Insurance Business Process Outsourcing (BPO): Introduction
- Insurance
business process outsourcing is the process by which some companies
outsource some of their backend office tasks such as bookkeeping, data
entry, and accounting to third party service providers. Insurance business
process outsourcing is considered a feasible and valuable option for those
companies that find it difficult to hire experienced staff and manage
in-house departments.
- Insurance
business process outsourcing market offers numerous
services such as call center outsourcing services, finance and accounting
BPO services, back office BPO services, IT outsourcing services, e-commerce
support services, digital marketing services, and billing services.
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Global Insurance Business Process Outsourcing (BPO)
Market: Dynamics
Global Insurance Business Process Outsourcing (BPO)
Market: Key Drivers and Restraints
- Increase
in demand for cost effective operations and the need to standardize
business processes among organizations is expected to boost the insurance
business process outsourcing (BPO) market during the forecast period.
- Increasing
demand to manage stringent regulatory compliances effectively is a major
factor projected to boost the market in the next few years.
- Growing
adoption of cloud-based solutions increases the need to manage the cloud
data, and this is expected to boost the demand for insurance business
process outsourcing (BPO) across the globe.
- Rise
in demand to provide high-quality results and improve customer
satisfaction is estimated to propel the market during the forecast period
- Emergence
of digital technologies such as artificial intelligence (AI), cloud
computing, and Internet of Things (IoT) across the globe is anticipated to
boost the demand for insurance business process outsourcing (BPO) during
the forecast period.
- However,
data security and privacy concerns are expected to hamper the insurance
business process outsourcing (BPO) market during the forecast period.
- Increase
in dynamic outsourcing service requirements is projected to restrain the
market in the next few years.
Impact of COVID-19 on the Global Insurance Business
Process Outsourcing (BPO) Market
- Increase
in cases of COVID-19 across the globe is resulting in economic slowdown.
Developed countries are strongly affected by this pandemic. Most of the
manufacturing or production of goods is temporarily suspended globally.
Businesses have been adversely impacted in most countries due to partial
or full lock down. This, in turn, is projected to indirectly hinder the
global insurance business process outsourcing (BPO) market in the next few
years.
- Lack
of industrial activity is expected to result in low cash flows, further
impacting the funding of projects. However, companies are collaborating
with technology giants to develop industrial digitalization technologies
to minimize the negative consequences of the COVID-19 pandemic on the
supply chain and their businesses.
Global Insurance Business Process Outsourcing (BPO)
Market: Competition Landscape
Several local, regional, and international players are
active in the insurance business process outsourcing (BPO) market with a strong
presence. Rapid technological advancements have led to opportunities in this
market. Insurance business process outsourcing (BPO) vendors are focused on an
inorganic growth strategy such as strategic collaborations, and merger and
acquisition activities with technology partners to develop innovative and
advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Insurance Business
Process Outsourcing (BPO) Market
- Accenture
plc
- Atos
Syntel
- Capgemini
Technology Services India Limited
- Capita
plc
- Cognizant
Technology Solutions Corp
- Dell,
Inc.
- EXL
Services Holdings
- Genpact
Ltd.
- HCL
Technologies Limited
- Infosys
Limited
- Invensis
Technologies Pvt Ltd.
- MphasiS
- Serco
Group plc
- Sutherland
Global Services, Inc.
- Tata
Consultancy Services Limited
- Tech
Mahindra Limited
- Wipro
Limited
- WNS
Holdings Ltd.
- Xchanging
Systems and Services, Inc.
- Xerox
Holdings Corporation
Global Insurance Business Process Outsourcing (BPO)
Market: Research Scope
Global Insurance Business Process Outsourcing (BPO)
Market, by Type
- Development
- Marketing
- Administration
- Asset
management
- Claims
management
Global Insurance Business Process Outsourcing (BPO)
Market, by Enterprise Size
- Small
& Medium Enterprise
- Large
Enterprise
Global Insurance Business Process Outsourcing (BPO)
Market, by Application
- Property
and Casualty
- Life
and Pension
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