Procurement Software for Insurance Industry

New risks and new regulations are prompting changes in the way insurance industry operates today.

After the financial meltdown, insurance companies had to start looking within to ensure they didn’t head down the same path. This was also a wakeup call for the regulators to start insisting on more transparency so that a similar meltdown in the insurance industry could be avoided.

Insurance companies will have to put in processes and technology in place if they need to meet the ever expanding landscape of the regulatory regimes that are progressively looking at issues from a global perspective. To achieve meaningful gains in costs avoidance and added value, a robust infrastructure needs to be in place to channel the knowledge to viable and optimised decisions. A procurement professional then can:

  • Focus on improving deal making as there will be access to a wide variety of knowledge and workflow tools.
  • Manage supplier risk and performance, improve process efficiencies and also deliver on regulatory compliances and quality requirements.


To read about our procurement solutions for insurance industry, download brochure

 

Insurance Industry Challenges

The external environment is getting tougher and complex.

Companies will need to develop deep, proactive measures that will go a long way in setting up the internal climate to anticipate and meet some of the below outlined challenges:

  • Persistently low investment yields
  • Tightening regulatory requirements to meet with complex measurements and disclosures
  • Climate change, changing demographics and over capacity in some markets emerging as real risks

How We Can Help

We can by setting up strategic procurement infrastructure to address the complexities arising out of these industry constraints and challenges.

You can create a strategic advantage by raising the visibility across the supply chain to measure impacts (qualitatively and quantitatively) and assign accountability for business outcomes (tangible and intangible). Our next generation customized source-to-pay procurement suite with Artificial Intelligence technology platforms has the capability to intuitively manage your most complex procurement requirement. Our seamless end-to-end solution can help you in increasing transparency, implement better business controls and reduce the risk of 'unpleasant surprises'.


  • Reduce maverick spending with our SPEND ANALYSIS tool as it gives you the ability to spot the areas of spending at every level of granularity, gain control over direct and indirect spending and automatically synthesize spend data with global market intelligence. This intensifies the buyer procurement power and fine tunes the demand aggregation. Read More
  • Our end to end fully automated, and highly integrable STRATEGIC SOURCING solution helps you to model a range of sourcing events from simple commodities to highly complex major sub contracts with role based self-servicing procurement model and collapses your sourcing cycle time by leveraging diverse sources of supply across multiple geographies. Read More
  • Minimize risk exposure in contracts with end-to-end CONTRACT MANAGEMENT solution that encompasses upstream and downstream activities and assists in tracking compliance and utilization, facilitates collaborative contract authoring and negotiation and finally a secure, centralized repository for all enterprise contracts and obligations with folder based access. Read More
  • Enhance & drive supplier performance with our SUPPLIER MANAGEMENT solution which can measure, monitor (with quantitative and qualitative data inputs) in a automated style and ensure that vendor’s risk profiles are constantly updated and scrutinized. Our solution also integrates with other third party systems to extract key data to create any type of report thus enhancing the robustness and efficiency of the solution. Read More
  • Measure savings in real time with highly integrated FINANCIAL SAVINGS MANAGEMENT tool that maps the direct impact of procurement savings on the bottom line by auto conversion of savings into impact on P&L, segregate savings and map forecasted savings to budgets enabling you to monitor the costs and realize better efficiencies. Read More
  • Become agile and paper-less with our secure and Artificial Intelligence based PROCURE-TO-PAY solution helping you create and manage a seamless solution from order through the final payment. With customizable controls and parameters, our technology will reduce the decision times and approval times at each stage. Read More

To have a look at our product, view demo

Customer Success Stories

Let our customers tell you how our procurement solutions helped their business perform better.
Browse through some of our customer case studies and videos:

A Fortune 500 Energy Company adds Zycus' Supplier Performance Management solution

A Fortune 500 Energy Company adds Zycus' Supplier Performance Management solution

Read the case study to understand how Zycus' Supplier Management Solution helped a Fortune 500 Energ...

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Leading American Biotechnology Company employs Zycus Suite of Solutions

Leading American Biotechnology Company employs Zycus Suite of Solutions

With a transactional role of global sourcing and a 20% - 50% span of control, meeting key business n...

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The Processor Driving Procurement Performance at Advanced Micro Devices (AMD)

The Processor Driving Procurement Performance at Advanced Micro Devices (AMD)

Faced with major changes in the traditional computing markets, 2012 proved to be a challenging year ...

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Resources

“A revolution is an idea that has found its bayonets.” ― Napoleon Bonaparte

We believe in the power of procurement and like to share it with the procurement and sourcing community. Read about and listen to variety of procurement themed whitepapers, analyst reports, webinars, and research reports from the knowledge hub.

 

Critical Competitive Advantage

Critical Competitive Advantage

As executives increasingly understand the importance of contract management, the 'return on investment' goes far beyond increased efficiency and faster cycle times...

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4 Key Procurement Objectives for 2014

4 Key Procurement Objectives for 2014

With the commencement of the New Year and the dynamic market scenarios, procurement professionals have different objectives and new challenges...

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