Strategic Sourcing and Cost Reduction Services and Strategies for Insurance Providers
Whether looking for short-term stability, cost structure improvement, or new business models, insurance companies have set goals to reduce operating costs and optimize resources. Increasing risks in the insurance sector coupled with disparate operational systems and regulatory requirements has put pressure on insurers’ bottom lines. Lean insurance procurement staffs are taxed with managing indirect costs across multiple locations and lack the resources necessary to strategically cut costs.
Source One’s team of strategic sourcing experts provides insurance companies with external resources who can commit the appropriate amount of time and energy to source products and services that are crucial to maintaining operations.
We have helped numerous insurance companies implement strategic cost reduction initiatives and have negotiated hundreds of favorable supplier contracts to improve service levels and product quality.
Source One’s team of sourcing experts understand the importance of unique cultural and operational aspects of insurance companies and work with internal stakeholders to identify suppliers who can meet qualitative and quantitative needs. We leverage our negotiating and contracting experience and work exclusively on behalf of our insurance clients to establish terms and conditions that produce favorable agreements and reduce risk. Our subject-matter experts have extensive experience with negotiating and contracting with service providers for multiple-facility insurance companies.
We can help insurance companies lower their indirect costs.
Spend Analysis and Aggregation Services
To reduce costs and positively impact bottom lines, companies must first understand where their cost volumes are concentrated. The first step in Source One’s strategic sourcing process, spend analysis provides a detailed view of corporate-wide expenditures and reveals highly concentrated categories of spend.This granular analysis allows Source One to aggregate company spend by commodity, supplier, and category. It reveals contract costs, terms, and conditions that provide leveraging opportunities. A proper spend analysis affords an understanding of both fixed and variable cost drivers and identifies an ideal starting point for targeting cost reduction and operational change opportunities. Spend Analysis Services
Flexible Staffing Solutions
Source One works with companies to understand their business needs and provides flexible procurement staffing solutions in addition to their traditional off-site strategic sourcing consultants. No matter the time frame, we can help you identify the right person or team with high levels of experience as supplemental staff or temporary labor support.