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Insurance BPO services Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Insurance BPO services Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • July 2021
  • 205 pages
  • ID: 6106052
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Sep 20th 2021

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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 2019 and 2025. Insurance BPO (Business Process Outsourcing) sector has seen significant growth in the recent past given the increasing demand from customers, 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 for 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.

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.

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 across the worldwide and within one or a few countries. We wish to present detailed profiling of companies that covers the services offered, digital adoption levels, regulations governing them, their headquarters, financial performance metrics, general pros and cons of each player in the market. Currently, some of the major players dominating the market are listed below.

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