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Insurance Services
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Competitive Intelligence

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  • Category Report with unlimited updates
  • Supplier Watchlist for 3 suppliers
  • Supplier Shortlisting Tool

With this purchase you will be subscribed for a 12-month PRO membership to AI Powered Procurement Productivity Suite - Beroe LiVE.Ai™

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Manage Insurance Services Category with Ai powered
Procurement Productivity Suite

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Abi will answer all Insurance Services related
procurement queries with relevant data points

Abi - AI powered digital procurement assistant

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Get up-to-date market and supplier info on Insurance Services to help you build

Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

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Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices

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Assess Supplier Risk based on key risk and compliance parameters

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Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.

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Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus

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Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography

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Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings

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Benchmark your category performance against peers and the market

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Measure category performance on 15 key parameters across cost, risk and strategy KPIs

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Get information on key factors affecting your supply

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Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics

meet-abi-1

Abi will answer all Insurance Services related
procurement queries with relevant data points

Abi - AI powered digital procurement assistant

discover-market-info

Get up-to-date market and supplier info on Insurance Services to help you build

Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

1

Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices

manage-risk

Assess Supplier Risk based on key risk and compliance parameters

1

Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.

2

Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus

discover-supplier

Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography

1

Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings

assess-category-perforamnce

Benchmark your category performance against peers and the market

1

Measure category performance on 15 key parameters across cost, risk and strategy KPIs

source-market-indices

Get information on key factors affecting your supply

1

Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics

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Report Coverage

  • Category Definition
  • Supplier Listing – Health Insurance Service Providers (Global)
  • Selection Parameters – Benefit Consultants/Brokers
  • Supplier Listing – Insurance Brokers

Market Size

Market Size Asia Pacific

$ 120 billion

Market Size US

$ 750 billion

Global Market Size

$ 1 Tn

Table of contents

  1. Insurance Services Executive Summary
  2. Global Health Insurance Market
  3. COVID 19 – Impact on Health Insurance
  1. Insurance Market Analysis - Global
  2. Global Health Insurance Market Maturity
  3. Global Health Insurance Market Trends
  4. Technology Trends
  5. Global Drivers and Constraints
  6. Regional Market Outlook – Region Wise
  7. Porter’s Five Forces Analysis: Developed Markets
  8. Porter’s Five Forces Analysis: Emerging Markets
  1. Procurement Best Practices
  2. Insurance Brokerage: Pros and Cons
  3. Appointment of Intermediaries
  4. Sourcing Model
  5. Engagement Model

 

  1. Cost and Pricing Analysis
  2. Cost Structure Analysis
  3. Pricing Analysis: Insurance Brokerage

 

  1. Key Performance Indicators and SLA
  2. Key Performance Indicators
  3. Service Level Agreements

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Global Market Outlook on Insurance Services

  1. The global health insurance market is valued at USD 1 trillion globally in 2020
  2. The market is forecasted to grow annually, at the rate of 6–8 percent, to approximately USD 1.7 trillion by 2022 and demand is expected to increase drastically
  3. The US has the highest market maturity, followed by Europe
  4. APAC and parts of Western Europe are expected to be the future growth-driving markets for health insurance services

Market Drivers and Constraints

The global economic environment continues to be a key driver for the insurance markets. The life and health insurance sector growth is predicted to be largely based on demand from emerging markets (emerging Asia, LATAM, MENA).

Global increase in healthcare costs by 8.5% is considered as a major marker driver for health insurance.

Drivers

  • Consolidation of providers, payers and pharmaceutical, and life science companies have engaged in the merger and acquisition activity in the recent years. As a result, organizations are gaining greater market share and negotiating power, it is observed that a consolidated healthcare market drives the health care prices upward
  • Technology and treatment innovation pharmaceutical, life science, and medical device industries are launching new products every year, with high cost that boost utilization globally
  • It has been observed that automation will reduce the cost of operation and process time
  • The government-funded insurance schemes are not performing well in the UK (National Health Scheme), and thus, the demand for private life and health carriers have increased (the UK is unstable based on the amount of premium because of Brexit and National Health Scheme)

Constraints

  • The global economic market slowed in 2016, as both advanced and emerging markets witnessed diminished growth. Equity markets and interest rates progressed favorably toward the end of 2016, improvement can at best be gradual with the political landscape being in a flux
  • It was observed that competitive pressure remained high for life and health insurance, though the average price decline moderated
  • Creating globally consistent accounting standards, adapting a comprehensive risk-based capital framework, treating customers fairly, and ensuring development of robust technology infrastructure were the key themes that regulators focused

Market Trends and Drivers – Insurance Services

Analysis of the historical medical cost trend reveals the forces that repeatedly influenced healthcare costs. They include economy-wide drivers, such as demographics and American lifestyle trends, and healthcare-specific influences, such as technology and treatment, innovations, and payment model changes.

Economy-wide Drivers

Income 

Higher income is associated with higher health spending. Growth has been slow in the past decade, income is rising on an average and within them healthcare spending

Demographics

There has been an increase in elderly population. It was observed in 2012, that 15.9 percent of the civilian labor force was between the age 55 and 64; and this is expected to increase to 17.3 by 2022. An older workforce typically has more health needs, resulting in higher healthcare expenditures.

Lifestyle

Obesity, smoking, substance abuse, poor nutrition, and physical inactivity intensify the utilization of health services 24/7. Over 70% of the Americans are considered overweight, and abuse of opioids, such as heroin and prescription pain relievers, is on the rise. These growing health risks drive healthcare costs upward.

Healthcare-specific Drivers

Technology and treatment innovation

The pharmaceutical, life sciences, and medical device industries are funding for research and development and launches new products every year, some with hefty price tags and potential to boost utilization.

Government regulation

From nurse staffing levels to the use of health information technology, government regulation has long had an influence on healthcare costs.

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