Insurance BPO Services Market Size
|Study Period||2019- 2028|
|Market Size (2023)||USD 53.46 Billion|
|Market Size (2028)||USD 77.67 Billion|
|CAGR (2023 - 2028)||7.76 %|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Insurance BPO Services Market Analysis
The Insurance BPO Services Market size is estimated at USD 53.46 billion in 2023, and is expected to reach USD 77.67 billion by 2028, growing at a CAGR of 7.76% during the forecast period (2023-2028).
The impact of the COVID-19 pandemic on the BPO industry has been complicated and multi-faceted, and many BPO companies are still implementing changes to deal with the pandemic's 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 is expected to increase further between 2022 and 2027. The insurance BPO (business process outsourcing) sector has seen significant growth in the recent past, owing to increasing customer demand and improved digital adoption to manage 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 owing to 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 remain sustainable in the market.
Insurance BPO Services Market Trends
Enhanced Technology Fueling Growth for Insurance BPO
Most outsourcing agreements for insurance and insurance support are driven mostly by technology. Insurance companies recognize the value of multi-channel consumer engagement and the new digital storefront. Several businesses are making investments in digital platforms to draw in new clients and keep hold of existing ones across all markets and product lines. Customers' purchasing experiences and product transparency are both enhanced by digital transformation.
Industry sources state that insurers are investing in data analytics, cloud computing, mobile, and social business across all areas, from Europe, the Middle East & Africa to Asia-Pacific, to enhance underwriting procedures and risk management, lower fraud, and create better market segmentation strategies. Moreover, technology solutions aid insurance companies in process optimization, enhancing internal communication and collaboration, increasing profits, and setting themselves apart from competing carriers.
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United Kingdom Dominates the European Insurance BPO Market
The London insurance business process outsourcing market is expanding thanks to the reduction in back-office operation costs achieved by insurance companies by outsourcing these functions to BPO businesses.
For instance, Cogneesol, a back-office service provider for the insurance industry located in London, provides services like insurance proposal generation, data entry, insurance policy checking, and insurance claim management. These services help insurance firms cut operating expenses, boost profits, and adhere to legal requirements.
The Automated and Electric Vehicles Act, which mandates automated car insurance, was prompted by the growing use of autonomous vehicles in London. The anticipated growth of driverless cars is predicted to increase the size of the London insurance market, which will subsequently present a favorable opportunity for players in the London insurance BPO market.
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Insurance BPO Services Industry Overview
The report includes an overview of insurance BPO service providers operating worldwide and within one or a few countries. The report gives detailed profiles of companies, including their services, how much they use digital technology, the rules that apply to them, where they are based, how well they are doing financially, and what's new. Some of the major players currently dominating the market are Infosys, DXC Technology, WNS Global Services, Wipro, and Capita, among others.
Insurance BPO Services Market Leaders
WNS Global Services
*Disclaimer: Major Players sorted in no particular order
Insurance BPO Services Market News
- March 2023: Hinduja Global Solutions Ltd (HGS), a leading provider of solutions in digital consumer experience (CX), business process management (BPM), and digital media services, announced it had completed the acquisition of a 100% stake in TekLink International Inc. for USD 58.8 million.
- February 2023: Tata Consultancy Services (TCS) announced expanding its long-standing partnership with Phoenix Group, the UK's largest long-term savings and retirement provider. It is to digitally transform the latter's ReAssure business using the TCS BaNCS platform.
Insurance BPO Services Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.1.1 Insights on Global BPO Market
4.1.2 A Brief on Insurance BPO Services Offered
4.2 Regulatory Landscape Governing the Business Ecosystem
4.3 Technology Adoption and its Significance
4.4 Market Drivers
4.5 Market Restraints
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 By Services
5.1.1 Customer Care Services(Claims Management Services)
5.1.2 Finance and Accounting Services
5.1.3 Underwriting Services
5.1.4 Human Resource Outsourcing Services
5.1.5 Other Services (IT Services etc.)
5.2 By Insurance Type
5.2.1 Property and Casualty Insurance Provider
5.2.2 Life and Annuity Insurance Provider
5.3 By Geography
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.2 Middle East and Africa
5.3.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.3.4 Latin America
18.104.22.168 Rest of Latin America
5.3.5 North America
22.214.171.124 United States
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.4 Tata Consultancy Services
6.2.8 Corporation Service Company
6.2.11 Dxc Technology
6.2.14 Optum Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Insurance BPO Services Market Research FAQs
How big is the Insurance BPO Services Market?
The Insurance BPO Services Market size is expected to reach USD 53.46 billion in 2023 and grow at a CAGR of 7.76% to reach USD 77.67 billion by 2028.
What is the current Insurance BPO Services Market size?
In 2023, the Insurance BPO Services Market size is expected to reach USD 53.46 billion.
Who are the key players in Insurance BPO Services Market?
Infosys, DXC Technology, WNS Global Services, Wipro and Capita are the major companies operating in the Insurance BPO Services Market.
Which is the fastest growing region in Insurance BPO Services Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Insurance BPO Services Market?
In 2023, the North America accounts for the largest market share in Insurance BPO Services Market.
Insurance BPO Industry Report
Statistics for the 2023 Insurance BPO market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Insurance BPO analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.