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Procurement Market Intelligence Report

Insurance Claims Processing Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Insurance Claims Processing Services?

What is the average price of Insurance Claims Processing Services?

This procurement report includes pricing information to help you purchase Insurance Claims Processing Services. 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 Insurance Claims Processing Services 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 Insurance Claims Processing Services 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 Insurance Claims Processing Services?

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 Insurance Claims Processing Services 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 ?

According to ProcurementIQ estimates, there are 126,000 suppliers providing insurance claims processing solutions in the United States. The large number of suppliers underpins a low level of market share concentration, wherein the top four vendors account for less than 30.0% of total revenue. Low market share concentration boosts buyer power... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Client Satisfaction

What is your customer retention rate?

What is the average length of your customer relationships?

Can you provide me with a list of references?

Have you had any major complaints from customers in the past? How did you respond?

How do you measure customer satisfaction? How do you use these measures to analyze and improve your processes?

Market Competition

How do you win and retain business?

How do your insurance claims processing services differ from those offered by your competitors?

How is your company responding to rising demand for insurance claims processing services?

How has the fragmentation of the market affected your business practices?

Communication Practices

How often do you prefer to communicate with your clients?

Through what mediums do you typically communicate with clients?

What types of notifications do you provide for issues that arise with claims?

When do you give your clients reports detailing records for the claims you have processed? Do you stick to a monthly system or a different kind of timeline?

Supplier Risk

How does your company drive sales when the economy is growing?

What proportion of your revenue comes from insurance claims processing services?

How does your company respond to increases in the price of claims processing software and other expenses?

Would the bankruptcy or revenue volatility of any of your key clients or suppliers adversely affect your operations?

How is your company's supply chain arranged? What methods do you use to minimize potential disruptions in your services due to supply chain risk?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should explain terms of payment and details for the desired contract, including length and exclusivity.

Buyers can consult the Benchmark Price and Total Cost of Ownership sections of this report to estimate what they should be willing to pay for services.

Selection Criteria

Buyers should evaluate the processing systems and software that a vendor uses to track claims.

Buyers should consider what the typical ratio of claims paid to claims denied is for each vendor.

Buyers should assess the level of customer service a vendor provides.

Buyers should put some consideration into a vendor's reputation, which they can assess through client referrals.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should explicitly state all important dates in the RFP timeline.

Buyers need to include when the RFP documents become available, the deadline for written questions, when proposals are due, when interviews will take place and when award information will be available.

Buyers should state when the expected start date will be.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Supply chain risk for insurance claims processing services is low, thereby boosting buyer power. Providers of insurance claims processing services rely on upstream suppliers, such as commercial lessors, computer retailers, office supply retailers and wired telecommunication carriers. The majority of these first tier suppliers pose negligible risk to the supply... Subscribe to learn more.