LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global workers' compensation insurance market is expected to grow at a CAGR of 4.5% over the next five years due increasing demand from emerging economies such as India.
The research report titled ‘Global Workers' Compensation Insurance Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the global workers' compensation insurance market will be driven by an increase in workforce, especially in key economies such as the US, India, and Australia,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, buyers are increasingly opting for the service to avoid litigations, as they can result in negative publicity for the organization,” adds Angad.
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Cost saving opportunities in the workers' compensation insurance market
The adoption of various cost-optimization levers helps buyers of workers' compensation insurance to realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the workers' compensation insurance market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Implementation of new technologies such as telemedicine and telenursing, automation of compensation filing, verification of medical bills and payment procedures, and digitization of records with proper safety measures are some of the key attributes that buyers expect from the suppliers of workers' compensation insurance market to ensure efficiency.
Suppliers must provide the required compensation to policyholders promptly as delays in settling compensation claims can create problems for employers and damage their image and reputation among workers.
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Optimization of supplier competition saving aspects
Optimization of supply pool segregation is critical in the workers' compensation insurance market. Organizations must employ competitive bidding based on parameters such as experience, technological expertise, licenses, and transparent pricing.
Suppliers should have a wide geographical presence, as workers' insurance is required not only in states and regions where one is employed but also in regions that the workers are sent to work, especially during on-site projects. Thus, it is important for suppliers to have in-depth expertise regarding worker compensation laws that are prevalent in all the regions that a buyer operates.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global workers' compensation insurance market is the need for consolidation and unification services. Organizations are looking to consolidate long-term agreements for fixed premium pricing and value-added services such as automation and training to reduce workplace accidents.
Suppliers should have the capability to advise buyers regarding measures that must be incorporated to reduce workplace accidents, including the type of training that needs to be provided to workers.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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