Independent research demonstrates that CEO involvement in the purchase of Insurance services is significant. The use of Commercial Insurance is widespread, and 89.6% of CEOs whose companies buy commercial insurance report being personally involved in at least one stage of the purchase decision. CEOs are most involved in the Final Stage of the purchase decision, during which firms are selected and approved, at 77.6%.
Spending on commercial insurance by CEOs is widespread and significant. For 2013, 94.9%% of CEOs anticipate spending on Insurance Services, with an average spend of $867,000.
The involvement of the CEO has a positive effect on the purchase of services including insurance. When the CEO is involved in a purchase decision, the likelihood is greatly increased that the organization will forward quickly in the evaluation and adoption process (+92.3%), it will become a priority that others in their organization will give serious consideration to and remove roadblocks in the evaluation process (+91.5%), and ultimately become a reality (+89.4%).
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