Blazing a Trail with Reverse Auctions: IBX

As you probably know, Scout’s number one value is to obsess over the customer. There’s nothing we love more than sitting down with our users and diving deep into how they’re leveraging the Scout platform to drive sourcing success. Recently, we caught up with Jeff Harvey and Leanne Golding of IBX to learn how they have used Scout’s reverse auction tool to manage over $1.2B in Employee Benefit spend for their clients.

IBX Revolutionizes the Insurance Space

From aligning on plan specifications to negotiating rates and navigating underwriting processes, comparing insurance bids from multiple carriers is no small feat. This is especially true when these bids come in differing formats and disparate emails. IBX needed a way to organize and standardize incoming quotes in order to efficiently and accurately choose the best options for their clients. Enter Scout. With Scout’s intuitive Reverse Auctions, IBX is now able to compare complex quotes and pricing on a single page – no more wading through spreadsheets again!

IBX Takes Supplier Engagement to a New Level

While Jeff & Leanne may be reverse auction pros, the concept is fairly new to IBX’s suppliers. But, because Scout’s platform is so easy to use, IBX has been able to work closely with its providers and coach them through the process with very little training.  

IBX loves that Scout’s reverse auction tool allows its suppliers to see where they rank and modify their bids in real time–saving days or even weeks of exchanging countless emails. The chat feature also lets IBX communicate directly with its third-party providers during the auction and set its priorities and constraints as the auction is running. This kind of supplier engagement has led to stronger relationships and increased transparency between both parties. 

IBX and Scout Focus on Their Customers and Core Values

Like Scout, IBX’s top priority is its customers. According to Jeff & Leanne, IBX was “formed to build efficiency” for its clients and absorb the burden of bargaining with third party carriers. Scout’s painless reverse auctions help IBX do just that, saving time and money not only for IBX, but for its customers too. 

IBX is a pioneer of Scout’s reverse auction tool and has been using it for several years to drive down costs from its third-party providers – leading to savings of over 15% on their insurance offerings. We at Scout are humbled by the massive results IBX has seen using reverse auctions, and we can’t wait to keep partnering with them in their continued success. 

Want to know more about how reverse auctions can increase cost savings while improving supplier relationships? Check out our recent white paper on reverse auctions or schedule a demo today! 

Danyelle Guernsey | Tags: , , , ,

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