Author Archives: Greg Henkin- iXchange
Greg Henkin Managing, Partner iXchange, has more than 30 years of experience in the insurance industry. He has held senior management positions in several major insurance brokerages, owned his own brokerage and risk management consulting firms, and now owns and operates the iXchange. In his experience, reverse auctions in the insurance space are most successful when the sourcing event follows these six steps: Establish goals and parameters. Agree on the timing and date of the auction. In addition, you should … More
The use of reverse auctions has significantly reduced the costs of many commodities that corporations purchase. The “art” of spend management and Group Purchasing Organizations (GPO’s) using reverse auctions is becoming common among private equity firms. The principal focus of spend management is on goods and commodities. The successful application of reverse auctions to such corporate service “spend” categories as legal, accounting and insurance is relatively limited. A few large corporations have experimented with the use of reverse auctions for … More
