LONDON, UK, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Insurance Business Process Outsourcing Market Size, Share, Growth Analysis Report By Deployment Type (On-Premise, & Cloud), By Organization Size (Large Enterprise, Small And Medium Enterprises), By Outsourcing Type (Call Center Service, Data Processing Service, Outsourcing Service, Underwriting Service, And Accounting Service), By Project Types (Life and Annuity policy Services, Property and Casualty Policy Services/Claim Services, and Pension Services), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Insurance Business Process Outsourcing Market size & share was valued at approximately USD 5,924.10 million in 2021. The market is expected to grow above a CAGR of 8.80% and is anticipated to reach over USD 9826.42 million by 2028.”
The report analyses the Insurance Business Process Outsourcing market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Insurance Business Process Outsourcing market.
What is Insurance Business Process Outsourcing? How big is the Insurance Business Process Outsourcing Industry?
- Market Overview:
Insurance business process outsourcing is contracting a certain business function to the specialized outsourcing service provider. Some companies outsource some of their back-office tasks such as bookkeeping, data entry, accounting, commerce support services, digital marketing services and billing services of third-party service providers, and the task is completed under a defined service level. Insurance business process outsourcing is considered a valuable option for those companies that find it difficult to hire experienced staff and manage in-house departments.
Get a Free Sample PDF of this Research Report for more Insights with Table of Content, Research Methodology, and Graphs - https://www.fnfresearch.com/sample/insurance-business-process-outsourcing-market
(A free sample of this report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 233+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Industry Major Players, Historical and ForecastGrowth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Key Insights from Primary Research
- As per the analysis, the Insurance Business Process Outsourcing market is likely to grow above a CAGR of around 8.80% between 2022 and 2028.
- The Insurance Business Process Outsourcing market size was worth around US$ 5,924.10 million in 2021 and is estimated to hit approximately US$ 9826.42 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By deployment type, the cloud segment dominated the market in 2021.
- By types of outsourcing, the outsourcing service segment dominated the market in 2021.
- On the basis of region, Europe dominated the global insurance business process outsourcing market in 2021.
Market Dynamics
- Drivers
An increase in demand to manage stringent regulatory compliances
Insurance institutes must successfully manage their core business functions to achieve their targets. Many insurance firms have found that business process outsourcing helps companies be better equipped with the necessary infrastructure, modern insurance technology, and talented experts. An increase in demand for cost-effective operations and the need for business processes among organizations is expected to boost the insurance business process outsourcing market during the forecast period. The global insurance business process outsourcing market report provides a holistic evaluation of the market.
- Restraints
Privacy and data security concerns are expected to hamper the market growth
Moreover, the insurance business process outsourcing market during the forecast period and increasing demand to manage stringent regulatory compliances effectively is a major factor projected to boost the market in the forecast period.
Directly Purchase a copy of the report with TOC @ https://www.fnfresearch.com/buynow/su/insurance-business-process-outsourcing-market
Insurance Business Process Outsourcing Market: COVID-19 Impact Analysis
The covid-19 virus has now reached every corner of the planet, and the rise in reported instances of the virus in every region of the world has led to a deceleration in economic activity. This pandemic is affecting developed countries around the world. The vast majority of the world's manufacturing or manufacture of things has come to a halt. Businesses in the majority of countries have suffered losses as a result of either partial or total lockdowns. As a result of this, it is anticipated that in the next years the market for global insurance business process outsourcing will be adversely affected indirectly. It is anticipated that a lack of industrial operations will result in poor cash flows, which will further have an influence on the finance of projects. The world after the COVID-19 epidemic appears to be uncertain.
Competitive Players
The report contains qualitative and quantitative research on the global insurance business process outsourcing market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main players in the global Insurance Business Process Outsourcing market include:
- Accenture
- Capita
- Cognizant
- EXL
- Genpact
- HCL Technologies Limited
- Infosys Limited
- Insuserve-1
- Sutherland
- WNS (Holdings) Ltd.
- Wipro Limited
Browse the full “Insurance Business Process Outsourcing Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/insurance-business-process-outsourcing-market
Insurance Business Process Outsourcing Market: Segmentation Analysis
Based on organization size, insurance business process outsourcing is classified into large enterprises and small and medium enterprises; the indicator is measured as the number of employees in the manufacturing sectors. Such as large enterprises that employ 250 or more people, small enterprises with 10 to 49 employees and medium size enterprises with 50 to 249 employees. Among these large enterprises, segment dominates in the organization size segment due to the high number of employees available in the large enterprises. Based on outsourcing type, insurance business process outsourcing is classified into call center service, data processing service, outsourcing service, underwriting service and accounting service.
During the forecast period, the outsourcing service segment dominates the market as many industries adopt outsourcing services, such as the telecom and e-commerce industry, due to this outsourcing service segment dominating the market. Based on deployment type, insurance business process outsourcing is classified into on-premise and cloud. The cloud segment is expected to dominate in the deployment type segment due to the high storage capacity and internet connectivity availability, which supports the market growth during the forecast period.
Regional Analysis:
The Europe region dominates the market in revenue generation. Europe dominates the insurance business process outsourcing market due to increasing the demand for cost-effective operations need for business process outsourcing. In addition, the presence of many big automotive and aerospace companies raises the demand for insurance services which is expected to drive the market growth during the forecast period in the European region. Moreover, the rapid adoption of advanced technologies and government initiatives to encourage business outsourcing also help drive the region's market growth. Therefore, these factors are expected to support the market expansion in the European region.
Have Any Query? Ask Our Experts: https://www.fnfresearch.com/inquiry/insurance-business-process-outsourcing-market
Recent Industry Developments:
- In November 2021, the Competition Commission of India (CCI) approved HDFC Life Insurance's acquisition of 100% shareholding in Exide Life Insurance. The move is expected to strengthen HDFC Life's position in South India.
Key questions answered in this report:
- What is the market size and growth rate forecast for Insurance Business Process Outsourcing industry?
- What are the main driving factors propelling the Insurance Business Process Outsourcing Market forward?
- What are the leading companies in the Insurance Business Process Outsourcing Industry?
- What segments does the Insurance Business Process Outsourcing Market cover?
- How can I receive a free copy of the Insurance Business Process Outsourcing Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 5,924.10 Million |
| Projected Market Size in 2028 | USD 9826.42 Million |
| CAGR Growth Rate | 8.80% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Accenture, Capita, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys Limited, Insuserve-1, and Sutherland, WNS (Holdings) Ltd., and Wipro Limited. |
| Key Segment | By Deployment Type, Organization Size, Types of Outsourcing, Project Types, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Request for Customization on this Report as per your requirements - https://www.fnfresearch.com/customization/insurance-business-process-outsourcing-market
(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)
The global Insurance Business Process Outsourcing market is segmented as follows:
By Deployment Type
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Types of Outsourcing
- Call Center Services
- Data Processing Services
- Outsourcing Services
- Underwriting Services
- Accounting Services
By Project Types
- Life and Annuity policy Services,
- Property and Casualty Policy Services/Claim Services
- Pension Services
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Request Your Free Sample Report of the Global Insurance Business Process Outsourcing Market @ https://www.fnfresearch.com/sample/insurance-business-process-outsourcing-market
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Deployment Type, Organization Size, Types of Outsourcing, Project Types, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Browse Other Related Research Reports from Facts & Factors
- Digital Banking Market – https://www.fnfresearch.com/digital-banking-market
- Business Management Consulting Services Market - https://www.fnfresearch.com/business-management-consulting-services-market
- Outdoor Education Market – https://www.fnfresearch.com/outdoor-education-market
- Live Webinar Software Market – https://www.fnfresearch.com/live-webinar-software-market
- GPS Fleet Tracking Software Market – https://www.fnfresearch.com/gps-fleet-tracking-software-market
- Admission Management Software Market - https://www.fnfresearch.com/admission-management-software-market
About Facts & Factors:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Our customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.
Follow Us on LinkedIn: https://www.linkedin.com/company/fnfresearch
Follow Us on Twitter: https://twitter.com/fnfresearch
Follow Us on Facebook: https://www.facebook.com/factsandfactors/
Contact Us:
RushikeshDorge
USA: +1 347 690-0211
United Kingdom: +44 2032 894158
Japan: +81 50 5806 9039
India: +91 73877 19999
Email: sales@fnfresearch.com
Web: https://www.fnfresearch.com
Blog: https://www.fnfresearch.com/blog/
