Marine Insurance | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Marine Insurance Procurement

Overview

Financial market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Marine Insurance procurement and the cost they have to incur. Lack of skilled in-house manpower continues to be the largest factor for hiring of Marine Insurance.

Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services.

Talent pools available to suppliers of Marine Insurance are gradually getting costlier, impacting their OPEX. Suppliers are compelled to change their pricing structure and pass on some of this cost increase to their customers.

Marine Insurance Procurement Best Practices

Marine Insurance procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Marine Insurance procurement strategy.

For example, Buyers should engage with service providers that provide AFA in their pricing as negotiating on an hourly basis can increase the procurement cost of buyers due to overruns within lawsuits. AFA also provides buyers with cost predictability, certainty, and transparency.

Investing in benchmarking studies help category managers improve their knowledge on market pricing or billing rates of suppliers by job role and function. This also allows them to save costs as well as negotiate better with service providers.

Buyers should set a baseline against which the performance of suppliers can be benchmarked along with setting measurable/quantifiable KPIs. Defined KPIs provides suppliers with clarity on the scope. Besides setting standards for operations, pricing, and performance, KPIs must provide tangible goals in terms of the quality of solutions.

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Risks in Marine Insurance procurement

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

Service providers are subject to E&O claims, due to the failure to correctly offer professional services as agreed in the contract. If such claims made by the client are found to be true, then they can result in financial penalties
Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
Procurement without consulting the actual users of Marine Insurance 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 Marine Insurance 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 “Marine Insurance: Procurement Report 101” as well as for category experts actively tracking the global Marine Insurance procurement market.

You may have just initiated your research to design a winning Marine Insurance 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 Marine Insurance 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 Marine Insurance 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 Marine Insurance market?
What is the correct price to pay for Marine Insurance? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Marine Insurance Suppliers Market?
Who are the top Marine Insurance suppliers? What are their cost structures?
Which negotiation levers can reduce Marine Insurance procurement cost ?
What are supplier margins in Marine Insurance market?
What are the best practices for Marine Insurance 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!

Marine Insurance Category Insights: What is inside

The Marine Insurance 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 Marine Insurance procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Marine Insurance. 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 Marine Insurance 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 Marine Insurance 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 Marine Insurance 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.