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Procurement Market Intelligence Report

Group Travel Insurance
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Group Travel Insurance?

What is the average price of Group Travel Insurance?

This procurement report includes pricing information to help you purchase Group Travel Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Group Travel Insurance been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Group Travel Insurance yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Group Travel Insurance?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Group Travel Insurance with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase Group Travel Insurance?

Among the estimated 100 group travel insurers in the US market, the top four players account for less than 30.0% of total market revenue. Low concentration stems from the high degree of homogeneity between travel insurance policies, whereby insurers largely offer similar levels of coverage. Therefore, no travel insurer has... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Supplier Risk

What is your largest input cost?

What measures have you taken to limit the risk of your supply chain?

How do you reduce costs when sourcing different products and services?

If there are issues with your suppliers, how might it impact your ability to fulfill my order?

On which industries do you rely most for business? Do you foresee any disruptions in your business resulting from problems in these industries?

Market Competition

What methods do you use to compete with other suppliers?

How has increasing competition from online providers impacted your business?

How do your policies and services compare with those of your competitors?

What is the scope of the market in which you operate? Do you limit your services to domestic customers or do you service international clients also?

Customer Relations

What is the average retention rate among your clients?

How do you rectify client complaints and concerns?

What is the availability of your customer service staff?

Do you have clients that are willing to provide references on your behalf? If so, how can I get in contact with them?

Do you have toll-free customer service phone numbers available for claims and administrative support? Are these numbers available internationally?

http://www.gia.org.sg/pdfs/gia_travelinsurance_faq_guide.pdf

https://www.clhia.ca/domino/html/clhia/clhia_lp4w_lnd_webstation.nsf/resources/Consumer+Brochures/$file/Brochure_Guide_To_Travel_ENG.pdf

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Key elements for every RFP

What should my Group Travel Insurance RFP include?

Project Budget

Buyers should request a breakdown of the policy's premiums and deductibles.

Buyers should outline any other costs for which insurers are responsible.

Selection Criteria

Buyers should evaluate insurers based on their proposed costs.

Buyers should evaluate insurers' ability to meet their coverage needs.

Buyers should evaluate insurers' market experience and financial performances.

For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should include the date when proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.

Buyers should include the date when the contract begins and ends.

Evaluate major factors to mitigate risk

How risky is the Group Travel Insurance supply chain?

The supply chain risk for group travel insurance providers is moderate. Vendors of group travel insurance source inputs from a multitude of upstream suppliers, including copier and office equipment wholesalers, reinsurance carriers and computer equipment wholesalers. Although vendors contend with a moderate level of risk in the supply chain, these... Subscribe to learn more.

HIGH

MEDIUM

LOW