The global insurance business process outsourcing (BPO) market size reached US$ 6.9 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 8.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2022-2028. The rising adoption of automation technologies such as robotic process automation and artificial intelligence, the growing emphasis on providing excellent customer experience, and the surging need to adhere with stringent regulations represent some of the key factors driving the market.
Insurance business process outsourcing (BPO) refers to the practice of outsourcing various business processes and operations of an insurance company to a third-party service provider. In this arrangement, the insurance company transfers specific functions and tasks to the outsourcing partner to perform on behalf of the company. It involves outsourcing a range of processes across different areas of the insurance value chain, including policy issuance, endorsements, underwriting support, premium calculations, policy servicing, and maintenance. Insurance BPO providers also offer customer service and support through various channels such as phone, email, and chat. They handle inquiries, policy changes, billing assistance, and general customer interactions. In addition, they assist in data entry, validation, cleansing, and management to ensure accurate and up-to-date information. As a result, these services provide cost savings, scalability, access to specialized expertise, improved efficiency, faster turnaround times, and the ability to focus on core business activities. They also allow insurance companies to leverage the capabilities and resources of external partners while maintaining control and oversight over the outsourced processes.
Insurance business process outsourcing (BPO) refers to the practice of outsourcing various business processes and operations of an insurance company to a third-party service provider. In this arrangement, the insurance company transfers specific functions and tasks to the outsourcing partner to perform on behalf of the company. It involves outsourcing a range of processes across different areas of the insurance value chain, including policy issuance, endorsements, underwriting support, premium calculations, policy servicing, and maintenance. Insurance BPO providers also offer customer service and support through various channels such as phone, email, and chat. They handle inquiries, policy changes, billing assistance, and general customer interactions. In addition, they assist in data entry, validation, cleansing, and management to ensure accurate and up-to-date information. As a result, these services provide cost savings, scalability, access to specialized expertise, improved efficiency, faster turnaround times, and the ability to focus on core business activities. They also allow insurance companies to leverage the capabilities and resources of external partners while maintaining control and oversight over the outsourced processes.
Insurance Business Process Outsourcing (BPO) Market Trends:
The market is primarily driven by the increasing adoption of automation technologies such as robotic process automation (RPA) and artificial intelligence (AI). These technologies help streamline processes, improve efficiency, reduce errors, and enhance customer experience. In addition, the growing emphasis on providing excellent customer experience represents another major growth-inducing factor. BPO providers are aligning their services to meet these expectations by offering multi-channel customer support, personalized interactions, and faster response times. Besides this, digital transformation is reshaping the insurance industry. BPO providers are integrating digital solutions such as online self-service portals, mobile apps, and chatbots to enhance customer engagement and streamline processes like policy issuance, claims handling, and document management. This, coupled with the surging need to comply with stringent regulations, is contributing to market growth. BPO providers assist insurance companies in navigating these regulations, ensuring compliance, and managing risks associated with data privacy, security, and customer information protection. Moreover, the market is also propelled by the escalating demand for cost-effective operations and the need to standardize business processes. Furthermore, the rising adoption of cloud-based solutions is also creating a favorable market outlook across the globe.Key Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the global insurance business process outsourcing (BPO) market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, enterprise size, and application.Type Insights:
- Marketing
- Asset Management
- Claim Management
- Development
- Administration
Enterprise Size Insights:
- Small and Medium-sized Enterprise
- Large Enterprise
Application Insights:
- Property and Casualty
- Life and Pension
Regional Insights:
- North America
- United States
- Canada
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global insurance business process outsourcing (BPO) market. Detailed profiles of all major companies have been provided. Some of the companies covered include Accenture plc, Cognizant, Genpact, Infosys Limited, Invensis Technologies Pvt Ltd, Mphasis Limited, WNS Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report:
- How has the global insurance business process outsourcing (BPO) market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global insurance business process outsourcing (BPO) market?
- What is the impact of each driver, restraint, and opportunity on the global insurance business process outsourcing (BPO) market?
- What are the key regional markets?
- Which countries represent the most attractive insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the enterprise size?
- Which is the most attractive enterprise size in the insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the insurance business process outsourcing (BPO) market?
- What is the competitive structure of the global insurance business process outsourcing (BPO) market?
- Who are the key players/companies in the global insurance business process outsourcing (BPO) market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Insurance Business Process Outsourcing (BPO) Market
6 Market Breakup by Type
7 Market Breakup by Enterprise Size
8 Market Breakup by Application
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Accenture plc
- Cognizant
- Genpact
- Infosys Limited
- Invensis Technologies Pvt Ltd
- Mphasis Limited
- WNS Limited
Methodology
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