LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Workers Compensation Insurance Market – Procurement Intelligence Report.
A steady decline in the unemployment rate and the prevalence and newer reforms made in the employment-related regulations are directly contributing to the spend momentum of the workers’ compensation insurance market. A decreasing employment rate is increasing the employee count in organizations which, in turn, is increasing the possibilities of major workplace hazards. Apprehensions over a tainted brand reputation following any incidents at workplace, buyers from organizations are procuring workers’ compensation insurance to mitigate the impact. The dynamism and frequent implementation of reforms in labor laws across different regions are further propelling the demand and is significantly contributing to the workers’ compensation insurance market. Download the Free Sample Copy of this workers’ compensation insurance market procurement intelligence report.
In the US, while the creation of new jobs will propel the category demand, the enforcement of the Affordable Care Act will limit the number of buyers opting for workers’ compensation insurance. The free entry of private players in the insurance supply market in North and South America is augmenting the worker’s compensation insurance market share in these regions. However, in Europe, this market will observe a sluggish growth owing to the restricted entry of private enterprises in the worker’s compensation insurance supply market in Europe.
This workers’ compensation insurance market procurement intelligence report offers a comprehensive analysis of the major cost drivers and its subsequent impact on the overall pricing. Current supply market forecasts and the spend opportunities for the suppliers are also offered in this market intelligence report. In this report, the category spend is analyzed from the perspective of the buyers and the suppliers.
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“Buyers are advised to opt for local sourcing when their requirements are limited to a specific geography and do not involve the outsourcing of workers’ in a certain region,” says SpendEdge procurement expert Tridib Bora.
This workers’ compensation insurance market procurement intelligence report has estimated that the following cost drivers will influence the category growth in the following years:
- Rising awareness about workplace safety will result in category growth
- Increasing healthcare costs will lead to category price growth
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SpendEdge’s procurement market intelligence reports for the financial services category provide detailed supply market forecasts and information on cost drivers that impact category growth. Such information will help procurement managers as well as the suppliers to determine the total cost of ownership and change their procurement strategies accordingly. Additionally, SpendEdge’s reports provide category management insights and information on the procurement best practices for the category.
Report scope snapshot: Workers’ compensation insurance
US market insights
- Supplier cost structure in the US
- Margins of suppliers in the US
- Workers’ compensation insurance market share in the US
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- Procurement excellence best practices
- Procurement best practices
- Sustainability practices
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- Competitiveness index for suppliers
- Buyer power
- Supplier power score
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