According to the latest procurement market intelligence report from Technavio, the global insurance brokerage marketis expected to grow at a CAGR of over 4% over the next five years due to the increase in environmental uncertainty.
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Technavio has published a new report on the global insurance brokerage market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global Insurance Brokerage 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.
"The global insurance brokerage market is competitive. The market comprises multiple global and regional players that are well-versed in analyzing risks pertaining to the particular industry and the region," says lead Technavio procurement specialist Angad Singh for category spend intelligence. "Europe and the Americas are considered as matured markets due to the presence of large-scale industries across various sectors in these regions for a long time," added Angad.
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Cost Saving Opportunities in the Insurance Brokerage Market
The adoption of cost optimization levers allows buyers of insurance brokerage services to realize direct cost savings as well as enhance category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the insurance brokerage 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
Telematics merges information from multiple platforms such as computers and wireless technologies so that it can be used for analysis. Data from sensors would instantly report details, including location, panels, and parts damaged and potentially instant estimates, helping in easy claims by automatically collecting data without the help of any human.
The changing customer trend on DIY has triggered the need for mobile applications. Hence, most service providers are trying to develop a mobile application that can help customers to find quotes, report, and file claims. Mobile applications are making the entire process of claims easy with the integration of connected vehicles and mobile applications.
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Optimization of procurement practices saving aspects
Buyers should engage with suppliers that have good risk assessment expertise in their relevant industry. This will provide inputs into choosing the right insurance plan for risks faced by buyers at present or in the future.
Category managers should evaluate and measure suppliers' performance through references and inquire about their involvement in community development programs. Buyers should also gauge suppliers based on the awards won by them, especially by their clients on the lines of trustworthiness.
Bundling of services saving aspects
Buyers should prefer suppliers that provide ERM in their functions as this would help in risk assessment measures for buyers to analyze and profile possible risks their businesses can face before procuring insurance products.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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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