ENABLING SMART PROCUREMENT

  • Published in: Sep 2017
  • Pages: 88
  • SKU: IRCMSTR14518

Global Cargo Insurance Category - Procurement Market Intelligence Report

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SpendEdge’s procurement market research report on the global cargo insurance market is an all-inclusive guide enabling procurement professionals to make smart purchasing decisions. This report provides a strategic analysis of the supply markets, pricing strategies, factors influencing purchasing decisions, procurement best practices, negotiation strategies, cost modeling, and the supplier landscape.

Key Features of Report

 

Supply Market Insights
Procurement Best Practices
Cost Saving Opportunities
Pricing Models
Negotiation Strategies
Category Risk Analysis
Key Supplier Analysis
Supplier Capability Matrix

Cargo Insurance - Category Spend Analysis

 

According to analysts at SpendEdge, cargo insurance service providers are increasingly adopting technological innovations, such as automation and use of AI for claim processing and customer services (use of robotic insurance advisors), in their business operations. They are also using AR for customer and employee education and training. The adoption of these technological innovations helps them to reduce their operational costs by eliminating manual labor. This, in turn, helps suppliers in reducing labor cost and increasing efficiency of the business process through minimization of manual errors.

Insurers are leveraging data analytics capabilities for driving profitability and enhancing customer service. For instance, insurance suppliers can use a combination of different methods such as predictive modeling, text mining, and exception reporting for better fraud control and its prevention. They can also use these innovations to understand and analyze customer behavior and provide personalized products and services. This helps insurers to enhance their customer service ability and reduce operating cost, which helps to augment the market growth.

Cargo Insurance - Procurement Best Practices

 

One of the procurement best practices for buyers is to have the procurement process automated. Procurement of cargo insurance requires handling of a large number of documents and data. This is because commercial buyers of cargo insurance services are usually large logistics providers, manufacturers, and exporters/importers. Also, each shipment typically contains a huge quantity of cargo intended for different end-consumers. The insurance process for each of these cargoes should be documented in the name of end-consumers, which is a difficult task if it is not automated.

After the contract formation stage, buyers should automate the procurement process by adopting P2P software suites into their operations. The tactical procurement processes such as authorization of purchase request, preparation of purchase order, invoicing receipt, verification and processing can be automated. Such processes help to reduce the lead time of procurement and increases the efficiency of the procurement process through reduction of errors.

Cargo Insurance - Procurement Challenges

 

According to this procurement research report, one of the key procurement challenges faced by buyers is the lack of single, standard cargo insurance policy that offers comprehensive coverage of risks. It is important that buyers ensure that they purchase the right insurance policy, which covers all the risk exposed by the cargo. However, many of the insurance policies do not offer comprehensive coverage of risks and are subject to many exclusions. For instance, the term all risks used in cargo does not cover all losses for events such as leaking or loss of weight, wear and tear, improper packing, war, and rejection. As a result, buyers must engage with suppliers that provide industry-specific customized insurance services.

 

Get unlimited access to all our reports. Our Insights platform provides ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Start your 14-day trial now

 

SpendEdge also offers customization of this report to meet your exact requirements. Please contact us at enquiry@spendedge.com

Read less

Key Features of Report

 

Supply Market Insights
Procurement Best Practices
Cost Saving Opportunities
Pricing Models
Negotiation Strategies
Category Risk Analysis
Key Supplier Analysis
Supplier Capability Matrix

Cargo Insurance - Category Spend Analysis

 

According to analysts at SpendEdge, cargo insurance service providers are increasingly adopting technological innovations, such as automation and use of AI for claim processing and customer services (use of robotic insurance advisors), in their business operations. They are also using AR for customer and employee education and training. The adoption of these technological innovations helps them to reduce their operational costs by eliminating manual labor. This, in turn, helps suppliers in reducing labor cost and increasing efficiency of the business process through minimization of manual errors.

Insurers are leveraging data analytics capabilities for driving profitability and enhancing customer service. For instance, insurance suppliers can use a combination of different methods such as predictive modeling, text mining, and exception reporting for better fraud control and its prevention. They can also use these innovations to understand and analyze customer behavior and provide personalized products and services. This helps insurers to enhance their customer service ability and reduce operating cost, which helps to augment the market growth.

Cargo Insurance - Procurement Best Practices

 

One of the procurement best practices for buyers is to have the procurement process automated. Procurement of cargo insurance requires handling of a large number of documents and data. This is because commercial buyers of cargo insurance services are usually large logistics providers, manufacturers, and exporters/importers. Also, each shipment typically contains a huge quantity of cargo intended for different end-consumers. The insurance process for each of these cargoes should be documented in the name of end-consumers, which is a difficult task if it is not automated.

After the contract formation stage, buyers should automate the procurement process by adopting P2P software suites into their operations. The tactical procurement processes such as authorization of purchase request, preparation of purchase order, invoicing receipt, verification and processing can be automated. Such processes help to reduce the lead time of procurement and increases the efficiency of the procurement process through reduction of errors.

Cargo Insurance - Procurement Challenges

 

According to this procurement research report, one of the key procurement challenges faced by buyers is the lack of single, standard cargo insurance policy that offers comprehensive coverage of risks. It is important that buyers ensure that they purchase the right insurance policy, which covers all the risk exposed by the cargo. However, many of the insurance policies do not offer comprehensive coverage of risks and are subject to many exclusions. For instance, the term all risks used in cargo does not cover all losses for events such as leaking or loss of weight, wear and tear, improper packing, war, and rejection. As a result, buyers must engage with suppliers that provide industry-specific customized insurance services.

 

Get unlimited access to all our reports. Our Insights platform provides ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Start your 14-day trial now

 

SpendEdge also offers customization of this report to meet your exact requirements. Please contact us at enquiry@spendedge.com

PART 1: SUMMARY

  • Research Objectives and Methodology
  • Category Definition

PART 2: CATEGORY AT A GLANCE

  • Market Overview
  • Category Maturity by Regions
  • Preferred Procurement Models and Major Service Providers
  • Cost-saving Opportunities
  • Major Category Requirements
  • Major Procurement Pain Points

PART 3: MARKET INSIGHTS

  • Category Spend Analysis
  • Demand-Supply Shifts
  • Regional Demand-Supply Snapshot
  • Key Market Developments
  • Regional Impact of Trends
  • Key Category Growth Drivers and Corresponding Regional Impacts
  • Major Category Growth Constraints and Corresponding Regional Impacts
  • Procurement Best Practices
  • History of Innovation
  • Key Current Technological Innovations
  • Major Regulatory Frameworks
  • Strategic Sustainability Practices
  • Porter’s Five Forces
  • SWOT Analysis
  • PESTLE Analysis

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Regional Supplier Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Regional Supplier Functional Capability Matrix
  • Key Clients
  • Supplier Cost Breakup
  • Supplier Positioning Matrix
  • Supplier Selection Criteria

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Model Pros and Cons
  • Indicative Pricing
  • Category Negotiation Strategies

PART 6: CATEGORY ESSENTIALS

  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis
  • Category Sourcing Evolution Matrix

PART 7: TOP FIVE SUPPLIERS

  • AXA      
  • Allianz  
  • Marsh & McLennan Companies
  • Aon       
  • American International Group

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us
Read less

PART 1: SUMMARY

  • Research Objectives and Methodology
  • Category Definition

PART 2: CATEGORY AT A GLANCE

  • Market Overview
  • Category Maturity by Regions
  • Preferred Procurement Models and Major Service Providers
  • Cost-saving Opportunities
  • Major Category Requirements
  • Major Procurement Pain Points

PART 3: MARKET INSIGHTS

  • Category Spend Analysis
  • Demand-Supply Shifts
  • Regional Demand-Supply Snapshot
  • Key Market Developments
  • Regional Impact of Trends
  • Key Category Growth Drivers and Corresponding Regional Impacts
  • Major Category Growth Constraints and Corresponding Regional Impacts
  • Procurement Best Practices
  • History of Innovation
  • Key Current Technological Innovations
  • Major Regulatory Frameworks
  • Strategic Sustainability Practices
  • Porter’s Five Forces
  • SWOT Analysis
  • PESTLE Analysis

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Regional Supplier Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Regional Supplier Functional Capability Matrix
  • Key Clients
  • Supplier Cost Breakup
  • Supplier Positioning Matrix
  • Supplier Selection Criteria

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Model Pros and Cons
  • Indicative Pricing
  • Category Negotiation Strategies

PART 6: CATEGORY ESSENTIALS

  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis
  • Category Sourcing Evolution Matrix

PART 7: TOP FIVE SUPPLIERS

  • AXA      
  • Allianz  
  • Marsh & McLennan Companies
  • Aon       
  • American International Group

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us

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