Property & Casualty Insurance Procurement Solutions and Cost Reduction Services
Source One’s P&C Insurance Strategic Sourcing team has the industry knowledge and market data to help you reduce P&C insurance costs.
Most Procurement professionals don’t have a background in the Insurance industry. Although following strategic sourcing best practices will get you far in many categories, managing costs and improving category performance for Property & Casualty Insurance requires specialized expertise. Without strong foundations in Corporate Risk Management and intimate knowledge of the P&C insurance marketplace, your strategic sourcing organization can easily struggle to manage this category. The result? Redundant coverage, unmanaged risk exposure, uncontrolled costs, and increased managerial burden.
Source One’s Property & Casualty Insurance Strategic Sourcing experts can help you identify and build a bench of specialized insurance providers with products tailored to the risk associated with your industry for all your insurance, claims and insurance brokerage services.
Equipped with Insurance industry experience, our P&C insurance strategic sourcing subject matter experts work with functional leaders across the enterprise to determine how the business expects its corporate insurance program to protect its assets and support its strategic objectives.
Our strategic sourcing process for Property & Casualty Insurance includes:
- Performing a comprehensive P&C insurance spend analysis
- Conducting Spend Owner interviews with Risk Management, Legal, Finance, Treasury, HR, and Safety to understand the P&C category current state
- Analyzing claim frequency and severity to identify trends and drivers
- Benchmarking Premiums and Third Party Administrative Costs
- Assessing the trade-off between higher premiums/ deductibles and lower premiums/higher deductibles
- Evaluating Brokers, Insurers and Third Party Administrators via the RFx process to ensure they possess the technical expertise, industry knowledge, and innovation to support the implementation of cost effective Insurance Solutions
Source One understands insurance spend projects in the context of an organization’s total cost of risk, and leverages a best-in-class Insurance Procurement Process to design, implement, and administer a Property & Casualty Insurance Program to complement your organization’s risk management efforts. Allow Source One to help your internal Procurement department effectively manage the Property & Casualty Insurance category—contact us today to learn more about our P&C Insurance Strategic Sourcing Services.
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Insurance Industry Expertise
Property & Casualty Insurance covers risk associated with owning or leasing property, legal liability for third parties and employees, and management risk associated with liability for corporate governance.
Although risk and P&C insurance-related issues vary from company to company and industry to industry, Property & Casualty pain points often manifest in the form of increased costs associated with P&C insurance premiums and self-insured claims as well as the availability of coverage (Insurer Capacity).
Other common challenges in sourcing Property & Casualty insurance include:
- Buying redundant Property & Casualty insurance coverage
- Purchasing insurance coverage with deductibles that do not properly reflect the organization’s risk bearing capacity
- Rationalizing the use of Captive Insurance as a tax efficient vehicle for funding “self-insured” risk
- Employing the most cost-effective insurance brokerage teams and third party insurance administrators to best represent the company in the market, while also providing the right incentives to minimize insurance premiums, optimize P&C coverage, and mitigate claims
Source One can help solve all of your P&C challenges, as well as other specialized insurance areas such as Benefits and Insurance Strategic Sourcing. Our team of experienced Insurance Strategic Sourcing experts can help your internal procurement department connect and interact on a technical level with stakeholders across the organization, as well as key insurance suppliers to evaluate insurance-related spend categories and identify insurance cost reduction opportunities.
Contact us today to learn more!