Global Cargo Insurance Category - Procurement Market Intelligence Report

This procurement report offers key insights on the best practices for supplier selection and the strategies for category management.

  • Published: Sep 2017
  • Pages: 88
  • SKU: IRCMSTR14518
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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 procurement 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.

 

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PART 1: CATEGORY AT A GLANCE

  • TAKEAWAY 01 | Market Overview
  • TAKEAWAY 02 | Demand and Supply Snapshot
  • TAKEAWAY 03 | Key Market Dynamics
  • TAKEAWAY 04 | Supply Market Highlights
  • TAKEAWAY 05 | Pricing Insights
  • TAKEAWAY 06 | Procurement Insights

PART 2:  SCOPE OF THE REPORT

  • Category Definition
  • Research Methodology

PART 3: MARKET INSIGHTS

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

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Other Prominent Suppliers by Region: Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Other Prominent Suppliers by Region: Functional Capability Matrix
  • Key Clients/Partners
  • Supplier Cost Breakup
  • Supplier Positioning Matrix

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Models – Pros and Cons
  • Indicative Pricing

PART 6: PROCUREMENT INSIGHTS

  • Major Category Requirements
  • Major Procurement Pain Points
  • Category Sourcing Evolution Matrix
  • Procurement Best Practices
  • Cost-saving Opportunities
  • Supplier Selection Criteria
  • Category Negotiation Strategies
  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis

PART 7: TOP FIVE SUPPLIERS

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

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us

Research Framework

SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary research

  • Procurement heads
  • Category managers
  • Sourcing consortium professionals
  • Industry experts and thought leaders
  • Procurement managers
  • Category heads of suppliers
  • Client account heads/managers
  • Client and industry consultants

Secondary research

  • Industry journals and reports
  • Periodicals and new articles
  • Category webinars
  • Internal categiry playbooks
  • Industry and government websites on regulations and compliance
  • Internal databases
  • Industry blogs/thought leader briefings

DATA ANALYSIS

SpendEdge INSIGHTS

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