Supply Chain Insurance Procurement Intelligence
The supply chain insurance category is anticipated to grow at a CAGR of 4.5% from 2023 to 2030.
There are several possible risks and interruptions for supply chain enterprises. Due to the intricate web of interactions between vendors, suppliers, and customers, a break in one link in the supply chain can result in bigger losses in several other links. For companies whose activities are directly dependent on a major supplier’s manufacturing capacity, supply chain insurance coverage is crucial.
Order your copy of the Supply Chain Insurance category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Supply Chain Insurance Procurement Intelligence Report Scope
The Supply Chain Insurance category is expected to have pricing growth outlook of 10% – 20% (Annually) from 2023 to 2030, with below pricing models.
- Contract-based
- dynamic pricing model
Supplier Selection Scope of Report
- Cost and pricing
- past engagements
- productivity
- geographical presence
Supplier selection criteria of Report
- Products and services
- commercial insurance policies (casualty, marine, engineering and property, professional indemnity, cyber, accident health)
- credit lines
- tools used
- operational and functional capabilities
- technology used
- others
Supply Chain Insurance Procurement Intelligence Report Coverage
Grand View Research will cover the following aspects in the report:
- Market Intelligence along with emerging technology and regulatory landscape
- Market estimates and forecasts from 2022 to 2030
- Growth opportunities, trends, and driver analysis
- Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
- Porter’s 5 forces
- Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
- Engagement and operating models, KPI, and SLA elements
- LCC/BCC analysis and negotiation strategies
- Peer benchmarking and product analysis
- Market report in PDF, Excel, and PPT and online dashboard versions
Supply Chain Insurance Procurement Cost and Supplier Intelligence
Technology is another important cost component. The lack of accurate, timely, and credible visibility into the claims lifecycle and supplier actions for insurance providers can result in increased costs, delays, and dissatisfaction between supplier-client relationships. Hence, insurance companies are increasingly implementing advanced digital technologies to provide higher cost savings and claim updates to companies, improve workflow, and track claims using analytics.
In 2022, in the U.K., as per Gallagher reports, motor insurance claims were impacted by delays in automotive parts and increased costs. Commercial vehicles and car parts were impacted significantly due to supply chain issues (further escalated by the Russian-Ukraine War) and problems with semiconductor chips globally. Compared to 2021, labor costs had increased by 6.5 – 7%, and repairs and parts costs had increased by 6 – 9.1% in 2022, which in turn negatively impacted vehicle manufacturers as per Allianz data. Settlement times had increased from seven weeks to a year in 2022. This posed a serious problem for drivers who could not operate without transportation. It was also found that, as a knock-on effect, many used commercial vehicles were being sold at a higher price than fresh new cars in 2022. For commercial properties, insurance claims in 2022 increased by 6 – 10% as a result of material delays and high costs of construction materials.
List of Key Suppliers
- Zurich Insurance Group Ltd.
- American International Group Inc.
- Berkshire Hathaway Inc.
- Munich RE
- Allianz SE
- Marsh LLC
- If P&C Insurance Ltd
- Swiss Re
- Morris & Reynolds Insurance
- Kaercher Insurance
Add-on Services provided by Grand View Research Pipeline:
- Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
- Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
- Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
- Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
Browse through Grand View Research’s collection of procurement intelligence studies:
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Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
