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Procurement Market Intelligence Report

Vision Insurance
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Vision Insurance?

What is the average price of Vision Insurance?

This procurement report includes pricing information to help you purchase Vision 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 Vision 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 Vision 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 Vision 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 Vision 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 ?

The top four providers of vision insurance account for between 30.0% and 50.0% of total market revenue, indicating a moderate level of concentration. Top players, such as VSP and Luxottica, have vertically integrated with eyeglass retailers, laboratories and manufacturers of frames and lenses, a strategy that has effectively crowded out... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Financial Stability

How is your company responding to the rising cost of vision services?

What are your credit ratings according to A.M. Best, Standard and Poor's and Moody's?

How will the establishment of possible increases in reserve requirements affect your company's profit?

Has your company ever depleted its available cash reserves for fulfilling claims? Is your company at risk of this happening in the future?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased or reduced demand?

Insurer Qualifications

How many policies do you manage?

How do your services compare to those of your competitors?

Can you provide four or five references to verify your capabilities as an insurer?

How long has your company been operating in the vision insurance market?

What is the average size of a policy you manage? Have you previously managed policies for groups of our size?

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Key elements for every RFP

What should my RFP include?

Project Budget

Vendors should include a proposed schedule outlining premiums and benefits.

Buyers should outline any other costs for which insurers are responsible (e.g. mailing).

Selection Criteria

Buyers should evaluate insurers based on their costs, including premium rates, rate guarantees and rate caps.

Buyers should evaluate the quality of insurers' plans (e.g. adequacy and scope of network, breadth of coverage, etc.).

Buyers should evaluate the insurers' experience, as well as their 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 proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.

Buyers should include the date the contract begins and ends, as well as options for contract renewal.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The level of supply chain risk in the market for vision insurance is moderate. Vision insurers source inputs from a number of upstream suppliers, including custody, asset and securities services providers, portfolio management firms, copier and office equipment wholesalers, computer and packaged software wholesalers and reinsurance providers. Although spikes in... Subscribe to learn more.