Press release
Insurance Outsourcing Services Market Expected to Achieve 6.7% CAGR by 2029: Growth Forecast Insights
Insurance Outsourcing Services Market Size
How Large Will the Insurance Outsourcing Services Market Size By 2025?
In recent periods, the market size of insurance outsourcing services has seen substantial growth. The market is projected to expand from $9.22 billion in 2024 to $9.88 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the historic period include increased regulatory and compliance requirements in insurance, a surge in digitization in the insurance industry, the wide adoption of digital technologies, the escalating complexity of insurance products and regulations, and an uptick in the demand for cost-effective solutions.
How Big Is the Insurance Outsourcing Services Market Size Expected to Grow by 2029?
The market size for insurance outsourcing services is projected to experience robust growth in the coming years, reaching a value of $12.81 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 6.7%. The expansion anticipated in the forecast period can be credited to the increasing necessity to decrease turnaround times, growing interest in scalability and flexibility, heightened demand for superior customer services, and the augmenting requirement for services supporting multiple languages. Key trends expected during the forecast period consist of advancements in automation technologies, progress in applications related to Artificial Intelligence (AI), the growth of cloud-native platforms, studies and enhancements specifically targeting insurance, and developments in intelligent document processing tools.
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Which Key Market Drivers Powering Insurance Outsourcing Services Market Expansion and Growth?
The insurance sector's increase in digitalization is predicted to contribute significantly to the expansion of the insurance outsourcing services market in future. The term digitalization is synonymous with the adoption of digital platforms and technologies to improve operation efficiency, customer interactions, and service delivery throughout the insurance industry. This spike in digitization within the insurance industry stems from consumers' growing inclination towards online policy management and claims processing for a quicker, more efficient, and paperless solution to their insurance requirements. The introduction of digital measures in the insurance sector augments outsourcing services through the facilitation of automation, real-time data handling, and smooth customer interface. It minimizes manual labor by simplifying workflows, thus enabling insurers to offer more prompt, precise, and customer-friendly services. For example, Guidewire Software Inc., an American insurtech firm, reported in June 2025 that the percentage of customers utilizing AI tools for insurance on a weekly basis rose from 21% in 2024 to 33% in 2025. Consequently, the uptick in digitalization within the insurance sector is propelling the insurance outsourcing services market's expansion.
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Which Fast-Growing Trends Are Poised to Disrupt the Insurance Outsourcing Services Market?
Leading enterprises in the insurance outsourcing services sector are targeting the creation of high-tech solutions, like platforms underpinned by artificial intelligence (AI), to optimize workflow processes, improve customer relationships, and heighten operation efficacy. These AI-enabled platforms are software systems that leverage AI to automate operations, analyze data sets, and refine decision-making processes, thereby promoting businesses' efficiency and creative innovation. For example, in May 2023, EXL Service Holdings Inc., an American analytics and digital operations firm, introduced a Generative AI Platform. This platform amalgamates advanced generative AI features with EXL's exclusive data analytics and industry-focused solutions, facilitating the automation of processes like claim processing, underwriting, and customer service by insurers. It also strengthens fraud detection mechanisms and offers real-time analytics, aiding companies to make accelerated, data-based decisions and decrease manual workload. This development emphasizes the increasingly popular trend of AI implementation in the insurance outsourcing industry to foster digital conversion and a competitive upper hand.
What Are the Emerging Segments in the Insurance Outsourcing Services Market?
The insurance outsourcing services market covered in this report is segmented -
1) By Service Type: Claims Processing Services, Policy Management Services, Underwriting Services, Finance And Accounting Services, Information Technology Services, Other Service Types
2) By Type: Property Insurance, Health Insurance, Business Insurance, Medical Insurance, Other Types
3) By Deployment Mode: On-Premises, Cloud
4) By Technology Integration: Robotic Process Automation (RPA), Artificial Intelligence, Cloud-Based Solutions, Data Analytics Services, Machine Learning Applications
5) By End-User Type: Insurance Carriers, Self-Insured Entities, Third-Party Administrators (TPAs), Managing General Agents (MGAs)
Subsegments:
1) By Claims Processing Services: Claims Adjudication, Claims Investigation, Claims Settlement Support, Claims Validation, Claims Documentation Handling
2) By Policy Management Services: Policy Issuance, Policy Renewal Management, Policy Cancellation Handling, Endorsement Processing, Policy Information Updates
3) By Underwriting Services: Risk Evaluation, Document Verification, Quote Generation Support, Application Screening, Underwriting Decision Support.
4) By Finance And Accounting Services: Premium Billing, Reconciliation Services, Accounts Payable And Receivable, Financial Reporting, Audit Support
5) By Information Technology Services: System Integration, Insurance Software Management, Information Technology Infrastructure Support, Cybersecurity Services, Platform Maintenance
6) By Other Service Types: Regulatory Compliance Support, Customer Onboarding Assistance, Training And Development Services, Fraud Monitoring Assistance, Data Conversion Services
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Who Are the Global Leaders in the Insurance Outsourcing Services Market?
Major companies operating in the insurance outsourcing services market are Tata Consultancy Services Limited, NTT DATA Corporation, Acquire Business Process Outsourcing (Acquire BPO) Pty Ltd, illumifin Corporation, Patra Corporation, The Remote Group Inc., Invensis Technologies Private Limited, Sourcefit Inc., Office Partners 360 Inc. (OP360), Magellan Solutions Outsourcing Inc., Eminenture Private Limited, Fusion Business Solutions (P) Limited, Covenir Business Process Outsourcing LLC (Covenir BPO), CX Insurance Services, Cynergy Business Process Outsourcing (Cynergy BPO), Cover Operation, Digital Minds BPO Services Inc., 1840 & Company LLC, Invisible Hand Consulting, Triyock Business Process Outsourcing (Triyock BPO).
Which are the Top Profitable Regional Markets for the Insurance Outsourcing Services Industry?
North America was the largest region in the insurance outsourcing services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insurance outsourcing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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