Insurance BPO Market, Valued at $24.6 Billion, Expected to Grow at a CAGR of 12.3% by 2032, with Diverse Offerings by End-User Segments

According to the report published by Allied Market Research, the global insurance BPO market generated $7.9 billion in 2022 and is estimated to reach $24.6 billion by 2032, witnessing a CAGR of 12.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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Insurance BPO (Business Process Outsourcing) services refer to the outsourcing of certain business processes or tasks related to insurance to a third-party service provider. These services can include a wide range of tasks, such as claims processing, policy administration, underwriting, customer service, billing, and back-office operations. Moreover, insurance companies may choose to outsource these processes to BPO service providers to reduce costs, improve efficiency, and focus on their core competencies. Thus, BPO service providers offer specialized expertise and technology to perform tasks more efficiently, often at a lower cost than if the insurance company were to perform them in-house. Hence, insurance BPO services help insurance companies to improve their operations, reduce costs, and better serve their customers.

Covid-19 Scenario-

The COVID-19 pandemic had a significant impact on the insurance BPO market. Insurance companies faced difficulties, such as an increase in the number of claims, modifications in consumer behavior, and operational disruptions.
In order to overcome these challenges, insurance companies outsourced non-core tasks like claims processing, policy administration, and customer service to BPO providers. As a result, the demand for insurance BPO services increased significantly, particularly in fields like digital transformation, data analytics, and automation.

The pandemic, however, also caused changes in the market dynamics, with insurance companies becoming more cost- and risk-averse. As a result, insurance BPO providers were under more pressure to offer cost-effective solutions and demonstrate their value propositions.
Additionally, the pandemic-induced remote work environment had an impact on insurance BPO providers' operations, forcing them to adjust and ensure business continuity. Overall, the COVID-19 pandemic changed the insurance BPO market, creating opportunities as well as challenges for service providers.

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The report offers a detailed segmentation of the global insurance BPO market based on type, enterprise size, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

By type, the policy administration segment contributed to more than one-fourth of the global insurance BPO market revenue and is projected to maintain its dominance by 2032. On the other hand, the marketing segment would display the fastest CAGR of 16.3% throughout the forecast period. The report also studied the finance and accounting services, customer care services, asset management, and others segments.

By enterprise size, the large enterprises segment held the largest share in 2022, accounting for around two-thirds of the global insurance BPO market and would dominate the market in terms of revenue during the forecast period. However, the small and medium-sized enterprises segment would cite the fastest CAGR of 14.0% throughout the forecast period.

By application, the non-life insurance segment held the major share in 2022, garnering more than three-fifths of the global insurance BPO market revenue and is projected to rule the roost by 2032. Moreover, the life insurance segment is expected to witness the fastest CAGR of 14.3% from 2023 to 2032.

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By region, North America held the major share in 2022, contributing to nearly two-fifths of the global insurance BPO market revenue. The Europe region, on the other hand, is likely to dominate the market in terms of revenue during the forecast period. Furthermore, the Asia-Pacific region would display the fastest CAGR of 15.1% throughout the forecast period. The other provinces studied through the report include LAMEA.

The leading market players analyzed in the global insurance BPO market report include Acquire BPO Pty Ltd, Infosys Limited, Patra, Canon Business Process Services, WNS (Holdings) Ltd., Invensis Technologies Pvt Ltd, Cogneesol, Solartis, and Flat World Solutions Pvt. Ltd. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments by every market player.

Key benefits for stakeholders

◉ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the insurance BPO market forecast from 2022 to 2032 to identify the prevailing insurance BPO market opportunity.
◉ The market research is offered along with information related to key drivers, restraints, and opportunities.
◉ Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
◉ In-depth analysis of the insurance BPO market segmentation assists to determine the prevailing market opportunities.
◉ Major countries in each region are mapped according to their revenue contribution to the global market.
◉ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
◉ The report includes the analysis of the regional as well as global insurance BPO market trends, key players, market segments, application areas, and market growth strategies.

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Insurance BPO Market Key Segments:

Type

Finance and Accounting Services
Customer Care Services
Marketing
Others
Policy Administration
Asset Management

Enterprise Size

Large Enterprises
Small and Medium-sized Enterprises

Application

Life Insurance
Non-Life Insurance

By Region

North America  (U.S., Canada)
Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA  (Latin America, Middle East, Africa)

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