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An insurance broker is interested in increasing price competition among its carriers. Which of the following strategies would be an efficient way to enable the price reductions?
Correct Answer: B
Utilizing B2B e-marketplaces can increase price competition among carriers by providing a platform for multiple carriers to bid for business. This transparency fosters a competitive environment, as carriers are aware of their competitors' offers and are incentivized to provide more attractive rates and terms to win contracts. E-marketplaces also streamline the procurement process, reduce administrative costs, and enhance market efficiency.References: * "The Role of B2B Marketplaces in Supply Chain Optimization," Gartner. * "Increasing Price Competition Through B2B Platforms," Journal of Business Logistics.