procurement research report on the supply chain insurance market provides procurement professionals with up-to-date information about market shifts and potential risks, as well as in-depth knowledge of products and services. This report provides a detailed analysis of the supply market, procurement challenges, and procurement best practices which can help in planning and executing category management activities. It also focuses on the cost-saving aspects of procurement and on providing insights that can lead to optimization of category spend.
Covered in this report
According to procurement analysts, there is a need for comprehensive insurance to manage complex and global supply chain risks. Today, businesses are not fully equipped to deal with emerging threats. As a result, they end up losing sales revenue due to supply chain disruptions such as natural disasters, complexities in managing multiple suppliers from different regions, and regulatory issues. The increase in such risks has resulted in huge losses for companies.
A comprehensive supply chain insurance policy can help businesses mitigate the risks associated with such possible disruptions. For instance, the maritime industry on which almost 85%-90% of the economy depends is prone to several risks such as cargo threats, cyber-attacks, and port closures. The port of Antwerp was under a major cyber-attack with drug traffickers employing hackers to control the movement and location of containers. This was done for transporting drugs such as cocaine and heroin in legitimate cargo. Therefore, there is a huge demand in the market for insurance products that can help buyers mitigate risks and eliminate uncertainties.
One of the procurement best practices for buyers is to pre-evaluate the coverage options. Insurance service providers offer a wide range of coverage options, and it may be challenging to compare available alternatives. With the help of seasoned professionals, buyers can evaluate options and enhance their understanding of insurance coverage. For instance, supply chain insurance products such as onshore and offshore insurance, political evacuation insurance, and kidnap insurance are critical to the oil and gas industry. As a result, buyers should evaluate suppliers' service capabilities and claim ratios with respect to the same.
Solutions can be categorized into:
- Business owner property and casualty
- Cargo insurance
- Supply chain insurance not limited to physical damage or property
- 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
- Category Definition
- Research Methodology
- 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
- 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
- Pricing Models Snapshot
- Pricing Models - Pros and Cons
- Indicative Pricing
- 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
- American International Group
- Berkshire Hathaway
- Munich RE
- Key Notes
The author of the report recognizes the following companies as the key suppliers in the Global Supply Chain Insurance - Procurement Market Intelligence Report: Zurich, American International Group, Berkshire Hathaway, Munich RE, and Allianz.
Commenting on the report, an analyst from the research team said: “One of the procurement best practices for buyers is to pre-evaluate the coverage options.”
According to the report, one of the key growth contributors for the global supply chain insurance market is the growing need for comprehensive insurance to manage complex and global supply chain risks.
Further, the report states that major procurement challenge experienced by the buyers is the difficulty in selecting policy coverage.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains actionable insights to improve source-to-contract cycle performance in addition to a PESTLE analysis.