Case study · Sensor Manufacturing
A sensor manufacturer saved $53,364 a year and added cyber coverage at no extra cost
How Summit consolidated a sensor manufacturer's policies under fewer insurers, built a deductible strategy, added Cyber Liability at no additional cost, and achieved a 31% premium reduction worth $53,364 annually.
The challenge
A sensor manufacturer faced rising insurance costs and an overly complex policy structure spread across multiple insurers. Their existing broker had not actively sought cost-saving strategies, leading to compounded rate increases over time.
There was also a lack of proactive risk management and alternative options, leaving the manufacturer with coverage gaps and limited flexibility. Renewals were stressful and annual premiums became unmanageable. The client was never given alternative options to compare against their renewal terms and was told market pricing left no other options.
What Summit did
The client hired Summit as their broker. Summit conducted a comprehensive audit of existing policies and held an underwriting call to understand the business operations and future goals of the company.
We reviewed the manufacturer's full insurance portfolio and repositioned them with their existing insurers. Through strategic negotiation, we consolidated multiple policies under fewer insurers, leveraging their appetite to take on additional coverage components, and developed a deductible strategy to lower premium costs while maintaining strong protection.
The results
Achieved a 31% premium reduction, saving $53,364 annually.
Simplified the insurance structure by consolidating policies with fewer insurers, allowing for more streamlined renewals and higher status with the market.
Enhanced coverage by adding Cyber Liability protection at no additional cost.
The proactive approach delivered immediate cost savings and left the company better protected against potential risks and liabilities. The manufacturer now benefits from a streamlined, cost-effective insurance program with stronger protection against emerging risks.
“Through detailed analysis and strategic policy structuring, we significantly reduced the client's insurance costs while improving their coverage. This case highlights the impact of proactive insurance management and the value of a broker dedicated to long-term client success.”