Procurement Software for Insurance Industry

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

Financial reporting, risk, regulatory and taxation structures; consumer demand; products; data/analytics and technology systems are all in a state of flux as the industry rises to meet emerging market, globalization and regulatory challenges.

Against a backdrop of major transition, insurance-industry procurement teams have opportunities to enhance and provide:

  • Operational stability in terms of costs, profitability, supplier performance, compliance and so forth.
  • Process speed, ease and efficiency, freeing talent to focus on strategic -initiatives.
  • Advanced discovery, sourcing, contracting and performance management with providers of the outsourced services, contingent labor, technology and software that will assist with ongoing industry modernization.

Zycus’ integrated source-to-pay solution suite empowers industry procurement teams to deliver on these opportunities and to measure, map and allocate hard value and ROI delivered by procurement to both bottom- and top-line financial metrics.


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

 

Insurance Industry Challenges

The external environment is getting tougher and complex.

Complexity facing the insurance industry stems from a large number of specific challenges and risks:

  • Persistently low investment yields
  • A tightening regulatory environment, with changing metrics, disclosures, risk management, taxation and other requirements
  • Burgeoning data availability and corresponding talent, technology, control and security demands
  • Climate change, shifting population demographics and overcapacity in certain markets

How We Can Help

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

With so much complicated industry change underway, insurance companies can benefit by stablizing, simplifying and accelerating core operational processes, including procurement, sourcing and supplier/service provider performance management and governance. Zycus’ next-generation, fully customizable source-to-pay procurement suite with performance measurement and Artificial Intelligence capabilities empowers your team to manage every purchase, from the simplest office tools to the most complex technology and services deals.


  • Use SPEND ANALYSIS to obtain category-, supplier-, region- and location-specific spend intelligence that can guide capital allocation strategies, concentrate business with high-performing, compliant and low-risk suppliers and service providers and control burgeoning costs associated with regulatory compliance. Read More
  • Use eSOURCING to model a full range of sourcing events from simple commodities to highly complex major services contracts. The solution enables you to control supplier discovery, qualification and business-award processes, ensuring consistent and systematic capture/storage of data related to supplier risk, certifications to various information control standards and so forth. Read More
  • Use CONTRACT MANAGEMENT to enable and accelerate collaborative contract authoring and negotiation, while closely controlling access, ensuring information security and maintaining strict version and audit controls throughout contract lifecycles. Read More
  • Use SUPPLIER MANAGEMENT to centralize, manage and maintain up-to-date records around service providers’ information-control certifications and other data (captured through eSOURCING/eRFX) and to engage stakeholders in customized performance scoring and governance of complex supplier/service provider relationships. Our robust solution can also integrate and extract key risk and performance data automatically from third-party systems. Read More
  • Use FINANCIAL SAVINGS MANAGEMENT to allocate and map savings to budgets and to document both bottom- and top-line procurement performance contributions – from improving cost-to-income ratios, to optimizing working capital and increasing market valuation. Read More
  • Use our secure, paperless PROCURE-TO-PAY solution to simplify spend processes and to promote operational efficiencies and strict spend compliance, while freeing talent to support product and systems innovation and advanced supplier governance and risk-management practices. 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

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 Energy C...

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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 need...

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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 for...

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See More Case Studies

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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