Tier 2 Insurance Carrier Saves over $420,000 Using SMF's Vendor Intelligence
Armed with comparative pricing data on similar, recent purchases from SMF, Tier 2 insurance carrier saves over $420,000 on new claims management system.
By: SMF Advisors
ATLANTA - Feb. 28, 2019 - PRLog -- SMF Advisors, a leading provider of Vendor Intelligence and pricing data to the Insurance, Healthcare & Supply Chain industries, today announced that a tier 2 US-based insurance carrier saved over $420,000 using SMF's unique Vendor Intelligence data and methodology in purchasing a new claims administration system.
"We are excited about this new client as they are a large carrier," said Jim Stone, director of marketing with SMF. "The commercial lines carrier has been around for decades, has their own procurement team and has made many technology purchases over the years. However, they realized they don't have pricing data on recent, comparable claims purchases. They saw the value this data gave them including tremendous leverage in negotiating a lower-cost for the multi-year license fee, as well as lowering the overall rate for services to implement the system."
SMF assists clients by either participating in the background by providing data and advice, or by participating in the negotiations depending on the client's needs.
"In this case, our client wanted their procurement team to handle the verbal negotiations, but we worked with them every step of the way," said Jeff Keebs, insurance practice specialist. "This includes calls prior to negotiations to strategize with claims, IT and procurement to make sure everyone was on the same page, as well as de-brief calls to ensure we moved rapidly through the process. Overall, the negotiation and contract process only lasted about 7 weeks and at the end, both the vendor and our client were quite satisfied with the results."
SMF is a leading provider of vendor intelligence to the insurance, supply-chain, healthcare and higher-education industries. Vendor intelligence is the data and methodology used by SMF to help companies insure they do not overspend on technology purchases by using actionable intelligence from dozens of similar, recent purchases. For more information please visit: www.spendmanagementllc.com.
Director of Marketing