Global insurance BPO services market will reach $31,569.1 million by 2032, growing by 6.2% annually over 2022-2032 driven by the increasing importance of insurance BPO service, rising trends in the contract values of insurance BPO providers, growing digitalization and increased demand for high-quality services at a lower cost, a rising adoption of cloud-based solutions & increasing demand for specialized solutions by BPOs, and an increasing customer demand for best-in-class insurance service.
Highlighted with 84 tables and 88 figures, this 170-page report "Global Insurance BPO Services Market 2022-2032 by Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Region: Trend Forecast and Growth Opportunity" is based on a comprehensive research of the entire global insurance BPO services market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2020-2022 and provides forecast from 2023 till 2032 with 2022 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter's Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global insurance BPO services market in every aspect of the classification from perspectives of Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Region.
Based on Service Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Human Resource Outsourcing Services
• IT Services
• Underwriting Services
• Customer Care Services
• Finance and Accounting Services
Based on Insurance Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Life and Annuity Insurance
• Property and Casualty Insurance
By Operation, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• Claims Management
• Administration
• Asset Management
• Development
• Marketing
• Other Operations
By Deployment Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• On-Premises
• Cloud-based
By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• BFSI
• Healthcare
• Manufacturing
• Retail
• IT & Telecom
• Other Applications
By Organization Size, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2022-2032 included in each section.
• SMEs
• Large Enterprises
Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, South Africa and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2022-2032. The breakdown of all regional markets by country and the split of each national market by Service Type, Insurance Type, and Application over the forecast years are also included.
The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Accenture PLC
Cogneesol
Cognizant Technology Solutions Corporation
Dell Technologies, Inc.
DXC Technology Company
EXL Service Holdings, Inc.
Genpact Limited
HCL Technologies Limited
Infosys Limited
Mphasis Limited
Syntel
Water Street Company
Wipro Limited
WNS Global Services Private Limited
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
1 Introduction 9
1.1 Industry Definition and Research Scope 9
1.1.1 Industry Definition 9
1.1.2 Research Scope 10
1.2 Research Methodology 13
1.2.1 Overview of Market Research Methodology 13
1.2.2 Market Assumption 14
1.2.3 Secondary Data 14
1.2.4 Primary Data 14
1.2.5 Data Filtration and Model Design 15
1.2.6 Market Size/Share Estimation 16
1.2.7 Research Limitations 17
1.3 Executive Summary 18
2 Market Overview and Dynamics 21
2.1 Market Size and Forecast 21
2.1.1 Impact of COVID-19 on World Economy 22
2.1.2 Impact of COVID-19 on the Market 25
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 27
2.2 Major Growth Drivers 31
2.3 Market Restraints and Challenges 35
2.4 Emerging Opportunities and Market Trends 38
2.5 Porter's Fiver Forces Analysis 42
3 Segmentation of Global Market by Service Type 46
3.1 Market Overview by Service Type 46
3.2 Human Resource Outsourcing Services 48
3.3 IT Services 49
3.4 Underwriting Services 50
3.5 Customer Care Services 51
3.6 Finance and Accounting Services 52
4 Segmentation of Global Market by Insurance Type 53
4.1 Market Overview by Insurance Type 53
4.2 Life and Annuity Insurance 55
4.3 Property and Casualty Insurance 56
5 Segmentation of Global Market by Operation 57
5.1 Market Overview by Operation 57
5.2 Claims Management 59
5.3 Administration 60
5.4 Asset Management 61
5.5 Development 62
5.6 Marketing 63
5.7 Other Operations 64
6 Segmentation of Global Market by Deployment Type 65
6.1 Market Overview by Deployment Type 65
6.2 On-Premises 67
6.3 Cloud-based 68
7 Segmentation of Global Market by Application 69
7.1 Market Overview by Application 69
7.2 BFSI 71
7.3 Healthcare 72
7.4 Manufacturing 73
7.5 Retail 74
7.6 IT & Telecom 75
7.7 Other Applications 76
8 Segmentation of Global Market by Organization Size 77
8.1 Market Overview by Organization Size 77
8.2 SMEs 79
8.3 Large Enterprises 80
9 Segmentation of Global Market by Region 81
9.1 Geographic Market Overview 2022-2032 81
9.2 North America Market 2022-2032 by Country 85
9.2.1 Overview of North America Market 85
9.2.2 U.S. 89
9.2.3 Canada 92
9.2.4 Mexico 94
9.3 European Market 2022-2032 by Country 96
9.3.1 Overview of European Market 96
9.3.2 Germany 100
9.3.3 U.K. 102
9.3.4 France 104
9.3.5 Spain 106
9.3.6 Italy 108
9.3.7 Netherlands 110
9.3.8 Rest of European Market 112
9.4 Asia-Pacific Market 2022-2032 by Country 114
9.4.1 Overview of Asia-Pacific Market 114
9.4.2 Japan 118
9.4.3 China 121
9.4.4 Australia 123
9.4.5 India 125
9.4.6 South Korea 127
9.4.7 Rest of APAC Region 129
9.5 South America Market 2022-2032 by Country 131
9.5.1 Argentina 134
9.5.2 Brazil 136
9.5.3 Chile 138
9.5.4 Rest of South America Market 140
9.6 MEA Market 2022-2032 by Country 141
9.6.1 UAE 144
9.6.2 Saudi Arabia 146
9.6.3 South Africa 148
9.6.4 Other National Markets 150
10 Competitive Landscape 151
10.1 Overview of Key Vendors 151
10.2 New Product Launch, Partnership, Investment, and M&A 154
10.3 Company Profiles 155
Accenture PLC 155
Cogneesol 157
Cognizant Technology Solutions Corporation 158
Dell Technologies, Inc. 159
DXC Technology Company 160
EXL Service Holdings, Inc. 161
Genpact Limited 162
HCL Technologies Limited 163
Infosys Limited 164
Mphasis Limited 165
Syntel 166
Water Street Company 167
Wipro Limited 168
WNS Global Services Private Limited 169
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