Insurance carriers are facing significant obstacles to their efforts to grow profitably. Consumer expectations are shifting in response to newly available technologies, while increased M&A activity, slower economic growth, and rising regulations are making it more difficult to achieve financial objectives. With higher expectations from leadership teams, procurement organizations are being asked to play a more strategic role, coming up with new ways to manage supplier costs while still meeting business goals.
In a new white paper, Smart Policies: How Procurement Can Create Sustainable Value for Insurance Firms, insurance category specialists from GEP reveal key strategies that procurement organizations can use to transcend traditional methods of cutting costs. By tapping into several innovative tactics for collaborating with the claims department, procurement can spark renewed efforts to significantly reduce total claims costs, mitigate supply risk and enhance the customer experience.
A must-read for every procurement team member who wants to make an impact in the insurance industry. Download now, and start today.