Cost Model Analysis for a Renowned Insurance Provider – A Case Study on Drafting a Cost-Model to Identify the Cost Elements for the Services Rendered

LONDON–()–SpendEdge, a global procurement intelligence advisory firm, has announced the release of their new ’cost model analysis on the insurance industry’. A prominent insurance services provider with business operations spread across economies wanted to draft a cost-model analysis prototype to identify the essential cost elements. The client also wanted to assess the impact of each cost driver on the overall cost of their services. Moreover, the client was also looking at devising an efficient model to compare the costs of the services and efficiently utilize their resources to meet the needs of the target audiences.

According to the procurement analysts at SpendEdge, “Leading firms operating in the insurance industry are taking effective measures to re-orientate their offerings to rebalance their product portfolios and enhance their business contributions.”

In the insurance industry, leading insurance firms are implementing cost model analysis to perform a valid comparison of cost models to improve the competitive position of businesses. Cost model analysis helped the insurance industry client to efficiently assess the impact of each cost driver on the overall cost. Also, the client was able to collect data based on pricing through quantitative cost modeling and scenario-based cost modeling.

Request a free proposal to see how SpendEdge’s procurement solutions can help you.

The solutions offered by the cost model analysis experts at SpendEdge helped the insurance industry client to enhance their operational efficiency by consistent cost reductions over time. The solutions provided also had a significant impact on administration, the policy issuance, and claims in the insurance industry.

This cost model analysis offered benefits that helped the client to:

  • Reduce insurance operation costs.
  • Gain a complete image of the cost developments in the industry.
  • To read more, request a free proposal

View the complete cost model analysis case study here:

https://www.spendedge.com/casestudy/insurance-industry-cost-model-analysis

About SpendEdge

SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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