With its patented AI-powered classification engine that learns spend-data idiosyncrasies for entire industries such as insurance, Zycus offers both standard and custom spend taxonomies that can be leveraged to accelerate analysis and drive classification accuracy across all categories to 90% and beyond. The Zycus Spend Analysis solution (iAnalyze, iMine) empowers insurance companies to:

• Perform powerful multidimensional spend reporting in support of rigorous financial reporting and compliance requirements
• Gain greater control over noncompliant spending and identify more opportunities for placing services and other categories under management by procurement
• Automatically generate strategic opportunities for supply base rationalization, contract compliance improvement, demand aggregation and payment terms rationalization in such critical spending categories as IT software, services and hardware, management advisory, legal, business law, audit, administrative, marketing, travel, utilities, human resources and cleaning services
• Understand how spending rolls up by product lines and costly operational processes such as claims processing and intake of First Notice of Loss (FONL) data (With up to 80% of each earned premium dollar being ‘claimed by claims’, such capabilities can lead to significant operational cost savings.)

The Zycus e-Sourcing solution (iSource) offers RFx templates that are specific to the insurance services domain and also configurable for virtually any item or service being sourced, including complex business processes and services outsourcing. The solution enables insurance companies to:

• Quickly build sourcing events and solicit supplier bids from anywhere in the world
• Analyze complex inputs from suppliers and award business both promptly and optimally

With its unique blend of supplier information management (iSupplier), performance management and collaborative performance improvement capabilities (iPerform), the Zycus Supplier Management solution enables insurance-industry procurement teams to:

• Obtain and maintain accurate and timely information around supplier credentials and certifications
• Manage risks associated with supplier compliance to laws and regulations (SOX, GLBA, BSA, FCPA, FSA)
• Employ KPIs (credit capacities, payment policies, support capabilities etc.) customized for insurance supplier categories
• Collaborate with suppliers to enhance supplier development programs

The Zycus Contract Management solution (iContract) minimizes risk exposure in contracts and empowers insurance-industry procurement teams to:

• Ensure use of proper standard clauses for a wide variety of purchase types (for example network providers in the case of health insurers and claims management outsourcing in the case of casuality insurers)
• Match transactions to contracts to assure utilization and compliance to pricing and other performance terms
• Make sure that contracts are never automatically renewed without proper due diligence
• Ensure that supplier service level agreements (SLAs) are part of contracts to minimize risk in outsourcing relationships