Worldwide Insurance BPO Services Industry to 2027 - Contract Value Trends of Insurance BPO Providers Boosting Market Growth - ResearchAndMarkets.com
The "Insurance BPO services Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The impact of the COVID-19 pandemic on the BPO industry has been complicated and multi-faceted, and many BPO companies are still implementing changes to deal with the pandemic's effects.
The BPO industry is hugely fortunate to function digitally, allowing BPO companies to continue to work with minimal health and safety risks for employees. BPO companies have made several technological and digital changes to continue to function at the optimal level virtually.
Insurance BPO is a sub-division of BFSI. The insurance industry has witnessed the outsourcing of complex business operations in recent years, which is expected to increase further between 2022 and 2027. The insurance BPO (business process outsourcing) sector has seen significant growth in the recent past, owing to increasing customer demand and improved digital adoption to manage business operations proficiently. By leveraging the potential of business process outsourcing (BPO), insurance companies have drastically minimized operating expenditure along with streamlining back-ofice operations.
Key Market Trends
Contract Value Trends of Insurance BPO Providers Boosting Market Growth
Insurance BPO contracts are short and based on the benefits of the labor arbitrage gained by moving work to India and other lower-cost locations. Asia-Pacific is gaining traction in the market since it has several low-cost destinations. Contract sizes are reducing while the number of contracts is increasing.
Additionally, depreciating currency value compared to USD and EUR are making the contract sizes smaller. Americas and EMEA are expected to maintain their share in the insurance BPO market over the forecast period.
Rising Importance of Insurance BPO Service Providers
A spate of US, European, and other global regulations have increased the cost of regulatory compliance for insurers. The COVID-19 pandemic-resultant conditions have also increased the possibilities of fraud, and insurers are looking for better solutions.
Digital adoption in the insurance space for claim management and other services is increasing the importance of outsourcing. For non-core services like data mining that is used to derive inferences from client data, especially, insurers of all sizes are opting for BPO services.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.1.1 Global BPO Market Size, By End User
4.1.2 A Brief on Insurance BPO Services Offered
4.2 Regulatory Landscape Governing the Business Eco-system
4.3 Technology Adoption and Its Significance
4.4 Market Drivers
4.5 Market Restraints
4.6 Value Chain/Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.8 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.2 By Service
5.3 By Insurance Type
6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview (Market Concentration and M&A Deals)
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/71nse6