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Procedures & Technologies
Technology is changing the way in which corporations procure goods. The use of electronic auctions has significantly reduced the costs of many commodities that corporations purchase, and the "art" of spend management and Group Purchasing Organizations (GPO's) using electronic auctions is becoming common among private equity firms.
The use of electronic auctions to procure sophisticated corporate services has begun to take hold. It is a much more complex task to use electronic auctions to procure legal, accounting, or insurance services this way, and there are few firms familiar with the complexities of the process.
The iXchangeTM is a new firm created by "spend managers" from a large private equity firm who spent 3 plus years in managing electronic auctions in the property casualty insurance sector. They spent over four years creating specialized electronic auction protocols and developing relationships with and generating the enthusiastic participation of the "best and brightest" insurance distribution partners.
The results in terms of cost savings and quality of distribution partner services were outstanding. The iXchangeTM is dedicated to the support of electronic auctions in the commercial insurance space. Its principals have a proven and unique record in managing electronic auctions in the insurance industry.
- Our team pioneered the art of commercial insurance "spend management" for a large private equity firm.
- Our proprietary protocols were developed and tested over a four year period.
- Our auctions are designed to select the best and brightest distribution partners available to buyers of commercial insurance.
- Agree expectations for timing and date of auction.
- Sign off on list of auction participants: i.e., brokers or insurers.
- iXchangeTM works with the majority of major brokers and insurance companies and can work with your incumbent as well.