Group Income Protection | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Group Income Protection Procurement

Overview

A changing ecosystem within the HR Services market also affects the procurement process, cost dynamics and supplier attractiveness for the buyers of Group Income Protection. Even though global population is increasing, the availability of adequately trained talent pool is reducing in many geographies. Lack of skilled in-house manpower continues to be the largest factor for hiring of Group Income Protection. Companies are designing processes where the internal talent can work on the most value-adding activities and all non-core activities can be handed over to a third-party.

With the influx of millennials in the workforce and increasing diversity at the workplace, companies are struggling to design pay and benefits processes that are uniformly relevant for the lifestyles of such diverse groups.

The market has undergone several structural changes including M&As and vertical integration efforts of suppliers. This has resulted in some issues such as erosion of previously established supplier relationships but has also opened new opportunities to onboard new suppliers with a wider range of offerings.

Group Income Protection Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Group Income Protection category procurement. The report offers a succinct analysis of Group Income Protection procurement best practices.

For example, Besides shortlisting potential suppliers based on services offered and cost, they also need to be evaluated against several other critical parameters. Some examples of these parameters are compliance with laws and regulations, capability to protect personally identifiable information and technical standards adopted (e.g. user interface, user exchange standards, data exchange standards). RFPs soliciting the above information ensures competition among suppliers and facilitates efficient evaluation.

Large organizations are opting to streamline and centralize their personnel-related administration functions at the global level to realize efficiencies and consistency in the employee benefits and related policies.

Employees prefer flexibility and have customized requirements when it comes to choosing or accessing the benefits/services available to them. Service providers must also develop flexible plans and administration processes that can cater to unique demands of an increasingly diversified workforce.

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Risks in Group Income Protection procurement

Group Income Protection procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Group Income Protection procurement. Some examples include:

Pricing terms in the contract could prove to be inadequate to safeguard the buyer from impact of a sudden increase in supplier's cost, often arising from a lack of clarity on scope of products or services to be delivered
Business interruptions/damage caused by human error, natural disasters, computer viruses, malicious attacks, computer denial of service attacks, fire, and other disasters which are beyond the control of suppliers can lead to financial or data losses within buyers' operations
Procurement without consulting the actual users of Group Income Protection may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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Who should read this report

The report is intended to serve as a one-stop reference guide for Group Income Protection procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Group Income Protection: Procurement Report 101” as well as for category experts actively tracking the global Group Income Protection procurement market.

You may have just initiated your research to design a winning Group Income Protection procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Group Income Protection procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Group Income Protection procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Group Income Protection market?
What is the correct price to pay for Group Income Protection? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Group Income Protection Suppliers Market?
Who are the top Group Income Protection suppliers? What are their cost structures?
Which negotiation levers can reduce Group Income Protection procurement cost ?
What are supplier margins in Group Income Protection market?
What are the best practices for Group Income Protection procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Group Income Protection Category Insights: What is inside

The Group Income Protection market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Group Income Protection procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Group Income Protection. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Group Income Protection market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Group Income Protection category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Group Income Protection procurement solutions 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.