The Thrum team conducted a national product research project for a company with over $350 million in annual revenue. The project was designed to explore the potential for a new digital platform could serve as a resource for schools and their leadership teams. The primary objective was to determine how executive decision-makers engage with online management services and how this provider could differentiate itself in this market.
Research Activities
The study employed a multi-method research approach to capture diverse perspectives on management needs and service gaps. Research activities included: Stakeholder consultations and focus groups with the executive team to orient the research team regarding current offerings and strategic aims. These talks pinpointed major concerns, industry trends, and customer expectations for a digital risk management solution.
Concurrently, one-on-one interviews with leaders around the country, including financial officers, compliance specialists, and other managers, alongside sessions with thought leaders in relevant associations and networks, provided broader industry insights. Discussions also took place with agents serving to understand their approaches, the challenges they encounter, and the resources they need to better support their clients.
A national survey was then distributed to administrators to assess their management engagement, existing challenges, and their openness to new digital tools, covering areas such as management priorities, satisfaction with current services, legal concerns, and resource gaps. Finally, data analysis and thematic review of interview and survey results highlighted common themes, identified areas of need, and scoped out strategic opportunities. This analysis also delved into patterns in awareness, institutional barriers, and desirable features for a potential online platform, synthesizing a comprehensive understanding of the ecosystem and paving the way for targeted solutions.
Findings & Insights
The findings showed that institutions recognized the importance of risk management but often reacted instead of planning proactively, relying heavily on external providers without sufficient internal coordination. There were significant challenges, including financial constraints that limited investments and ongoing compliance issues with evolving legal regulations, particularly in cybersecurity and institutional liability.
Risk management professionals observed that existing resources often don’t meet the specific needs of educational institutions. There’s a noticeable demand for practical, accessible tools that help assess risks, ensure compliance, and train staff on emerging threats, with cybersecurity being a particularly acute area where institutions struggle due to limited expertise. There were other findings that were proprietary to the project.
Conclusion
The national study revealed education institutions face a hidden crisis in risk management, with many leaders unaware, unprepared, or overly reliant on outdated processes. Despite growing threats in cybersecurity, Title IX compliance, employment law, and other areas, risk management remained reactive rather than proactive, often siloed between departments.
Unlike other industries where risk is a strategic priority, these institutions often outsourced critical oversight to local insurance agents with longstanding personal ties rather than seeking the best solutions. A key surprise is that while most leaders feel “content” with their risk strategies, 72.5% were open to new partnerships, suggesting latent demand for innovative solutions.
There was still an opportunity to lead the sector, but the development of a digital platform to do so wasn’t clear. What was clear that maintaining a relationship-driven approach is valued by customers, which would then allow expansion and new offerings to be successful within those trust boundaries.
