers. It was important for The Coalition to partner with a broker that understands and is committed to our Private, Non-Profit Colleges. By leveraging the strength of The Coalition’s over 900 Colleges and Universities, the Coalition program through IMA allows our schools to Transform Processes, Reduce Costs and Increase Efficiencies.

– Lyen Crews, President, The Coalition for College Cost Savings

Testimonials

“We are delighted that IMA is our broker. In very short order, the IMA team analyzed our insurance program, identified redundancies and inefficiencies, and offered improved coverage for less cost. They are true partners and we are grateful to be working with them.”

– Keath Blatt, General Counsel, Jewish Theological Seminary

IMA is the broker of choice for the KICA. We have seen an immediate positive impact since joining this program. The results we’ve seen are a great example of how the KICA program, under IMA’s management, can achieve significant results for each member.”

– Matt Lindsey, President of the KICA

IMA Private College Success Story

CASE STUDY – Faith Based Private College (2,000 students)

IMA not only reduced a private college client’s premium spend by 30% in year 1, but also provided benchmarks to assist them with coverage and limit selections.

✓ 30% Premium reduction

✓ $122,000 Annual premium savings

✓ Lowered liability deductibles

✓ Doubled educator liability limits

✓ Doubled cyber insurance limit and improved coverage

✓ Eliminated International Insurance program gaps

✓ Added Active Shooter / Workplace Violence insurance program

✓ Implemented targeted risk management strategies including revised fleet & driver safety program

Resources

Webinars

Higher Education Contacts

DEREK KARR
derek.karr@imacorp.com | 303.615.7766

CHAD DELINE
chad.deline@imacorp.com | 303.615.7724

NICK WHITE
nick.white@imacorp.com | 913.802.6979

BLAKE WELLS
IMA Higher Education Practice Lead
blake.wells@imacorp.com | 316.266.6213

CASEY CASAMENTO
casey.casamento@imacorp.com | 316.266.6249

NICK BURNS
nick.burns@imacorp.com | 303.615.7654

Approach to Service

Strategic

IMA is constantly and diligently scanning the environment and mining data to deliver solutions to clients before clients even know they have a problem.

Tactical

When clients need help with specific situations, IMA is there to intervene and help advocate for the best possible outcomes.

Transactional

IMA supports the execution of transaction in a “need it yesterday” timeframe. These are necessary to the flow of business in which accuracy and speed are essential.