LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Supply Chain Insurance Market Procurement 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 for the financial services industry. This report breaks down the data and analysis behind the procurement of supply chain insurance and acts as an all-inclusive guide for making smart purchasing decisions.
“Buyers are increasingly looking for customized solutions in consultation with underwriters and supply chain consultants to improve and design products that help in managing potential risks,” says SpendEdge procurement analyst Tridib Bora. “The growing demand for customization has resulted in service providers designing products that offer tailored policies for various industrial segments,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Supply Chain Insurance Market:
- Use of IoT to identify and analyze risks
- Increase in automation of business processes
- The use of multiple distribution channels
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Use of IoT to identify and analyze risks:
The use of IoT in the supply chain insurance industry helps insurers to analyze customer data to identify the needs and risks. The P&C is the most common line of supply chain insurance business that utilizes IoT via vehicle telematics. Moreover, the use of IoT helps in reducing TAT for claims initiation as sensors can rapidly trace claim locations and circumstances that led to their initiation. It can also be used as a warning system to detect risks and reduce the frequency and severity of claims.
Increase in automation of business processes:
Suppliers in this industry utilize advanced analytics and machine learning to automate several business processes in the supply chain insurance value chain. It includes automation of quote gathering and policy acquisition processes. Increasing automation ensures better customer experience, as automation of manual functions enables rapid, transparent and error-free transactions. Moreover, it also helps in reducing administrative costs.
The use of multiple distribution channels:
The use of multiple distribution channels enables better market penetration. It also helps suppliers to reach a broader audience, especially in the emerging markets. The advent of analytics and digitization have further driven the use of online portals to enhance customer experience. Countries such as Singapore promote supply chain insurance business models that encourage direct underwriting via online platforms
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