When enrollment season comes around, school administrators have their hands full. In the last few decades, education management systems have made the process much easier, but one aspect of enrollment has been left behind: the tuition insurance process. Current tuition refund protection is anything but current: it’s manual for administrators, and it’s confusing and expensive for families.
Fortunately, legacy tuition refund plan providers are no longer the only option for schools to offer their families. Now, schools have a better solution: low-touch, easy-to-use, affordable Tuition Refund Protection through Vertical Insure.
What’s Broken: The Problem with Legacy Tuition Refund Providers
Large tuition refund plan providers have been around for decades, yet their process hasn’t evolved alongside the schools they serve. Here’s how these legacy carriers are failing schools and families.
High-Touch Process
Existing tuition refund plans require school administrators to manage back-and-forth between the insurance provider and the families. They’re placed in the position of negotiating coverage with the carrier, involving them in contracts, billing, rosters, and claims.
Worse Deals for Families
Since school administrators are in charge of negotiating contracts with tuition plan providers, they often opt for a lower level of protection in order to save families money. This means coverage is inconsistent from school to school, even with the same carrier.
Partial Payouts
Legacy tuition refund plans typically only pay 60–75% of tuition costs, and the actual payout percentage varies depending on the school and the withdrawal reason. These refund plans leave families exposed and can cost them thousands of dollars.
Confusing User Experience
Existing tuition refund providers create confusion for families when it comes to filing claims. Families are often uncertain about where to go and what to do, forcing schools to field questions. Any misunderstandings with the carrier become more work for both families and administrators; in the process, relationships become strained.
What Partnering with Vertical Insure Means for Schools
When schools partner with Vertical Insure, the burden of providing tuition refund protection is lifted for administrators. Here’s what partnering with Vertical Insure means for schools:
Less Work for Administrators
Vertical Insure handles compliance, licensing, claims, and policy sales. School administrators are no longer middlemen between carriers and families, relieving the administrative burden and preventing relationship strain with families.
Consistent Coverage
Tuition Refund Protection through Vertical Insure provides consistent coverage with clearly defined covered withdrawal reasons. When schools negotiate with traditional carriers, they often end up sacrificing coverage to save families money. Tuition Refund Protection through Vertical Insure provides the same broad protection no matter the school’s size or negotiating power, at the same affordable price.
Up to 100% Payouts
Clear User Experience for Families
Vertical Insure works with your school to create a clear, familiar experience that builds trust with families and helps them feel empowered to purchase coverage.
Better Outcomes for Schools and Families
Vertical Insure provides consistency for schools and families seeking Tuition Refund Protection. When schools aren’t left to negotiate coverage, families can rely on clearly defined covered withdrawal reasons. Families receive the same affordable premiums no matter how much bargaining power their school has.
100% refund payouts means families are no longer left vulnerable. For tuition that costs $40,000 per year, a full payout means the difference between a $24,000–$30,000 refund and a $40,000 refund. With Vertical Insure, coverage is more complete and more affordable.
With better coverage, relationships between schools and families are protected. Schools have fewer disputes and stronger re-enrollment rates. It’s a major win for everyone involved.
Embedded Tuition Refund Protection within Education Platforms
Schools already know the value of protecting tuition. Tuition is an investment that deserves modern coverage: It should be easy for schools to offer and simple for families to purchase. That’s why Vertical Insure works with education management software to embed Tuition Refund Protection offers within their platforms. Embedded TRP is an intuitive, natural feature within the enrollment and billing workflows of platforms.
Legacy tuition refund plan providers operate outside of education admin software platforms. These refund plan offers are always branded under the insurance carrier, reducing familiarity and trust for families.
When embedding Tuition Refund Protection with Vertical Insure, policy offers are made to flow seamlessly within the platform experience. Parents and guardians feel more secure inside the platform they know and can make the decision to purchase coverage with confidence.
Embedded Tuition Refund Protection makes offering insurance as simple as turning it on. Distribution is centralized and scales easily. School administrators don’t have to negotiate or collect premiums, taking work off their plates during their already busy enrollment season. All they have to do is go into the platform and enable the offer, and families can see it right away.
If your school uses another platform, you can still offer Tuition Refund Protection from Vertical Insure. Reach out to our team to get started.
Offering Tuition Refund Protection doesn’t have to be manual and confusing, creating more work for school administrators during their busiest time of year. Tuition Refund Protection from Vertical Insure means the difference between hours of complex paperwork and a few clicks within the software they already use. No more dealing with outdated, disconnected tuition refund plan providers that don’t provide the best experience for schools and families.