Strategic Sourcing and Cost Reduction Services and Strategies for Insurance Providers

Whether looking for short-term stability, cost structure improvement, or new business models, insurance companies have set goals to reduce operating costs and optimize resources.

Increasing risks in the insurance sector coupled with disparate operational systems and regulatory requirements has put pressure on insurers’ bottom lines. Lean insurance procurement staffs are taxed with managing indirect costs across multiple locations and lack the resources necessary to strategically cut costs.

Corcentric’s team of strategic sourcing experts provides insurance companies with external resources who can commit the appropriate amount of time and energy to source products and services that are crucial to maintaining operations.
We have helped numerous insurance companies implement strategic cost reduction initiatives and have negotiated hundreds of favorable supplier contracts to improve service levels and product quality.

Corcentric’s team of sourcing experts understand the importance of unique cultural and operational aspects of insurance companies and work with internal stakeholders to identify suppliers who can meet qualitative and quantitative needs. We leverage our negotiating and contracting experience and work exclusively on behalf of our insurance clients to establish terms and conditions that produce favorable agreements and reduce risk. Our subject-matter experts have extensive experience with negotiating and contracting with service providers for multiple-facility insurance companies.

We can help insurance companies lower their indirect costs.

• Benchmarking and Market Research
• Facilities Maintenance (Elevators, Food Service, HVAC, Janitorial, Landscaping, Security, etc.)
• Printing and Fulfillment
• Telecommunications
• Banking Services and Merchant Accounts
• Claims Recovery
• Marketing and Advertising
• IT Services and Software Licensing
• Travel
• Office Supplies & Equipment
• Employment Screenings
• Staffing and Temp Staffing