Insurance BPO services Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Insurance BPO services Industry is a fragmented market and is segmented based on by Service Provider (Customer Care Services, Finance & Accounting Services, Human Resource Outsourcing Services, Underwriting Services, IT Services) and by Insurance Type (Life & Annuity and Property & Casualty Insurance), and Geography (North America, Europe, Middle-East and Africa, Latin America, Asia-Pacific).

Market Snapshot

Market Summary
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Europe, Middle-East and Africa
CAGR: >5.4 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The impact of COVID-19 on the BPO industry is complicated and multi-faceted, and many BPO companies are still implementing changes to accommodate its effects. The BPO industry is hugely fortunate to function digitally, allowing BPO companies to continue to work with minimal health and safety risks for employees. BPO companies have made several technological and digital changes to continue to function at the optimal level virtually.

Insurance BPO is a sub-division of BFSI. The insurance industry has witnessed the outsourcing of complex business operations in recent years, which will most probably increase further between 2022 and 2027. The insurance BPO (Business Process Outsourcing) sector has seen significant growth in the recent past given the increasing demand from customers, and improved digital adoption to manage the business operations proficiently. By leveraging the potential of business process outsourcing (BPO), insurance companies have drastically minimized operating expenditures along with streamlining back-office operations.

Digital Insurance BPO services have gained traction given the increasing importance of digital enablement and reducing R&D expenditure for developing non-core but critical operations for insurance companies to tackle the increasing competitiveness and sustaining in the market.

Scope of the Report

An understanding of various insurance BPO service providers and their business models, along with detailed market segmentation, product types, current market trends, changes in market dynamics, and growth opportunities. In-depth analysis of the market size and forecast for the various segments.

North America
Rest of North America
United Kingdom
Rest of Europe
Middle East & Africa
Asia Pacific
Rest of Asia-Pacific
Latin America
Rest of Latin America
By Service
Customer Care Services
Finance And Accounting Services
Human Resource Outsourcing Services
Underwriting Services
IT Services
By Insurance Type
Life And Annuity Insurance Provider
Property And Casualty Insurance Provider

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Key Market Trends

Trends in Contract Values of Insurance BPO Providers

Insurance BPO contracts were smaller and based on the benefits of labor arbitrage gained by moving work to India and other lower-cost locations. Asia-Pacific is gaining traction due to low-cost destinations. Contract sizes are reducing while the number of contracts are increasing. Also depreciating currency compared to USD and EUR are making the contract size lesser. Americas and EMEA continue to maintain the market share over the years in insurance BPO market. 

End user

Rising Importance of Insurance BPO Service Providers

A spate of US, Europe, and other global regulations have increased the cost of regulatory compliance for insurers. Also the pandemic conditions have brought up chances for incidence of fraud and insurers are looking for better solutions. Digital Adoption in the insurance space for claim management and other services is increasing outsourcing importance. Especially, for non-core services like data mining to derive inferences from client data are making insurers of all sizes opt for BPO services. 


Competitive Landscape

The report includes an overview of insurance BPO service providers operating worldwide and within one or a few countries. The report presents detailed profiling of companies that covers the services offered, digital adoption levels, regulations governing them, their headquarters, financial performance metrics, and recent developments. Currently, some of the major players dominating the market are listed below.

Recent Development

  • March 2022 - DXC Technology increases focus on insurance software and business process solutions. Revenue for these businesses is currently included in Applications and Business Process Services. Beginning in the first quarter of FY23, DXC intends to report these businesses together as a separate component of DXC’s Global Business Services, underscoring our commitment to the insurance software and BPS markets.
  • Feb 2022 - Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Union Bank of India, a leading public sector bank in India, announced the availability of its banking services on WhatsApp following the successful implementation of Finacle Conversational Banking, Finacle Remote Banker, and Finacle Mobile Teller solutions. The new service from the bank, called Union Virtual Connect (UVConn), will give its retail customers personalized, daily banking services, at their preferred time, place, and in seven languages initially. 

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

      1. 4.1.1 Global BPO Market Size, By End-User

      2. 4.1.2 A Brief on Insurance BPO Services Offered

    2. 4.2 Regulatory Landscape Governing the Business Eco-system

    3. 4.3 Technology Adoption And Its Significance

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

    6. 4.6 Value Chain / Supply Chain Analysis

    7. 4.7 Porters 5 Force Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Impact of Covid-19 on the Market


    1. 5.1 Geography

      1. 5.1.1 North America

        1. US

        2. Canada

        3. Rest of North America

      2. 5.1.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Rest of Europe

      3. 5.1.3 Middle East & Africa

      4. 5.1.4 Asia Pacific

        1. India

        2. China

        3. Japan

        4. Rest of Asia-Pacific

      5. 5.1.5 Latin America

        1. Brazil

        2. Mexico

        3. Rest of Latin America

    2. 5.2 By Service

      1. 5.2.1 Customer Care Services

      2. 5.2.2 Finance And Accounting Services

      3. 5.2.3 Human Resource Outsourcing Services

      4. 5.2.4 Underwriting Services

      5. 5.2.5 IT Services

    3. 5.3 By Insurance Type

      1. 5.3.1 Life And Annuity Insurance Provider

      2. 5.3.2 Property And Casualty Insurance Provider


    1. 6.1 Market Competition Overview (Market Concentration And M&A Deals)

    2. 6.2 Company Profiles

      1. 6.2.1 WNS

      2. 6.2.2 DXC Technology

      3. 6.2.3 Infosys

      4. 6.2.4 Wipro

      5. 6.2.5 Cognizant

      6. 6.2.6 Mphasis

      7. 6.2.7 Syntel

      8. 6.2.8 Cogneesol

      9. 6.2.9 Dell

      10. 6.2.10 HCL

      11. 6.2.11 Genpact*

    3. *List Not Exhaustive

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Frequently Asked Questions

The Insurance BPO services Industry market is studied from 2018 - 2027.

The Insurance BPO services Industry is growing at a CAGR of >5.4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe, Middle-East and Africa holds highest share in 2021.

Infosys, DXC Technology, WNS Global Services, Atos Syntel, Wipro are the major companies operating in Insurance BPO services Industry.

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