SpendEdge Helped Insurance Client Mitigate Risk with Procurement Intelligence

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Aug 01, 2023, 14:00 ET

NEW YORK, Aug. 1, 2023 /PRNewswire/ -- SpendEdge, a global leader in procurement market intelligence space recently engaged with a North American property and casualty insurer to tackle unintended loss of revenue for the client in the form of lost sales, customer turnover, and rising IT costs.

The client with several millions in annual premium income was experiencing significant cost overruns. The company's legacy IT system was the main culprit. Insurers still running legacy platforms might soon be on the radar of insurance regulators, bringing with it the risk of hefty fines and reputational issues.

Game-Changing Solutions:

After understanding the extent of the client's challenges, the SpendEdge team of procurement experts decided to carefully study the intricacies of each requirement carefully and create bespoke solution to suit the scope of the client's business model.

As per the procurement leader, their experts started developing actionable, analytics-driven solution to bolster insurance procurement services. The experts helped the client unlock opportunities for cost savings and containment, most of all, in back-office operations.

Their recommendations included centralizing disjointed back-office tasks and shipping certain of them to more cost-efficient destinations. With a view to accelerating the sharing of transactional data from multiple sources across the enterprise and shrink payment cycle times, the experts recommended significant automation of procurement activities.

This also eliminated paper-based processes, manual data entry, and associated overheads in no small way. The advisory has not only simplified the purchase process but also delayed the procurement organization to improve communication, visibility, and operational flexibility.

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About SpendEdge:

SpendEdge is a global leader in procurement market intelligence space acts as strategic partner to over 200 global procurement organizations delivering insights on category landscape, supplier identification, negotiation strategies, price benchmarking, cost modeling, sustainability practices, and more.

Over the past 2 decades, SpendEdge has worked with procurement organizations across regions, of varying sizes and belonging to several industries. They have helped their clients solve procurement problems of varying complexities. Going above and beyond, the organization heads to the best possible extent using different methodologies to deliver timely and actionable recommendations to support decision making.

SOURCE SpendEdge