Navigation Links
Workers' Compensation Procurement Research Report Now Available from IBISWorld
Date:11/15/2013

Los Angeles, CA (PRWEB) November 15, 2013

The market for workers' compensation insurance has a buyer power score of 3.8, representing moderately high buyer power. “The high buyer power is due mainly to the homogeneity of the product across providers,” says IBISWorld procurement analyst Dale Schmidt. “Buyers can compare service offers easily, leading to high price competition between providers.” However, this has led to low profit margins across the industry, so buyers typically cannot further negotiate lower prices. Another boost to buyer power is the lack of volatility in the industry. Workers' compensation insurance is a required purchase for virtually every business that employs workers (with some exceptions that differ by state). This has created a steady level of demand over time, which prevents sudden changes in prices.

“Base rates are set by each state's government, and providers adjust the base rate based upon a formula involving the buyer's workplace safety record over the past three years,” says Schmidt. “As a result, the easiest way for a buyer to reduce price in the future is to improve the safety of their workplace.”

Twelve states operate workers' compensation insurance funds and four (North Dakota, Ohio, Washington and Wyoming) do not allow competitors, resulting in state-run monopolies. State-run funds are not profit, so are therefore likely to undercut private suppliers on price. However, private suppliers are mostly large-scale insurance providers that provide an array of insurance products. As a result, buyers can bundle insurance products together for a lower per-product price. Major vendors in the market include American International Group Inc., the Hartford and the Travelers Companies Inc. For more information, visit IBISWorld’s Workers' Compensation procurement research report page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189

IBISWorld Procurement Report Key Topics

This report is intended to help buyers of workers' compensation. Also known as workmens' insurance, it is a form of insurance in the event of a workplace injury, which provides the injured employee with wage replacement and medical benefits. In return, the employee relinquishes the right to sue his or her employer for negligence.

Executive Summary
Pricing Environment
Price Fundamentals
Benchmark Price
Pricing Model
Price Drivers
Recent Price Trend
Price Forecast
Product Characteristics
Product Life Cycle
Total Cost of Ownership
Product Specialization
Substitute Goods
Regulation
Quality Control
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Imports
Competitive Environment
Market Share Concentration
Vendor Financial Benchmarks
Switching Costs
Purchasing Process
Buying Basics
Buying Lead Time
Selection Process
Key RFP Elements
Negotiation Questions
Buyer Power Factors
Key Statistics

About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

Read the full story at http://www.prweb.com/releases/2013/11/prweb11322509.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Webinar: Comparing Prices in Group Health vs. Workers' Compensation
2. AJ Palutis and Fred Hait Receive Workers' Compensation Law Specialty Certification
3. Workers’ Compensation Costs Per Claim Moderating In Pennsylvania After Years of Growth, New Study Reports
4. Modern Medical is the First Pharmacy Benefit Manager to Bring e-Prescribing to the Workers’ Compensation Industry
5. Healthesystems’ Fall 2013 Issue of RxInformer Journal Offers Guidance and Insights on Challenges Ahead in Workers Compensation
6. Workers’ Compensation Myths Addressed By Lancaster Firm
7. Illinois Workers’ Compensation Fee Schedule Changes Result in Lower Prices Paid; Costs of Medical Payments Decreasing, Says New Study
8. New Study Tracks Latest Changes in New York Workers’ Compensation System after 2007 Reforms
9. Pharmaceutical Insiders with Proof of Company’s Improper Relationships: Federal Law Offers Whistleblowers Opportunity for Sizable Financial Compensation, Parker Waichman LLP Says
10. Flexible AC Transmission System (FACTS) Market (Compensation, Component, Application, Industry Vertical) Worth $1,386.01 Million by 2018 - New Report by MarketsandMarkets
11. Report Released By the National Academy of Social Insurance This Month Shows Georgia To Be One of 22 States Whose Workers’ Compensation Benefits Payments Dropped in 2011
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/23/2017)... ... , ... METTLER TOLEDO has announced the availability of a ... Tools . , Crystallization is a common step used during the ... now spend more time developing better intermediate and final crystallization steps. By ...
(Date:1/23/2017)... ... January 23, 2017 , ... ... American Society of Anesthesiologists® (ASA®), the Foundation for Anesthesia Education and Research ... Surgeons (AAOS) and the Cigna Foundation, encourages proposals supporting high quality research ...
(Date:1/23/2017)... ... 2017 , ... “Life Under Blankets”: an entrancing story about one woman's ... Blankets” is the creation of published author, Kimberly Mitchell, who earned her bachelor’s degree ... on to pursue a master’s degree in education in the field of curriculum and ...
(Date:1/22/2017)... Viejo, California (PRWEB) , ... January 22, 2017 , ... ... Photo Cloud to create a beautiful 3D slideshow with complete ease," said Christina Austin ... the Generators browser to place in the FCPX timeline. Presets include scenes ...
(Date:1/21/2017)... , ... January 21, 2017 , ... Seamild, the largest ... the futuristic vision of its owner and founder. As Oat is recognized globally as ... everybody he knows personally as he believes it is a move to sow the ...
Breaking Medicine News(10 mins):
(Date:1/23/2017)... YORK , Jan. 23, 2017  Delcath Systems, ... Company focused on the treatment of primary and metastatic ... , Ph.D., MSN, CRNP, President and Chief Executive Officer ... NobleCon13 - Noble Capital Markets, Thirteenth Annual Investor Conference ... Boca Raton, Florida , on Tuesday, January ...
(Date:1/23/2017)... , January 23, 2017 ... riñón (r enal) y el ... dosis de a pabetalone    Resverlogix ... los resultados preliminares de un ensayo en fase 1 ... discapacidad de riñón (renal) severa. Los datos demostraron unos ...
(Date:1/23/2017)... The global  anxiety disorders and depression treatment market  is expected to reach ... worldwide is anticipated to drive the market growth in the coming years. Increasing ... in the recent years. Continue Reading ... ... ...
Breaking Medicine Technology: