Global Insurance Business Process Outsourcing (BPO) Market Size By Type (Marketing, Asset Management), By Enterprise Size (Small or Medium Enterprise, Large Enterprise), By Application (Property And Casualty, Life And Pension), By Geographic Scope And Forecast
Report ID: 55041|No. of Pages: 202
Global Insurance Business Process Outsourcing (BPO) Market Size By Type (Marketing, Asset Management), By Enterprise Size (Small or Medium Enterprise, Large Enterprise), By Application (Property And Casualty, Life And Pension), By Geographic Scope And Forecast
Insurance Business Process Outsourcing (BPO) Market Size And Forecast
Insurance Business Process Outsourcing (BPO) Market size was valued at USD 6.15 Billion in 2024 and is projected to reach USD 8.55 Billion by 2031, growing at a CAGR of 4.20% from 2024 to 2031.
Increasing customer demand for best-in-class service, growing digitalization, and rising growth in the insurance industry are some of the factors anticipated for driving market growth during the forecast period. The Global Insurance Business Process Outsourcing (BPO) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Insurance Business Process Outsourcing (BPO) Market Definition
Insurance Business Process Outsourcing (BPO) means contracting certain business functions to specialized outsourcing service providers. It is a valuable and viable option for companies that find it difficult to manage an in-house department or hire experienced staff. Insurance BPO is not limited to data entry but covers all back-office support services including policy management, commission management, claims processing, new business service, insurance agency management, accounting services, legal service to the insurance business, and other custom back-office services.
Insurance institute requires indefinite insurance back services to successfully manage their core business functions in order to achieve their business targets. Insurance BPO is in trend since 2003 and its demand is increasing due to increased queries, technology, and competition. There are several benefits of insurance BPO such as reduced labor charges, data security, expert solutions, and innovation.
A large number of insurance firms have found that BPO insurance is helping companies in boosting their performance and productivity. This is because outsourcing companies are better equipped with the necessary infrastructure, modern insurance technology, and talented experts. It is convenient and plausible for small and middle-sized companies to invest in outsourcing BPO that enhances the standard of InsurTech and helps insurers with practical solutions.
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Global Insurance Business Process Outsourcing (BPO) Market Overview
The growing adoption of cloud-based services, increasing demand for cost-effective operations, rising demands for high-quality results, and improving customer satisfaction are driving the growth of the market. The demand to reduce operational expenditure associated with non-core activities and increasing focus on core competencies across various industries and cloud computing in insurance BPO results in enhanced data processing workflow at a reduced turnaround time which helps in boosting the growth of the market.
Moreover, increasing technological advancements, growing investments in R&D activities, and rising demand for insurance BPO in emerging countries are providing growth opportunities to the market. The emerging digital technologies across areas such as AI, IoT, robotics, etc create great opportunities and increase the trend of strategic partnership boosting the growth of the market for example in 2016 RSA extended its relationship with Accenture. Under this Accenture will provide RSK with all the back office administration services and customer support services across its sales, services, claims, and finance operations, supporting both direct customer and intermediated business.
However, data security and privacy concerns can hamper the growth of the market. Insurance Business Process Outsourcing (BPO) uses cloud-based solutions for managing the cloud data which also increases the chances of the threat of privacy because cloud computing totally depends upon the internet so it is compulsory to protect the interface and API that are used by external users otherwise it can be easily tracked by the hackers.
Global Insurance Business Process Outsourcing (BPO) Market: Segmentation Analysis
The Global Insurance Business Process Outsourcing (BPO) Market is Segmented on the basis of Type, Enterprise Size, Application, And Geography.
Insurance Business Process Outsourcing (BPO) Market, By Type
- Marketing
- Asset Management
- Claim Management
- Others
Based on Type, The market is bifurcated into Marketing, Asset Management, Claim Management, and Others. The Claim Management segment accounted for the largest market share due to increasing demand for superior and faster services by the customers. It involves dealing with customers, investigations, litigation support, and management.
Insurance Business Process Outsourcing (BPO) Market, By Enterprise Size
- Small or Medium Enterprise
- Large Enterprise
Based on Enterprise Size, The market is bifurcated into Small or Medium Enterprise and Large Enterprise. The Small or Medium Size segment dominated the highest market share due to Insurance BPO being convenient for small or medium companies for enhancing the standard of InsurTech and helping insurers with better practical solutions and they use to outsource their back-office tasks to insurance BPO companies.
Insurance Business Process Outsourcing (BPO) Market, By Application
- Property & Casualty
- Life & Pension
Based on Application, The market is bifurcated into Property & Casualty and Life & Pension. The Life & Pension segment dominated the highest market share due to increasing customer support and satisfaction. It is based on the extent of the support across various areas such as backend services, and front, and middle office support which help in improving the customer experience.
Insurance Business Process Outsourcing (BPO) Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
On the basis of Regional Analysis, The Global Insurance Business Process Outsourcing (BPO) Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America held the largest revenue share and is expected to maintain the lead throughout the forecast period owing to the presence of a large number of companies in the region and increasing demand for cost-effective operations and the need to standardize business.
Key Players
The “Global Insurance Business Process Outsourcing (BPO) Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Accenture, Capita, HCL, Cognizant, Infosys Ltd, Genpact Ltd, Mphasis Ltd, Syntel Inc, Tech Mahindra, and Wipro Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Accenture, Capita, HCL, Cognizant, Infosys Ltd, Genpact Ltd, Mphasis Ltd, Syntel Inc, Tech Mahindra, and Wipro Ltd. |
| SEGMENTS COVERED | By Type, By Enterprise Size, By Application, And By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
5 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET, BY TYPE
5.1 Overview
5.2 Marketing
5.3 Asset Management
5.4 Claim Management
5.5 Others
6 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET, BY ENTERPRISE SIZE
6.1 Overview
6.2 Small & Medium Enterprise
6.3 Large Enterprise
7 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET, BY APPLICATION
7.1 Overview
7.2 Property and Casualty
7.3 Life and Pension
8 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL INSURANCE BUSINESS PROCESS OUTSOURCING (BPO) MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Accenture
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Capita
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 HCL
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Cognizant
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Infosys Ltd
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Genpact Ltd
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Mphasis Ltd
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Syntel Inc
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Tech Mahindra
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Wipro Ltd
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 APPENDIX
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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