Created strategic agility for the BC Non-Profit Housing Association
Leadership needed to balance affordable commercial insurance programs and financial viability.
“We need greater flexibility and financial control over our risk programs.”
-CEO
BC Non-Profit Housing Association’s (BCNPHA) commercial insurance programs were struggling to remain financially viable while still upholding a key strategic goal of offering accessible and affordable insurance to their members. Realize was asked to help design a financially viable solution that would grant BCNPHA strategic agility as well as manage risk concerns.
Date
March 16, 2024Solution
The client
BC Non-Profit Housing Association
The challenge
BCNPHA lacked the strategic agility to balance affordable commercial insurance programs and financial viability
BCNPHA needed a financially viable solution that addressed concerns regarding risk management, incidental loss, and limited control over premiums, while still upholding a key strategic goal of offering accessible and affordable insurance to their members.
The solution
Feasibility study and strategic business plan with actionable product launch roadmap
Realize recognized that there were two key components to BCNPHA’s challenge: 1) develop a financially viable insurance offering that reduced risk, incidental loss, and limited control over premiums; and 2) was an accessible and affordable insurance option for BCNPHA members.
Our approach and methodology
Realize conducted a comprehensive feasibility study and developed investment-grade financial model to assess the feasibility, benefits, and costs of BCNPHA forming a captive insurance company to insure internal risks and lower total administrative costs.
Using multiple best/worst case scenarios modelled over a 5-year forecast period, it was determined that a captive insurance company was viable under all scenario conditions.
Facilitated design thinking sessions were conducted with leadership to establish alignment and co-create the four principle objectives of the BCNPHA Captive Insurance Company (Captive).
To foster strategic agility and offer an affordable and financially viable insurance solution to BCNPHA’s membership, Realize developed a business plan featuring a strategic and operation framework for Captive supported by a three-year launch timeline.
To activate the recommendations, Realize guided leadership through the incorporation process and managed the FICOM application on behalf of BCNPHA.
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About BC Non-Profit Housing Association
BC Non-Profit Housing Association (BCNPHA) is the umbrella organization for over 250 non-profit housing providers in British Columbia. BCNPHA provides leadership, advocacy, and support to non-profit housing providers. Their members aim to develop and operate a high standard of affordable housing throughout the province.
About us
Realize Solutions is an award-winning B Corp-certified team that designs practical solutions for organizations with complex problems in the areas of board governance, organizational development, and people.
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