LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global insurance services market is expected to grow at a CAGR of 4.9% over the next five years due to the increase in the use of IoT and changes in the operating models adopted such as the emergence of P2P and on-demand insurance models. The research report titled ‘Global Insurance Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence. “Many governments across the world have implemented insurance-enabling regulatory measures that mandate the use of insurance products and decrease the usage complexities such as changes in tariff rates,” said lead Technavio procurement expert Angad Singh for category spend intelligence research. “For instance, acts such as ORSA promote ERM that helps organizations identify and profile their own risks,” added Angad. Request a sample report: http://www.technavio.com/request-a-sample?report=55012 Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Cost saving opportunities in the insurance services market The adoption of various cost optimization levers helps buyers of insurance services realize cost savings and achieve category management and value benefits (including a reduction in procurement complexities). Technavio procurement experts have segmented the cost saving opportunities in the insurance services market into the following value-enhancement opportunities: Adoption of technology saving aspects Insurers utilize IoT in the form of vehicle telematics, connected home technologies (such as smart security systems, switches, and other devices) and wearables (they collect information about physical activities of wearers). Insurers automate various office functions using AI. Recent developments in the industry involve the use of robo-advisors or chatbots to resolve customer queries. Optimization of procurement practices saving aspects Buyers are adopting reverse auctions to evaluate and select service providers and to reduce the prices of service offerings. Buyers are also comparing insurance offerings with industry peer groups to make informed decisions. They can compare various options covered by insurance companies to choose the best options for employees (in the case of business insurance). Unbundling of services saving aspects Unbundling of insurance services can help identify the best match for the insured and help procure the right level of benefits at the right prices. This practice has gained momentum in recent years due to the increased adoption of digitization in the insurance sector. Browse other reports: Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at media@technavio.com.
The global insurance market is expected to grow by around 4.9 % over the next five years due to increased adoption of IoT and the emergence of peer - to - peer and on - demand insurance models , research from financial services company Oracle found . By adopting IoT functionality through vehicle telematics , connected home technologies and wearables , insurers can increase the value of their service . Additionally , the consumer 's experience of purchasing a policy can be improved with the use of web - driven robo - advisers or chatbots to resolve queries .