LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Insurance Services Procurement Market Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix of the financial services industry. This report breaks down the data and analysis behind the procurement of insurance services and acts as an all-inclusive guide for making smart purchasing decisions.
“The need to control inflation costs, governments across countries are investing in the insurance sector, especially in healthcare,” says lead SpendEdge procurement analyst Angad Singh. “In developing economies, especially in APAC, the increase in the probability of disease outbreak and health issues due to inadequate sanitary measures, coupled with growing awareness of the same, are expected to boost the growth of the sector,” added Angad.
Key Report Features
|Supply Market Insights||Negotiation Strategies|
|Procurement Best Practices||Category Risk Analysis|
|Cost Saving Opportunities||Key Supplier Analysis|
|Pricing Models||Supplier Capability Matrix|
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- SpendEdge analysts project the global insurance services market is to grow at a moderate pace during the forecast period due to mixed economic growth in developing countries and stagnant demand from developed regions.
- Buyers in the market realize the advantages of reverse auctions, which has enabled savings up to 12% on the total service spend.
- Suppliers provide selective policy coverage, which pushes buyers to be cautious and opt for policies based on indispensable coverage or risks that they are most likely to face.
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Insurance Services Pricing Trends
Risk-based pricing and reference-based pricing are the two most widely adopted pricing models in the insurance services market. However, SpendEdge procurement analysts observe that despite being one of the least adopted pricing models, tier-based pricing offers the highest potential due to benefits like fewer management complexities and high negotiation power.
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