Authored By: Sarah
25 Oct 2024

growing adoption of cloud-based services in insurance sector is driving the Insurance Business Process Outsourcing (BPO) Market

Latest News:- Insurance Business Process Outsourcing (BPO) Market: Life and pension is expected to lead the Application segment during 2024-2028

Technavio analyzes that the Insurance Business Process Outsourcing (BPO) Market is expected to grow at a CAGR of 4.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.78 billion.There are various factors that contribute to the growth of the market. The Insurance Business Process Outsourcing (BPO) market is experiencing significant growth due in part to the increasing adoption of cloud-based services in the insurance sector. Companies are seeking to streamline their operations and reduce costs by outsourcing various functions, such as claims processing and policy administration, to specialized BPO providers. The utilization of cloud technology enables these providers to offer scalable and flexible solutions, enhancing the overall efficiency and effectiveness of insurance operations.

The Insurance Business Process Outsourcing (BPO) market offers life and pension insurance companies significant opportunities for enhancing operational efficiency and cost reduction. One of the key applications of BPO is Policy Administration, where functions such as policy issuance, premium collection, and maintenance are outsourced to specialized vendors like Accenture Plc and Genpact Ltd. These providers leverage advanced technologies to ensure accuracy and effectiveness in policy servicing. Another critical area where BPO excels is Claims Processing. Companies such as Cognizant Technology Solutions Corp. and ExlService Holdings Inc. expedite the claims processing cycle, including verification, adjudication, and settlement, resulting in improved customer satisfaction. Data analytics and risk management are additional areas where BPO providers bring value to the life and pension insurance industry by providing customized services and insights to help insurers make informed decisions. 

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Insurance Business Process Outsourcing (BPO) Market Segmentation

  • Application
    • Life and pension
    • Property
    • casualty
  • End-user
    • Large enterprises
    • Small
    • medium enterprises
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East and Africa
    • South America

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

  • Accenture Plc
  • Capgemini Service SAS
  • Cogneesol BPO Pvt. Ltd.
  • Cognizant Technology Solutions Corp.
  • Dell Technologies Inc.
  • DXC Technology Co.
  • ExlService Holdings Inc.
  • Genpact Ltd.
  • HCL Technologies Ltd.
  • Hinduja Global Solutions Ltd.
  • Infosys Ltd.
  • Invensis Technologies Pvt Ltd.
  • Marco Capital
  • Mphasis Ltd.
  • Rely Services
  • Solartis LLC
  • Tata Consultancy Services Ltd.
  • Wipro Ltd.
  • WNS Holdings Ltd.
  • Mahindra and Mahindra Ltd.

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Research Analysis Overview

The Insurance Business Process Outsourcing (BPO) market involves outsourcing business processes to third-party providers for claims processing, policy administration, customer service, underwriting, back-office operations, and more. This leads to increased efficiency, allowing companies to focus on their core competencies. BPO offers scalability to manage demand fluctuation and economic downturns, ensuring data security. Revenues can be boosted through specialized expertise, customized services, data analytics, risk management, product development, and the use of emerging technologies such as AI. Enterprise size is irrelevant, as BPO caters to all, offering policy servicing, customized services, and enterprise risk management solutions.

Market Research Overview

The Insurance Business Process Outsourcing (BPO) market is a significant segment of the global IT consulting and other services market, which is a part of the larger global IT services market. This market encompasses third-party providers offering services such as claims processing, policy administration, customer service, and underwriting. According to Technavio, the global IT consulting and other services market size is determined by the consolidated revenue generated by companies providing various IT consulting and information management services. These services include IT consulting and system integration, application services, electronic data processing, business process outsourcing, infrastructure services, and Internet services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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