Challenges in Insurance Sourcing and Procurement Services
Perhaps no department in an insurance organization undergoes more of a challenge to change “on the fly” than Sourcing and Procurement Services. Because it deals with so many third party partners, suppliers, vendors and service providers, plus unplanned additions caused by acquisitions, attempting to transform can cause major upheaval and strain on the whole organization. These challenges are just the beginning. Overlapping and redundant third party services cause issues and are often inefficient. Inconsistencies in third party selection and performance measures and processes can cause undetectable waste. Inconsistencies in contract wording, terms and conditions, can cause legal headaches, just as the inability to readily meet regulatory reporting requirements relating to third party risks. Sourcing and procurement should be able to track all contractual terms and conditions, especially penalties and termination fees, but often they haven’t been given the proper technology to effectively track important details.
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