PUBLISHER: Allied Market Research | PRODUCT CODE: 1298456
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298456
Insurance BPO, which stands for "Insurance Business Process Outsourcing", refers to the outsourcing of various non-core and core functions of insurance companies to third-party service providers. In addition, it provides a range of services to insurance companies, including claims processing, policy management, underwriting, customer service, and other back-office functions. Thus, by outsourcing these tasks, insurance companies can focus on their core competencies, reduce costs, and improve efficiency.
Furthermore, insurance companies outsource their non-core functions such as back-office operations, administrative tasks, and customer service to BPO service providers. Thus, by doing so, they can concentrate on their core business activities such as underwriting, risk management, and product development. Moreover, by leveraging the scalability of BPO service providers, insurance companies achieve greater operational efficiency, profitability, and competitiveness in the market. Therefore, by outsourcing to BPO service providers, insurance companies can benefit from the provider's ability to scale their operations up or down quickly, depending on the level of demand. However, the data security concerns is one of the significant restraints for the insurance BPO market as insurance BPO companies handle a large volume of sensitive customer information, including personal and financial data, which in turn makes them a prime target for cyber-attacks and data breaches. In addition, during economic downturns, insurance companies experienced a decline in business, which led to a decline in demand for BPO services. As a result, BPO providers faced lower revenues and reduced profitability. On the contrary, BPO service providers offer insurance companies the access to specialized expertise and knowledge in a particular area, which can be particularly beneficial for non-core business processes. Therefore, access to specialized expertise is expected to provide significant opportunities for the insurance BPO services.
The insurance BPO market is segmented on the basis of type, enterprise size, application, and region. By type, it is classified into policy administration, asset management, finance & accounting services, customer care services, marketing, and others. By enterprise size, it is bifurcated into large enterprises and small & medium-sized enterprises. By application, it is categorized into life insurance and non-life insurance. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in insurance BPO market such as Accenture, Acquire BPO Pty Ltd., Canon Business Process Services., Cogneesol, Flatworld Solutions Pvt. Ltd., Infosys Limited, Invensis Technologies Pvt Ltd., Patra, Solartis, and WNS (Holdings) Ltd. These players have adopted various strategies such as partnership, product launch, collaboration, and others to increase their market penetration and strengthen their position in the insurance BPO industry.