Oklahoma Rural Water Association Assurance Group (ORWAAG) Market Research Report
Background
Overview
The Oklahoma Rural Water Association Assurance Group (ORWAAG) is a non-profit organization established in 1988 by representatives of Oklahoma's water and wastewater systems. Its primary mission is to provide rural water and sewer districts, as well as small communities, with a stable, local, and competitively priced alternative to traditional insurance. ORWAAG is governed by a 13-member board elected by its members, ensuring that the leadership is closely aligned with the needs of the communities it serves.
Mission and Vision
ORWAAG's mission is to enhance the quality of life in rural Oklahoma by offering tailored insurance solutions that address the unique challenges faced by rural water and wastewater systems. The organization envisions a future where all rural communities have access to reliable and affordable insurance coverage, fostering sustainable development and operational efficiency.
Primary Area of Focus
ORWAAG specializes in providing comprehensive insurance coverage and risk management services to rural water and sewer districts, as well as small communities across Oklahoma. This includes a range of services designed to meet the specific needs of these entities, ensuring they can operate effectively and securely.
Industry Significance
As a dedicated provider of insurance solutions for rural water systems, ORWAAG plays a crucial role in supporting the infrastructure that delivers essential water and wastewater services to rural populations. By offering specialized coverage, ORWAAG contributes to the sustainability and resilience of rural water systems, which are vital for public health and economic development in these communities.
Key Strategic Focus
Core Objectives
- Affordable Insurance Solutions: Offer cost-effective insurance options tailored to the unique needs of rural water and sewer districts.
- Risk Management Services: Provide comprehensive risk management services to help members identify, assess, and mitigate potential risks.
- Member Support: Deliver personalized support and services that go beyond traditional insurance offerings, ensuring members receive the attention and resources they need.
Specific Areas of Specialization
- Insurance Coverage: Including auto, property, inland marine, general liability, employment practice liability, employee dishonesty & crime, money & securities, directors & officers, errors & omissions, earthquake coverage, and cyber coverage.
- Risk Management Services: Offering on-site technical assistance, DEQ-approved training, and representation at meetings to support operational excellence.
Key Technologies Utilized
While specific technological platforms are not detailed in the available information, ORWAAG emphasizes the importance of risk management services and training programs, which likely incorporate modern technologies to enhance service delivery and member engagement.
Primary Markets or Conditions Targeted
ORWAAG primarily serves rural water and sewer districts, as well as small communities across Oklahoma, addressing the unique challenges they face in managing water and wastewater systems.
Financials and Funding
Funding History
As a non-profit organization, ORWAAG's funding primarily comes from member contributions and program services. In the fiscal year ending July 2024, the organization reported revenue of $6.74 million and expenses of $5.38 million, resulting in a net income of $1.37 million. The total assets stood at $8.73 million, with liabilities of $861,000, leading to net assets of $7.87 million.
Recent Funding Rounds
Specific details about recent funding rounds are not available in the provided information.
Notable Investors
As a non-profit entity, ORWAAG does not have investors in the traditional sense. Its financial support comes from member contributions and program services.
Intended Utilization of Capital
The capital is utilized to provide insurance coverage, risk management services, and support programs to its members, ensuring the sustainability and efficiency of rural water and wastewater systems in Oklahoma.
Pipeline Development
Key Pipeline Candidates
The available information does not specify pipeline candidates or product development stages.
Stages of Clinical Trials or Product Development
As an insurance and risk management organization, ORWAAG does not engage in clinical trials or product development in the traditional sense.
Target Conditions
ORWAAG focuses on the operational and risk management needs of rural water and sewer districts, as well as small communities, rather than specific health conditions.
Relevant Timelines for Anticipated Milestones
Specific timelines for anticipated milestones are not detailed in the available information.
Technological Platform and Innovation
Proprietary Technologies
While specific proprietary technologies are not detailed, ORWAAG emphasizes the importance of risk management services and training programs, which likely incorporate modern technologies to enhance service delivery and member engagement.
Significant Scientific Methods
The organization employs risk management services and DEQ-approved training programs to support operational excellence among its members.
AI-Driven Capabilities
There is no specific information indicating the use of AI-driven capabilities within ORWAAG's operations.
Leadership Team
Executive Profiles
- Darren Hughes (Chairman): Serves as the Chairman of the ORWAAG Board.
- Robert Moore (Treasurer): Holds the position of Treasurer on the ORWAAG Board.
- Terry DeBock (Region 1): Represents Region 1 on the ORWAAG Board.
- Jeff McIntosh (Region 1): Serves as a representative for Region 1.
- John Britton (Region 1): Another representative for Region 1.
- Arvil Morgan (Region 2): Represents Region 2 on the board.
- Gary McGuire (Region 2): Serves as a representative for Region 2.
- Dennis Meyers (Region 3): Represents Region 3 on the ORWAAG Board.
- Bobby Friend (Region 3): Serves as a representative for Region 3.
- Larry Bogges (Region 3): Another representative for Region 3.
- Kenny Lovett (Region 3): Serves as a representative for Region 3.
- Sheldon Tatum (Region 4): Represents Region 4 on the board.
Leadership Changes
Specific details about recent leadership changes or appointments are not available in the provided information.
Competitor Profile
Market Insights and Dynamics
The market for insurance and risk management services for rural water and wastewater systems in Oklahoma is characterized by a need for specialized coverage that addresses the unique challenges faced by these entities. The demand for such services is influenced by factors such as regulatory requirements, operational risks, and the financial constraints of rural communities.
Competitor Analysis
While specific competitors are not detailed in the available information, organizations such as the Oklahoma Municipal Assurance Group (OMAG) provide similar services to municipalities, including insurance coverage and risk management. However, OMAG primarily focuses on municipal entities, whereas ORWAAG is dedicated to rural water and sewer districts and small communities.
Strategic Collaborations and Partnerships
ORWAAG collaborates with various organizations to enhance its service offerings, including:
- Oklahoma Rural Water Association (ORWA): As a strategic alliance, ORWAAG benefits from the resources and support of ORWA, which is dedicated to assisting municipalities with their water and wastewater systems.
- Oklahoma Municipal Assurance Group (OMAG): ORWAAG is a member of OMAG, which provides municipal liability insurance and other services to local governments.
Operational Insights
ORWAAG's focus on rural water and sewer districts allows it to tailor its services to the specific needs of these communities, differentiating itself from competitors that may serve a broader range of clients. This specialization enables ORWAAG to offer more personalized and effective solutions, fostering strong relationships with its members.
Strategic Opportunities and Future Directions
Strategic Roadmap
ORWAAG aims to continue expanding its membership base by demonstrating the value and effectiveness of its specialized insurance and risk management services. The organization plans to enhance its training programs and risk management services to further support the operational excellence of its members.
Future Business Directions
Future directions include exploring additional services that can benefit rural water and sewer districts, such as financial planning assistance and advanced risk assessment tools. ORWAAG may also consider expanding its geographic reach to include neighboring states facing similar challenges.
Opportunities for Expansion
By leveraging its expertise and strong relationships within the rural water sector, ORWAAG has the opportunity to become a leading provider of specialized insurance and risk management services for rural communities across the region.
