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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
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
Questions Answered in Insurance BPO Services Market Research Report            Â
Insurance BPO Services Market Report Highlights
Aspects | Details |
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By Type |
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By Enterprise Size |
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By Application |
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By Region |
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Key Market Players | Capita, Wipro, WNS (Holdings) Ltd, HCL Technologies, Genpact, EXL services, Dell Technologies, Cognizant, Xerox Corporation, Invensis Technologies, Accenture |
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