The Boston Consortium Risk Management Group
The Boston Consortium Risk Management Group Member Login The Boston Consortium Risk Management Group
The Boston Consortium Risk Management Group


The Boston Consortium for Higher Education (TBC) is a not-for-profit membership organization founded in 1995 by the chief financial officers of Boston-area colleges and universities.

The Consortium's mission is to create a collaborative environment that inspires member institutions in the development and practical implementations of innovative cost management and quality improvement ideas. TBC assists higher education professionals and institutions as they envision the future, initiate dialogue, share knowledge, create trustful relationships, and build collaborative partnerships that enable them to realize their goals.

The Boston Consortium actively:

  • Facilitates 'communities of practice' for dialogue, innovation, shared effort, and mutual learning between and among its member schools
  • Advances initiatives and programs which are quality-enhancing, practical and cost-effective
  • Supports the creation of economies of scale and intellect to push administrative costs down and drive quality up
  • Enhances individual and organizational capacity by supporting work-based learning and offering professional development opportunities

As the only Fiscal Officer governed-and-lead Higher Education collaborative in the United States, The Boston Consortium utilizes both behavioral and analytical tools to drive change from middle management up, as well as from top management down. Our distinction is that we also provide informal forums for leaders and senior managers from nonacademic functions to explore similar interests and concerns.

Consortium participants embrace sharing best practices, utilizing systems thinking, and engaging the intrinsic motivation to excel. They use The Boston Consortium to augment and expand their on-going efforts to reduce costs and improve operations on their individual campuses. The Consortium's successes demonstrate how each school benefits from its association as well as how collaborative actions can extend and even multiply increasing constrained resources.

In May 2002, after over a year of shared due diligence, five member schools of The Boston Consortium created the position of Director Co-Sourced Risk Management to lead a collaborative Risk Management initiative.

In 2003, Berklee College of Music, Brandeis University, Olin College, Wellesley College and Wheaton College finalized a collaborative process for property and casualty insurance purchasing requirements.

The Risk Management Group's subsequent accomplishments by year include:

2003

  • Designed an Insurance Broker Request for Proposal (RFP) process to identify one insurance broker to represent the insurance marketing needs of the purchasing group.
  • Established a common anniversary / effective date for insurance policies.

2004

  • Successfully addressed a major restructuring of the insurance underwriting market with the introduction of St. Paul / Traveler's Insurance Company as our primary source for property and casualty coverages.
  • Developed standards, guidelines and shared expectations to address a stable long term client / property underwriter partnership.

2005

  • Bentley College was added as the sixth member of the Risk Management Group.
  • Conducted International Travel Risk Assessment project for member schools.

2006

  • Worcester Polytechnic Institute (WPI) became the seventh member of the Risk Management Group.
  • Formalized institutional membership terms with the creation a Risk Management Group Charter and Participation Agreement.
  • Revised and renewed the terms and expectations included in the Insurance Broker Service Agreement.
  • Introduced International SOS, as a risk management partner, to deliver quality travel assist services to our various institutional overseas travelers.

2007

  • Implemented the purchase of a member Pollution Liability program.
  • Facilitated the purchase of a Higher Excess Umbrella Liability through a collaborative group pricing model.
  • Continued coverage customization of a member Fine Arts Policy offering.
  • Design and development of Risk Management Group Website is initiated by Boston Interactive.

2008

  • RMG Website homepage goes live on line.
  • Network Security and Fine Arts risk assessments completed with Scorecard evaluations.
  • Design of the Risk Management Group Extranet (a shared document resource) is started.
  • RMG selects Chris Trakimas, a Wake Forest University Junior, as our first risk management intern.

2009

  • Members unite and all purchase Network Security or Cyber Liability Insurance.
  • Effective 6/1/09 all members except Brandeis University change property insurers leaving Travelers Insurance for Lexington Insurance to gain premium savings and coverage enhancements.
  • Continued coverage customization of a member Fine Arts Policy offering.
  • Risk Management Group Extranet is populated with documents primarily downloaded and edited by the second RMG intern, Michael Hulet, a Boston College Sophmore.

2010

  • Bryant University and Salve Regina University become the eighth and nineth RMG members.
  • Membership consolidated their purchase of group travel & accident insurance coverage with Charter Insurance Company with Olin's participation effective 6/1/10.
  • Risk Management Group Website Extranet administration transitioned to members after training.

2011

  • Emerson College is added as our tenth RMG member.
  • June 2011 Affiliated FM, an FM Global Company, replaces the Lexington Insurance Company as our group's property underwriter caused by changes in catastropic modeling scenarios.
  • August 2011 Hanover Insurance conducts Fleet Safety Training Day hosted by Wellesley College.

2012

  • Lasell College becomes the eleventh RMG member.
  • Academic Risk Resources and Insurance LLC sells book of business to Cross Insurance Agency 
  • TBC-RMG initiates RFP for Insurance Brokerage Services.
  • Written RFP Proposal distributed to 8 leading Higher Education Insurance Brokers

2013

  • January 2013 Cross Insurance - Higher Education Division created and Bev Costello named Director.
  • Fred C. Church, Risk Strategies and Cross Insurance selected for oral broker presentations.
  • February 2013 Cross Insurance Higher Education Division selected as TBC-RMG Broker. 
  • February 2013 TBC-RMG selects Applied Systems certTrax platform to automate the tracking and recording of third-party Certificates of Insurance as an additional member benefit.
  • Members experience first hard insurance market with June 2013 Insurance Renewal pricing higher than expected.