Insurance Services Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis
The insurance services will grow at a CAGR of 4.64% during 2021-2025. Prices will increase by 3%-5% during the forecast period and suppliers will have a moderate bargaining power in this market. Berkshire Hathaway Inc., UnitedHealth Group Inc., AXA Group , Allianz Group, Assicurazioni Generali S.p.A., Anthem Inc. , State Farm Mutual Automobile Insurance Co., MetLife Inc., Prudential Financial Inc., and Aetna Inc. are among the prominent suppliers in insurance services market.
Who are the Top Suppliers in the Insurance Services Market?
Browse table of contents & list of exhibits and sample illustrations on spend growth, pricing trends, etc.
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Leading global suppliers can assist buyers in realizing high-cost savings through their efforts on areas such as supplier synergies, reducing total ownership cost, negotiate on pricing and contractual terms, manage ad hoc spend, adoption of automation, cost of quality impact, backward integration, conference participation, and managing commodity price volatility. Collaborations with global suppliers will also help buyers in cost-saving and ensuring high-quality procurement in the dynamic market.
This report offers key advisory and intelligence to help buyers identify and shortlist the most suitable suppliers for their insurance services requirements. Some of the leading insurance services suppliers profiled extensively in this report include:

Berkshire Hathaway Inc.
UnitedHealth Group Inc.
AXA Group
Allianz Group
Assicurazioni Generali S.p.A.
Anthem Inc.
State Farm Mutual Automobile Insurance Co.
MetLife Inc.
Prudential Financial Inc.
Aetna Inc.

Supplier Selection and Evaluation
Profile and service capabilities of the service provider, industry specialization of the service providers, reputation of service providers, and assessment of value-added services are some of the most critical parameters that buyers use to shortlist the suppliers in insurance services.
This report evaluates suppliers based on capabilities of underwriters, pre-claims assistance, provision for endorsements, and coverage exclusions. In addition, suppliers are also shortlisted based on business needs, technical specifications, operational requirements, security compliance, regulatory mandates, legal requirements, quality control, change management procedures, pricing models, penalty clauses, evaluation criteria, acceptance criteria, and working environment.
What are the Major Pricing Trends in Insurance Services Procurement?
The pressure from substitutes and a moderate level of threat from new entrants has resulted in the moderate bargaining power of suppliers. This makes it extremely important to get the pricing and pricing model right. Buyers should align their preferred pricing models for insurance services with the wider industry and identify the cost-saving potential.
Cost-plus pricing model, reference-based pricing model, and risk-based pricing model are the most widely adopted pricing models in the insurance services. Each pricing model offers optimum benefits and fitment in specific situations. Buyers should identify the model that suits their operations in the best manner and link supplier performance to the pricing models.