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PUBLISHER: IMARC | PRODUCT CODE: 1642649
PUBLISHER: IMARC | PRODUCT CODE: 1642649
Insurance Business Process Outsourcing Market Report by Type, Enterprise Size, Application, and Region 2025-2033
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PAGES: 126 Pages
DELIVERY TIME: 2-3 business days
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The global insurance business process outsourcing (BPO) market size reached USD 7.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 10.4 Billion by 2033, exhibiting a growth rate (CAGR) of 3.57% during 2025-2033. The market is driven by the growing investments in advanced cybersecurity solutions to provide strong protection against cyber risks, increasing reliance on artificial intelligence (AI) to handle regular queries and duties in call centers, and rising trend of outsourcing HR activities.
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.
Insurance Business Process Outsourcing (BPO) Market Segmentation:
Type Insights:
- Marketing
- Asset Management
- Claim Management
- Development
- Administration
Enterprise Size Insights:
- Small and Medium-sized Enterprise
- Large Enterprise
Application Insights:
- Property and Casualty
- Life and Pension
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 market?
- What is the impact of each driver, restraint, and opportunity on the global 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 market?
- What is the breakup of the market based on the enterprise size?
- Which is the most attractive enterprise size in the market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the market?
- What is the competitive structure of the market?
- Who are the key players/companies in the global insurance business process outsourcing (BPO) market?
Product Code: SR112025A10106
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.
Product Code: SR112025A10106
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 USD), 2019-2024
- Figure 3: Global: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Billion USD), 2025-2033
- Figure 4: Global: Insurance Business Process Outsourcing Market: Breakup by Type (in %), 2024
- Figure 5: Global: Insurance Business Process Outsourcing Market: Breakup by Enterprise Size (in %), 2024
- Figure 6: Global: Insurance Business Process Outsourcing Market: Breakup by Application (in %), 2024
- Figure 7: Global: Insurance Business Process Outsourcing Market: Breakup by Region (in %), 2024
- Figure 8: Global: Insurance Business Process Outsourcing (Marketing) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 9: Global: Insurance Business Process Outsourcing (Marketing) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 10: Global: Insurance Business Process Outsourcing (Asset Management) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 11: Global: Insurance Business Process Outsourcing (Asset Management) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 12: Global: Insurance Business Process Outsourcing (Claim Management) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 13: Global: Insurance Business Process Outsourcing (Claim Management) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 14: Global: Insurance Business Process Outsourcing (Development) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 15: Global: Insurance Business Process Outsourcing (Development) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 16: Global: Insurance Business Process Outsourcing (Administration) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 17: Global: Insurance Business Process Outsourcing (Administration) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 18: Global: Insurance Business Process Outsourcing (Small and Medium-sized Enterprise) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 19: Global: Insurance Business Process Outsourcing (Small and Medium-sized Enterprise) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 20: Global: Insurance Business Process Outsourcing (Large Enterprise) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 21: Global: Insurance Business Process Outsourcing (Large Enterprise) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 22: Global: Insurance Business Process Outsourcing (Property and Casualty) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 23: Global: Insurance Business Process Outsourcing (Property and Casualty) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 24: Global: Insurance Business Process Outsourcing (Life and Pension) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 25: Global: Insurance Business Process Outsourcing (Life and Pension) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 26: North America: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 27: North America: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 28: United States: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 29: United States: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 30: Canada: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 31: Canada: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 32: Asia-Pacific: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 33: Asia-Pacific: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 34: China: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 35: China: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 36: Japan: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 37: Japan: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 38: India: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 39: India: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 40: South Korea: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 41: South Korea: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 42: Australia: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 43: Australia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 44: Indonesia: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 45: Indonesia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 46: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 47: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 48: Europe: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 49: Europe: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 50: Germany: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 51: Germany: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 52: France: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 53: France: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 54: United Kingdom: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 55: United Kingdom: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 56: Italy: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 57: Italy: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 58: Spain: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 59: Spain: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 60: Russia: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 61: Russia: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 62: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 63: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 64: Latin America: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 65: Latin America: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 66: Brazil: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 67: Brazil: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 68: Mexico: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 69: Mexico: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 70: Others: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 71: Others: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 72: Middle East and Africa: Insurance Business Process Outsourcing Market: Sales Value (in Million USD), 2019 & 2024
- Figure 73: Middle East and Africa: Insurance Business Process Outsourcing Market: Breakup by Country (in %), 2024
- Figure 74: Middle East and Africa: Insurance Business Process Outsourcing Market Forecast: Sales Value (in Million USD), 2025-2033
- 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, 2024 and 2033
- Table 2: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Type (in Million USD), 2025-2033
- Table 3: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Enterprise Size (in Million USD), 2025-2033
- Table 4: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Application (in Million USD), 2025-2033
- Table 5: Global: Insurance Business Process Outsourcing Market Forecast: Breakup by Region (in Million USD), 2025-2033
- Table 6: Global: Insurance Business Process Outsourcing Market: Competitive Structure
- Table 7: Global: Insurance Business Process Outsourcing Market: Key Players
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