Motor Insurance | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Motor Insurance Procurement

Overview

Fleet Management market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Motor Insurance procurement and the cost they have to incur. With fuel prices going up in many geographies, category managers are under tremendous pressure to compensate by achieving a higher cost saving in procurement of Motor Insurance.

Total Cost of Ownership now pivots all kind of large and small purchasing decisions, including sourcing priorities and strategies for procurement of Motor Insurance.

Suppliers are disrupting business models with new products and services that impact supplier selection and price benchmarking activities for category buyers.

Motor Insurance Procurement Best Practices

Motor 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 Motor Insurance procurement strategy.

For example, The adoption of advanced technologies such as telematics and IVMS enables buyers to track vehicles, increase fuel efficiency, reduce carbon emissions, and increase cost savings. These technologies ensure buyers safety and increase the efficiency of their fleet.

Instead of customarily fixing the contract length to one or two years, buyers should determine the contract length based on market conditions and their likely impact on cost in future.

A few of the factors that cause pollution from fleet vehicles are the use of outdated vehicles, inferior quality fuel, and poor maintenance. The rise in awareness about air pollution is forcing buyers to collaborate with service providers that adopt green initiatives and can offer green fleet solutions.

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Risks in Motor Insurance procurement

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

When requirements of the buyers are not absolutely clear or usage patterns are not stable or predictable, suppliers often build in \"cost buffers\" for unforeseen risks due to a lack of complete understanding on buyer's requirements. This increases the risk of overspending on Motor Insurance
Irregular maintenance of fleet increases the amount of emissions and this is a threat to the environment. Violation of emission standards can lead to penalties as well as cancellation of services and agreement
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance

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Who should read this report

The report is intended to serve as a one-stop reference guide for Motor 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 “Motor Insurance: Procurement Report 101” as well as for category experts actively tracking the global Motor Insurance procurement market.

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

Motor Insurance Category Insights: What is inside

The Motor 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 Motor 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 Motor 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 Motor 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 Motor 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 Motor 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.