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.
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