0
Upcoming Allied Market Research
2023
Insurance Bpo Services Market

Insurance BPO Services Market

Size, Share, Competitive Landscape and Trend Analysis Report by Type (Operation, Marketing, Administration, Asset Management, Claims Management, Others), by Enterprise Size (Small Medium Enterprises, Large Enterprises) and by Application (BFSI, Manufacturing, Healthcare, Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Report Code: A12976
Pages: NA
Tables: NA
Charts: NA
  • Formats*:

  • pdf

    Single User License, Five User
    License & Enterprise User License

  • xls

    Data Pack Excel License

  • ppt

    It comes with the additional cost
    of $2500.00 contact sales.

 

Insurance BPO Services Market Outlook - 2030

Insurance business process outsourcing is the process by which companies outsource most of their backend office tasks to third-party service providers such as bookkeeping, data entry, and accounting. Insurance business process outsourcing is seen as a sustainable and beneficial option for companies that find it difficult to hire experienced personnel and manage in-house departments. Growing adoption of cloud-based solutions, increased demand for cost-effective operations, and the need for organizations to standardize business processes are expected to drive the insurance business process outsourcing (BPO) market during the forecast period.

The global insurance BPO services market is segmented on the basis of type, enterprise size, application, and region, industry vertical and region. Based on type, the market is divided into operation, marketing, administration, asset management, claims management, others. In terms of Enterprise Size, the market is categorized into small & medium enterprises, large enterprises. On the basis of application, the market is divided into BFSI, manufacturing, healthcare, telecom, others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global insurance BPO services industry include Genpact, EXL services, Cognizant, Dell Technologies, WNS (Holdings) Ltd, Accenture, Xerox Corporation, HCL Technologies, Capita, Invensis Technologies, and Wipro. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global insurance BPO services market.

COVID-19 Scenario Analysis

  • Rise in COVID-19 cases around the world is causing an economic slowdown. This pandemic has had a significant impact on developed countries. Globally, majority of manufacturing and production of goods were indefinitely postponed and suffered loss as a result of partial or total lockdown. This, in turn, is expected to have an indirect impact on the global insurance business process outsourcing (BPO) market in the coming years.
  • Furthermore, low cash flows are expected as a result of lack of industrial activity, which will have a negative impact on project funding. Companies, on the other hand, are collaborating with technology behemoths to develop industrial digitalization technologies in order to minimize the negative effects of the COVID-19 pandemic on the supply chain and their businesses.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increasing importance of insurance BPO service providers and rising trends in the contract values of insurance BPO providers are driving the growth of the market. However, data security and privacy concerns are expected to hamper the growth of the market. Contrarily, rise in adoption of cloud-based solutions & increasing demand for specialized solutions by BPOs can be seen as an opportunity for the insurance BPO market.

The Insurance BPO Services Market Trends Are as Follows:

Trends in Contract Values of Insurance BPO Providers

Insurance BPO contracts are smaller in size and based on the labor arbitrage benefits gained by shifting work emerging economies and other lower-cost locations. Due of its low-cost destinations, Asia-Pacific is gaining popularity and contract sizes are shrinking and increasing tremendously in this region. The contract size is also shrinking due to the currency's depreciation in comparison to the USD and EUR. However, the Americas and EMEA have maintained their market share in the insurance BPO market over the years.

Increasing Importance of Insurance BPO Service Providers

Dozens of new regulations in the U.S., Europe, and other parts of the world have raised the cost of regulatory compliance for insurers. In addition, pandemic conditions have increased the likelihood of fraud and insurers are looking for better solutions. Digital adoption in the insurance industry for claim management and other services is increasing the importance of outsourcing services. Non-core services, such as data mining, to derive inferences from client data are driving insurers of all sizes to use BPO services. Therefore, increasing importance of insurance BPO service providers is driving the market growth.

Key Benefits of The Report

  • This study presents analytical depiction of the insurance BPO services market along with the current trends and future estimations to determine the imminent investment pockets.        
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the insurance BPO services market share.       
  • The current market is quantitatively analyzed to highlight the insurance BPO services market growth scenario.                             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the insurance BPO services market.               
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the insurance BPO services market.

Questions Answered in Insurance BPO Services Market Research Report             

  • Which are the leading players active in the insurance BPO services size?
  • What are the detailed impacts of COVID-19 on the insurance BPO services market analysis?
  • What current trends will influence the insurance BPO services market in the next few years?
  • What are the driving factors, restraints, and opportunities in the insurance BPO services market?

Insurance BPO Services Market Report Highlights

Aspects Details
By Type
  • Operation
  • Marketing
  • Administration
  • Asset Management
  • Claims Management
  • Others
By Enterprise Size
  • Small & Medium Enterprises
  • Large Enterprises
By Application
  • BFSI
  • Manufacturing
  • Healthcare
  • Telecom
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Capita, Wipro, WNS (Holdings) Ltd, HCL Technologies, Genpact, EXL services, Dell Technologies, Cognizant, Xerox Corporation, Invensis Technologies, Accenture
 

Loading Table Of Content...


 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.

Purchase Options

Call or Email Us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : +44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Enquiry Now
Related Tags

Purchase Full Report of
Insurance Bpo Services Market

Start reading.
This Report and over 71,298+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,690
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
  • Data Pack
  • $3,930
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Single User
  • $5,820
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Five Users
  • $6,540
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Enterprise
    License/PDF

  • $9,870
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
  • Library
    Membership

  • $999 $ 1,175
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

Related Reports
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time for readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers