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Global Insurance Business Process Outsourcing Market Projected to Surpass $11.7 Billion by 2029 with 8.5% Annual Growth
Insurance Business Process Outsourcing
The growing uptake of insurance coverage is expected to drive the development of the insurance business process outsourcing market. As people seek financial protection through insurance, the demand for outsourcing insurance business processes to third-party providers is increasing. This practice improves efficiency, reduces costs, and enhances competitiveness for insurance companies. For example, in 2022, 92.1% of people in the U.S. had health insurance, up from 91.7% in 2021, reflecting a growing insured population. This rise in insurance coverage is fueling the growth of the insurance business process outsourcing market.
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What is the projected compound annual growth rate (CAGR) of the insurance business process outsourcing market from 2025 to 2034, and what factors influence it?
The insurance business process outsourcing (BPO) market will grow from $7.76 billion in 2024 to $8.43 billion in 2025 at a CAGR of 8.7%, supported by cost-effectiveness, global connectivity, and digital transformation.
The insurance business process outsourcing market is set to grow to $11.7 billion by 2029 at a CAGR of 8.5%, driven by new business models, customer experience focus, and data analytics adoption. Trends include AI-driven automation, cloud services, and tech innovation.
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How are the latest trends influencing the growth of the insurance business process outsourcing market?
Companies in the insurance business process outsourcing market are developing AI-powered insurance services to improve efficiency, reduce costs, and enhance customer service. These services leverage AI technologies like machine learning and data analytics to streamline processes such as underwriting, claims processing, customer service, and risk assessment. For example, in June 2023, Expert.Ai SpA, an Italy-based software company, introduced the Expert.Ai Platform for Insurance providers, which utilizes natural language processing (NLP) to improve underwriting and claims solutions. This platform automates the document review process, extracts critical data, prioritizes submissions based on complexity, and provides summarized insights, enabling faster decision-making.
What are the major segments of the insurance business process outsourcing market and their role in driving growth?
The insurance business process outsourcing market covered in this report is segmented -
1) By Type: Asset Management, Finance And Accounting Services, Customer Care Services, Marketing, Policy Administration, Other Types
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Business, Financial Services And Insurance (BFSI), Manufacturing, Healthcare, Retail, Telecom, Other Applications
Subsegments:
1) By Asset Management: Portfolio Management, Investment Strategy Services, Fund Accounting, Risk And Compliance Management
2) By Finance And Accounting Services: Billing And Invoicing, Claims Processing, Financial Reporting And Analysis, Tax And Compliance Services
3) By Customer Care Services: Call Center Operations, Claims Support, Policyholder Services, Helpdesk And Assistance Services
4) By Marketing: Digital Marketing, Campaign Management, Lead Generation And Sales Support, Market Research And Analytics
5) By Policy Administration: Policy Issuance and Renewal, Underwriting Support, Risk Assessment, Claims Management
6) By Other Types: IT Support Services, Human Resources Management, Data Management and Analytics, Legal and Compliance Services
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Which regions are key players in the growth of the insurance business process outsourcing market?
North America was the largest region in the insurance business process outsourcing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance business process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the insurance business process outsourcing market?
Major companies operating in the insurance business process outsourcing market are accenture* plc, International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, HCL Technologies Limited, Atos SE, Wipro Limited, CGI Inc., Tech Mahindra Limited, Genpact Limited, Conduent Incorporated, Sutherland Global Services Inc., Mphasis Limited, WNS Limited, Flatworld Solutions Pvt. Ltd., EXL Service Holdings Inc., Mu Sigma Inc., Invensis Technologies Pvt. Ltd., Solartis LLC
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What Is Covered In The Insurance Business Process Outsourcing Global Market Report?
•Market Size Forecast: Examine the insurance business process outsourcing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the insurance business process outsourcing market for a structured understanding.
•Key Players Overview: Analyze major players in the insurance business process outsourcing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the insurance business process outsourcing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the insurance business process outsourcing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the insurance business process outsourcing market.
•Industry Challenges: Identify potential risks and obstacles affecting the insurance business process outsourcing market.
•Competitive Landscape: Review strategic developments in the insurance business process outsourcing market, including expansions, agreements, and new product launches.
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