PUBLISHER: IMARC | PRODUCT CODE: 1520484
PUBLISHER: IMARC | PRODUCT CODE: 1520484
Insurance Business Process Outsourcing Market Report by Type, Enterprise Size, Application, and Region 2024-2032
The global insurance business process outsourcing (BPO) market size reached US$ 7.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.75% during 2024-2032. The rising adoption of automation technologies such as robotic process automation and artificial intelligence, the growing emphasis on providing excellent customer experience, and the surging need to adhere with stringent regulations represent some of the key factors driving the market.
Insurance business process outsourcing (BPO) refers to the practice of outsourcing various business processes and operations of an insurance company to a third-party service provider. In this arrangement, the insurance company transfers specific functions and tasks to the outsourcing partner to perform on behalf of the company. It involves outsourcing a range of processes across different areas of the insurance value chain, including policy issuance, endorsements, underwriting support, premium calculations, policy servicing, and maintenance. Insurance BPO providers also offer customer service and support through various channels such as phone, email, and chat. They handle inquiries, policy changes, billing assistance, and general customer interactions. In addition, they assist in data entry, validation, cleansing, and management to ensure accurate and up-to-date information. As a result, these services provide cost savings, scalability, access to specialized expertise, improved efficiency, faster turnaround times, and the ability to focus on core business activities. They also allow insurance companies to leverage the capabilities and resources of external partners while maintaining control and oversight over the outsourced processes.
Insurance Business Process Outsourcing (BPO) Market Trends:
The market is primarily driven by the increasing adoption of automation technologies such as robotic process automation (RPA) and artificial intelligence (AI). These technologies help streamline processes, improve efficiency, reduce errors, and enhance customer experience. In addition, the growing emphasis on providing excellent customer experience represents another major growth-inducing factor. BPO providers are aligning their services to meet these expectations by offering multi-channel customer support, personalized interactions, and faster response times. Besides this, digital transformation is reshaping the insurance industry. BPO providers are integrating digital solutions such as online self-service portals, mobile apps, and chatbots to enhance customer engagement and streamline processes like policy issuance, claims handling, and document management. This, coupled with the surging need to comply with stringent regulations, is contributing to market growth. BPO providers assist insurance companies in navigating these regulations, ensuring compliance, and managing risks associated with data privacy, security, and customer information protection. Moreover, the market is also propelled by the escalating demand for cost-effective operations and the need to standardize business processes. Furthermore, the rising adoption of cloud-based solutions is also creating a favorable market outlook across the globe.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global insurance business process outsourcing (BPO) market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, enterprise size, and application.
Type Insights:
Marketing
Asset Management
Claim Management
Development
Administration
The report has provided a detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the type. This includes marketing, asset management, claim management, development, and administration. According to the report, claim management represented the largest segment.
Enterprise Size Insights:
Small and Medium-sized Enterprise
Large Enterprise
A detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the enterprise size has also been provided in the report. This includes small and medium-sized enterprises and large enterprises. According to the report, small and medium-sized enterprises accounted for the largest market share.
Application Insights:
Property and Casualty
Life and Pension
A detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the application has also been provided in the report. This includes property and casualty and life and pension. According to the report, life and pension accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for insurance business process outsourcing (BPO). Some of the factors driving the North America insurance business process outsourcing (BPO) market included rapid digitization, implementation of stringent regulations, and the rising adoption of cloud solutions.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global insurance business process outsourcing (BPO) market. Detailed profiles of all major companies have been provided. Some of the companies covered include Accenture plc, Cognizant, Genpact, Infosys Limited, Invensis Technologies Pvt Ltd, Mphasis Limited, WNS Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global insurance business process outsourcing (BPO) market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global insurance business process outsourcing (BPO) market?
- What is the impact of each driver, restraint, and opportunity on the global insurance business process outsourcing (BPO) market?
- What are the key regional markets?
- Which countries represent the most attractive insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the enterprise size?
- Which is the most attractive enterprise size in the insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the insurance business process outsourcing (BPO) market?
- What is the competitive structure of the global insurance business process outsourcing (BPO) market?
- Who are the key players/companies in the global insurance business process outsourcing (BPO) market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Insurance Business Process Outsourcing (BPO) Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Marketing
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Asset Management
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Claim Management
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Development
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Administration
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
7 Market Breakup by Enterprise Size
- 7.1 Small and Medium-sized Enterprise
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Large Enterprise
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Application
- 8.1 Property and Casualty
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Life and Pension
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
- 10.1 Overview
- 10.2 Drivers
- 10.3 Restraints
- 10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Accenture plc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Cognizant
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Genpact
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Infosys Limited
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Invensis Technologies Pvt Ltd
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Mphasis Limited
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 WNS Limited
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.1 Accenture plc
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Insurance Business Process Outsourcing Market: Major Drivers and Challenges
- Figure 2: Global: Insurance Business Process Outsourcing Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Insurance Business Process Outsourcing Market: Breakup by Type (in %), 2023
- Figure 5: Global: Insurance Business Process Outsourcing Market: Breakup by Enterprise Size (in %), 2023
- Figure 6: Global: Insurance Business Process Outsourcing Market: Breakup by Application (in %), 2023
- Figure 7: Global: Insurance Business Process Outsourcing Market: Breakup by Region (in %), 2023
- Figure 8: Global: Insurance Business Process Outsourcing (Marketing) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Insurance Business Process Outsourcing (Marketing) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Insurance Business Process Outsourcing (Asset Management) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Insurance Business Process Outsourcing (Asset Management) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Insurance Business Process Outsourcing (Claim Management) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Insurance Business Process Outsourcing (Claim Management) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Insurance Business Process Outsourcing (Development) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Insurance Business Process Outsourcing (Development) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Insurance Business Process Outsourcing (Administration) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Insurance Business Process Outsourcing (Administration) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Insurance Business Process Outsourcing (Small and Medium-sized Enterprise) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Insurance Business Process Outsourcing (Small and Medium-sized Enterprise) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Insurance Business Process Outsourcing (Large Enterprise) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Insurance Business Process Outsourcing (Large Enterprise) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Insurance Business Process Outsourcing (Property and Casualty) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Insurance Business Process Outsourcing (Property and Casualty) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Insurance Business Process Outsourcing (Life and Pension) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Insurance Business Process Outsourcing (Life and Pension) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: North America: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: North America: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: United States: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: United States: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Canada: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Canada: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Asia-Pacific: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Asia-Pacific: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: China: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: China: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Japan: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Japan: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: India: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: India: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: South Korea: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: South Korea: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Australia: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Australia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Indonesia: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Indonesia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Europe: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Europe: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Germany: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Germany: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: France: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: France: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: United Kingdom: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: United Kingdom: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Italy: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Italy: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Spain: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Spain: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Russia: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Russia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Latin America: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Latin America: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Brazil: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Brazil: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Mexico: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Mexico: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Middle East and Africa: Insurance Business Process Outsourcing Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Middle East and Africa: Insurance Business Process Outsourcing Market: Breakup by Country (in %), 2023
- Figure 74: Middle East and Africa: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Global: Insurance Business Process Outsourcing Industry: Drivers, Restraints, and Opportunities
- Figure 76: Global: Insurance Business Process Outsourcing Industry: Value Chain Analysis
- Figure 77: Global: Insurance Business Process Outsourcing Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Insurance Business Process Outsourcing Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Enterprise Size (in Million US$), 2024-2032
- Table 4: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 5: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Insurance Business Process Outsourcing Market: Competitive Structure
- Table 7: Global: Insurance Business Process Outsourcing Market: Key Players
