Learn about actual and potential costs
How much should I pay for Supply Chain Insurance?
What is the average price of Supply Chain Insurance?
This procurement report includes pricing information to help you purchase Supply Chain 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 Supply Chain 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 Supply Chain 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 Supply Chain 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 Supply Chain 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 ?
Market share concentration for the supply chain insurance market is low. About 114,763 providers operate in the market, with the top four vendors accounting for less than 30.0% of total revenue in 2020. Even though the market includes major insurance carriers, such as Allianz SE, American International Group Inc. and... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Do you have 24/7 customer support?
How quickly do you respond to inquiries?
Do you assign dedicated account managers for each of your clients?
What percentage of your policyholders have renewed their supply chain insurance with you in the last three years?
Amidst widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
How long have you been offering supply chain insurance?
Have you previously worked with clients in our industry or with similar supply chains?
What are the unique challenges to providing coverage for our industry and how do you address them?
How long have you provided supply chain coverage to your longest tenured client?
Can you provide a list of client references?
How would you characterize your company's exposure to market disruptions resulting from the coronavirus? How have the lessons learned during past disruptive events guided your company's approach today? How are you coping with coronavirus-related disruptions?
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Key elements for every RFP
What should my RFP include?
Buyers should disclose their preferred premium range.
Buyers should state the deductible and limit amounts they prefer.
Buyers should describe their expectations for payment, including schedule and method.
Buyers should reference the pricing information in the Benchmark Price section of this report to determine whether they are paying a competitive price for coverage.
Buyers should evaluate vendors based on the coverage they offer.
Buyers should consider the experience of providers.
Buyers should evaluate vendors based on the customer service they provide.
Buyers should assess vendors based on the related policies they offer.
For a detailed discussion of key criteria buyers should consider when evaluating potential providers, see the Buying-Decision Scorecard section of this report.
Buyers should include the dates that they expect coverage under the supply chain insurance policy to begin.
Buyers should indicate their preferred schedule for renewing coverage.
Buyers should state their preferred contract length.
Buyers should provide a list of all relevant dates for the RFP, such as submission deadlines and notification dates.
Evaluate major factors to mitigate risk
How risky is the supply chain?
Supply chain risk in the supply chain insurance market is moderate. Moderate risk generally makes providers less willing to negotiate on prices because they potentially face uncertain costs. Consequently, moderate supply chain risk reduces buyer power. Supply chain insurance providers rely on a variety of upstream vendors, including portfolio... Subscribe to learn more.