Global Insurance Business Process Outsourcing (BPO) Market 2024-2028

Description

List of Tables

The insurance business process outsourcing (BPO) market is forecasted to grow by USD 1.78 bn during 2023-2028, accelerating at a CAGR of 4.97% during the forecast period. The report on the insurance business process outsourcing (BPO) market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing adoption of cloud-based services in insurance sector, increasing demand for cost-effective operations in insurance field, and improving customer satisfaction in insurance bpo market.

Market Scope
Base Year	2024
End Year	2028
Series Year	2024-2028
Growth Momentum	Accelerate
YOY 2024	4.17%
CAGR	4.97%
Incremental Value	$1.78bn

Technavio's insurance business process outsourcing (BPO) market is segmented as below:

By Application

Life and pension
Property
casualty

By End-user

Large enterprises
Small
medium enterprises

By Geographical Landscape

North America
Europe
APAC
Middle East and Africa
South America

This study identifies the emerging digital technologies across areas such as ai, iot, and robotics as one of the prime reasons driving the insurance business process outsourcing (BPO) market growth during the next few years. Also, growing investment in distributed infrastructure, virtual operations and risk management systems and rising demand for blockchain technology in the insurance bpo sector will lead to sizable demand in the market.

The report on the insurance business process outsourcing (BPO) market covers the following areas:

Insurance business process outsourcing (BPO) market sizing
Insurance business process outsourcing (BPO) market forecast
Insurance business process outsourcing (BPO) market industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading insurance business process outsourcing (BPO) market vendors that include Accenture Plc, Capgemini Service SAS, Cogneesol BPO Pvt. Ltd., Cognizant Technology Solutions Corp., Dell Technologies Inc., DXC Technology Co., ExlService Holdings Inc., Genpact Ltd., HCL Technologies Ltd., Hinduja Global Solutions Ltd., Infosys Ltd., Invensis Technologies Pvt Ltd., Marco Capital, Mphasis Ltd., Rely Services, Solartis LLC, Tata Consultancy Services Ltd., Wipro Ltd., WNS Holdings Ltd., and Mahindra and Mahindra Ltd.. Also, the insurance business process outsourcing (BPO) market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Product Code: IRTNTR77533

1 Executive Summary

1.1 Market overview
Exhibit 01: Executive Summary - Chart on Market Overview
Exhibit 02: Executive Summary - Data Table on Market Overview
Exhibit 03: Executive Summary - Chart on Global Market Characteristics
Exhibit 04: Executive Summary - Chart on Market By Geographical Landscape
Exhibit 05: Executive Summary - Chart on Market Segmentation by Application
Exhibit 06: Executive Summary - Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary - Chart on Incremental Growth
Exhibit 08: Executive Summary - Data Table on Incremental Growth
Exhibit 09: Executive Summary - Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Global insurance business process outsourcing (BPO) market 2018 - 2022
Exhibit 18: Historic Market Size - Data Table on global insurance business process outsourcing (bpo) market 2018 - 2022 ($ billion)
4.2 Application Segment Analysis 2018 - 2022
Exhibit 19: Historic Market Size - Application Segment 2018 - 2022 ($ billion)
4.3 End-user Segment Analysis 2018 - 2022
Exhibit 20: Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
4.4 Geography Segment Analysis 2018 - 2022
Exhibit 21: Historic Market Size - Geography Segment 2018 - 2022 ($ billion)
4.5 Country Segment Analysis 2018 - 2022
Exhibit 22: Historic Market Size - Country Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
Exhibit 30: Chart on Application - Market share 2023-2028 (%)
Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Life and pension - Market size and forecast 2023-2028
Exhibit 34: Chart on Life and pension - Market size and forecast 2023-2028 ($ billion)
Exhibit 35: Data Table on Life and pension - Market size and forecast 2023-2028 ($ billion)
Exhibit 36: Chart on Life and pension - Year-over-year growth 2023-2028 (%)
Exhibit 37: Data Table on Life and pension - Year-over-year growth 2023-2028 (%)
6.4 Property and casualty - Market size and forecast 2023-2028
Exhibit 38: Chart on Property and casualty - Market size and forecast 2023-2028 ($ billion)
Exhibit 39: Data Table on Property and casualty - Market size and forecast 2023-2028 ($ billion)
Exhibit 40: Chart on Property and casualty - Year-over-year growth 2023-2028 (%)
Exhibit 41: Data Table on Property and casualty - Year-over-year growth 2023-2028 (%)
6.5 Market opportunity by Application
Exhibit 42: Market opportunity by Application ($ billion)
Exhibit 43: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by End-user

7.1 Market segments
Exhibit 44: Chart on End-user - Market share 2023-2028 (%)
Exhibit 45: Data Table on End-user - Market share 2023-2028 (%)
7.2 Comparison by End-user
Exhibit 46: Chart on Comparison by End-user
Exhibit 47: Data Table on Comparison by End-user
7.3 Large enterprises - Market size and forecast 2023-2028
Exhibit 48: Chart on Large enterprises - Market size and forecast 2023-2028 ($ billion)
Exhibit 49: Data Table on Large enterprises - Market size and forecast 2023-2028 ($ billion)
Exhibit 50: Chart on Large enterprises - Year-over-year growth 2023-2028 (%)
Exhibit 51: Data Table on Large enterprises - Year-over-year growth 2023-2028 (%)
7.4 Small and medium enterprises - Market size and forecast 2023-2028
Exhibit 52: Chart on Small and medium enterprises - Market size and forecast 2023-2028 ($ billion)
Exhibit 53: Data Table on Small and medium enterprises - Market size and forecast 2023-2028 ($ billion)
Exhibit 54: Chart on Small and medium enterprises - Year-over-year growth 2023-2028 (%)
Exhibit 55: Data Table on Small and medium enterprises - Year-over-year growth 2023-2028 (%)
7.5 Market opportunity by End-user
Exhibit 56: Market opportunity by End-user ($ billion)
Exhibit 57: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
Exhibit 59: Chart on Market share By Geographical Landscape 2023-2028 (%)
Exhibit 60: Data Table on Market share By Geographical Landscape 2023-2028 (%)
9.2 Geographic comparison
Exhibit 61: Chart on Geographic comparison
Exhibit 62: Data Table on Geographic comparison
9.3 North America - Market size and forecast 2023-2028
Exhibit 63: Chart on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 64: Data Table on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 65: Chart on North America - Year-over-year growth 2023-2028 (%)
Exhibit 66: Data Table on North America - Year-over-year growth 2023-2028 (%)
9.4 Europe - Market size and forecast 2023-2028
Exhibit 67: Chart on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 68: Data Table on Europe - Market size and forecast 2023-2028 ($ billion)
Exhibit 69: Chart on Europe - Year-over-year growth 2023-2028 (%)
Exhibit 70: Data Table on Europe - Year-over-year growth 2023-2028 (%)
9.5 APAC - Market size and forecast 2023-2028
Exhibit 71: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 72: Data Table on APAC - Market size and forecast 2023-2028 ($ billion)
Exhibit 73: Chart on APAC - Year-over-year growth 2023-2028 (%)
Exhibit 74: Data Table on APAC - Year-over-year growth 2023-2028 (%)
9.6 Middle East and Africa - Market size and forecast 2023-2028
Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ billion)
Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
9.7 South America - Market size and forecast 2023-2028
Exhibit 79: Chart on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 80: Data Table on South America - Market size and forecast 2023-2028 ($ billion)
Exhibit 81: Chart on South America - Year-over-year growth 2023-2028 (%)
Exhibit 82: Data Table on South America - Year-over-year growth 2023-2028 (%)
9.8 US - Market size and forecast 2023-2028
Exhibit 83: Chart on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 84: Data Table on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 85: Chart on US - Year-over-year growth 2023-2028 (%)
Exhibit 86: Data Table on US - Year-over-year growth 2023-2028 (%)
9.9 UK - Market size and forecast 2023-2028
Exhibit 87: Chart on UK - Market size and forecast 2023-2028 ($ billion)
Exhibit 88: Data Table on UK - Market size and forecast 2023-2028 ($ billion)
Exhibit 89: Chart on UK - Year-over-year growth 2023-2028 (%)
Exhibit 90: Data Table on UK - Year-over-year growth 2023-2028 (%)
9.10 Germany - Market size and forecast 2023-2028
Exhibit 91: Chart on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 92: Data Table on Germany - Market size and forecast 2023-2028 ($ billion)
Exhibit 93: Chart on Germany - Year-over-year growth 2023-2028 (%)
Exhibit 94: Data Table on Germany - Year-over-year growth 2023-2028 (%)
9.11 China - Market size and forecast 2023-2028
Exhibit 95: Chart on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 96: Data Table on China - Market size and forecast 2023-2028 ($ billion)
Exhibit 97: Chart on China - Year-over-year growth 2023-2028 (%)
Exhibit 98: Data Table on China - Year-over-year growth 2023-2028 (%)
9.12 India - Market size and forecast 2023-2028
Exhibit 99: Chart on India - Market size and forecast 2023-2028 ($ billion)
Exhibit 100: Data Table on India - Market size and forecast 2023-2028 ($ billion)
Exhibit 101: Chart on India - Year-over-year growth 2023-2028 (%)
Exhibit 102: Data Table on India - Year-over-year growth 2023-2028 (%)
9.13 Market opportunity By Geographical Landscape
Exhibit 103: Market opportunity By Geographical Landscape ($ billion)
Exhibit 104: Data Tables on Market opportunity By Geographical Landscape ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 105: Impact of drivers and challenges in 2023 and 2028
10.4 Market trends

11 Vendor Landscape

11.1 Overview
11.2 Vendor landscape
Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 107: Overview on factors of disruption
11.4 Industry risks
Exhibit 108: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
Exhibit 109: Vendors covered
12.2 Market positioning of vendors
Exhibit 110: Matrix on vendor position and classification
12.3 Accenture Plc
Exhibit 111: Accenture Plc - Overview
Exhibit 112: Accenture Plc - Business segments
Exhibit 113: Accenture Plc - Key news
Exhibit 114: Accenture Plc - Key offerings
Exhibit 115: Accenture Plc - Segment focus
12.4 Capgemini Service SAS
Exhibit 116: Capgemini Service SAS - Overview
Exhibit 117: Capgemini Service SAS - Business segments
Exhibit 118: Capgemini Service SAS - Key news
Exhibit 119: Capgemini Service SAS - Key offerings
Exhibit 120: Capgemini Service SAS - Segment focus
12.5 Cognizant Technology Solutions Corp.
Exhibit 121: Cognizant Technology Solutions Corp. - Overview
Exhibit 122: Cognizant Technology Solutions Corp. - Business segments
Exhibit 123: Cognizant Technology Solutions Corp. - Key news
Exhibit 124: Cognizant Technology Solutions Corp. - Key offerings
Exhibit 125: Cognizant Technology Solutions Corp. - Segment focus
12.6 Dell Technologies Inc.
Exhibit 126: Dell Technologies Inc. - Overview
Exhibit 127: Dell Technologies Inc. - Business segments
Exhibit 128: Dell Technologies Inc. - Key offerings
Exhibit 129: Dell Technologies Inc. - Segment focus
12.7 DXC Technology Co.
Exhibit 130: DXC Technology Co. - Overview
Exhibit 131: DXC Technology Co. - Business segments
Exhibit 132: DXC Technology Co. - Key news
Exhibit 133: DXC Technology Co. - Key offerings
Exhibit 134: DXC Technology Co. - Segment focus
12.8 ExlService Holdings Inc.
Exhibit 135: ExlService Holdings Inc. - Overview
Exhibit 136: ExlService Holdings Inc. - Business segments
Exhibit 137: ExlService Holdings Inc. - Key news
Exhibit 138: ExlService Holdings Inc. - Key offerings
Exhibit 139: ExlService Holdings Inc. - Segment focus
12.9 HCL Technologies Ltd.
Exhibit 140: HCL Technologies Ltd. - Overview
Exhibit 141: HCL Technologies Ltd. - Business segments
Exhibit 142: HCL Technologies Ltd. - Key news
Exhibit 143: HCL Technologies Ltd. - Key offerings
Exhibit 144: HCL Technologies Ltd. - Segment focus
12.10 Infosys Ltd.
Exhibit 145: Infosys Ltd. - Overview
Exhibit 146: Infosys Ltd. - Business segments
Exhibit 147: Infosys Ltd. - Key news
Exhibit 148: Infosys Ltd. - Key offerings
Exhibit 149: Infosys Ltd. - Segment focus
12.11 Invensis Technologies Pvt Ltd.
Exhibit 150: Invensis Technologies Pvt Ltd. - Overview
Exhibit 151: Invensis Technologies Pvt Ltd. - Product / Service
Exhibit 152: Invensis Technologies Pvt Ltd. - Key offerings
12.12 Mahindra and Mahindra Ltd.
Exhibit 153: Mahindra and Mahindra Ltd. - Overview
Exhibit 154: Mahindra and Mahindra Ltd. - Business segments
Exhibit 155: Mahindra and Mahindra Ltd. - Key news
Exhibit 156: Mahindra and Mahindra Ltd. - Key offerings
Exhibit 157: Mahindra and Mahindra Ltd. - Segment focus
12.13 Marco Capital
Exhibit 158: Marco Capital - Overview
Exhibit 159: Marco Capital - Product / Service
Exhibit 160: Marco Capital - Key offerings
12.14 Mphasis Ltd.
Exhibit 161: Mphasis Ltd. - Overview
Exhibit 162: Mphasis Ltd. - Product / Service
Exhibit 163: Mphasis Ltd. - Key offerings
12.15 Solartis LLC
Exhibit 164: Solartis LLC - Overview
Exhibit 165: Solartis LLC - Product / Service
Exhibit 166: Solartis LLC - Key offerings
12.16 Tata Consultancy Services Ltd.
Exhibit 167: Tata Consultancy Services Ltd. - Overview
Exhibit 168: Tata Consultancy Services Ltd. - Business segments
Exhibit 169: Tata Consultancy Services Ltd. - Key news
Exhibit 170: Tata Consultancy Services Ltd. - Key offerings
Exhibit 171: Tata Consultancy Services Ltd. - Segment focus
12.17 Wipro Ltd.
Exhibit 172: Wipro Ltd. - Overview
Exhibit 173: Wipro Ltd. - Business segments
Exhibit 174: Wipro Ltd. - Key news
Exhibit 175: Wipro Ltd. - Key offerings
Exhibit 176: Wipro Ltd. - Segment focus

13 Appendix

13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 177: Inclusions checklist
Exhibit 178: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 179: Currency conversion rates for US$
13.4 Research methodology
Exhibit 180: Research methodology
Exhibit 181: Validation techniques employed for market sizing
Exhibit 182: Information sources
13.5 List of abbreviations
Exhibit 183: List of abbreviations