In determining need for, form and amount of, procuring and administering insurance coverages, the director of the department of administration shall give due consideration to:
(1) omission of insurance policy coverage as to property and risks as to which insurance and claim administration costs may be disproportionately great in reference to the amount of risk;
(2) ultimate economies possible through use of reasonable deductions;
(3) use of comprehensive coverages and blanket coverages insuring property and risks of two (2) or more offices, departments, divisions, boards, commissions, institutions and agencies;
(4) reliability of and service provided by insurers to be selected as insurance carriers, as well as financial condition and competitive premium rate;
(5) means through which risks may be improved with ultimate savings to the state through reduction in insurance losses and costs.