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

April 2023 | 170 pages | ID: G3CFF52F285CEN
GMD Research

Abstracts

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.)

Contents

1 INTRODUCTION

1.1 Industry Definition and Research Scope
  1.1.1 Industry Definition
  1.1.2 Research Scope
1.2 Research Methodology
  1.2.1 Overview of Market Research Methodology
  1.2.2 Market Assumption
  1.2.3 Secondary Data
  1.2.4 Primary Data
  1.2.5 Data Filtration and Model Design
  1.2.6 Market Size/Share Estimation
  1.2.7 Research Limitations
1.3 Executive Summary

2 MARKET OVERVIEW AND DYNAMICS

2.1 Market Size and Forecast
  2.1.1 Impact of COVID-19 on World Economy
  2.1.2 Impact of COVID-19 on the Market
  2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery
2.2 Major Growth Drivers
2.3 Market Restraints and Challenges
2.4 Emerging Opportunities and Market Trends
2.5 Porter’s Fiver Forces Analysis

3 SEGMENTATION OF GLOBAL MARKET BY SERVICE TYPE

3.1 Market Overview by Service Type
3.2 Human Resource Outsourcing Services
3.3 IT Services
3.4 Underwriting Services
3.5 Customer Care Services
3.6 Finance and Accounting Services

4 SEGMENTATION OF GLOBAL MARKET BY INSURANCE TYPE

4.1 Market Overview by Insurance Type
4.2 Life and Annuity Insurance
4.3 Property and Casualty Insurance

5 SEGMENTATION OF GLOBAL MARKET BY OPERATION

5.1 Market Overview by Operation
5.2 Claims Management
5.3 Administration
5.4 Asset Management
5.5 Development
5.6 Marketing
5.7 Other Operations

6 SEGMENTATION OF GLOBAL MARKET BY DEPLOYMENT TYPE

6.1 Market Overview by Deployment Type
6.2 On-Premises
6.3 Cloud-based

7 SEGMENTATION OF GLOBAL MARKET BY APPLICATION

7.1 Market Overview by Application
7.2 BFSI
7.3 Healthcare
7.4 Manufacturing
7.5 Retail
7.6 IT & Telecom
7.7 Other Applications

8 SEGMENTATION OF GLOBAL MARKET BY ORGANIZATION SIZE

8.1 Market Overview by Organization Size
8.2 SMEs
8.3 Large Enterprises

9 SEGMENTATION OF GLOBAL MARKET BY REGION

9.1 Geographic Market Overview 2022-2032
9.2 North America Market 2022-2032 by Country
  9.2.1 Overview of North America Market
  9.2.2 U.S.
  9.2.3 Canada
  9.2.4 Mexico
9.3 European Market 2022-2032 by Country
  9.3.1 Overview of European Market
  9.3.2 Germany
  9.3.3 U.K.
  9.3.4 France
  9.3.5 Spain
  9.3.6 Italy
  9.3.7 Netherlands
  9.3.8 Rest of European Market
9.4 Asia-Pacific Market 2022-2032 by Country
  9.4.1 Overview of Asia-Pacific Market
  9.4.2 Japan
  9.4.3 China
  9.4.4 Australia
  9.4.5 India
  9.4.6 South Korea
  9.4.7 Rest of APAC Region
9.5 South America Market 2022-2032 by Country
  9.5.1 Argentina
  9.5.2 Brazil
  9.5.3 Chile
  9.5.4 Rest of South America Market
9.6 MEA Market 2022-2032 by Country
  9.6.1 UAE
  9.6.2 Saudi Arabia
  9.6.3 South Africa
  9.6.4 Other National Markets

10 COMPETITIVE LANDSCAPE

10.1 Overview of Key Vendors
10.2 New Product Launch, Partnership, Investment, and M&A
10.3 Company Profiles
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
RELATED REPORTS

List Of Tables

LIST OF TABLES:

Table 1. Snapshot of Global Insurance BPO Services Market in Balanced Perspective, 2022-2032
Table 2. World Economic Outlook, 2021-2031
Table 3. World Economic Outlook, 2021-2023
Table 4. Scenarios for Economic Impact of Ukraine Crisis
Table 5. Worldwide Insurance Market, 2022-2032, $ bn
Table 6. Main Product Trends and Market Opportunities in Global Insurance BPO Services Market
Table 7. Global Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 8. Global Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 9. Global Insurance BPO Services Market by Operation, 2022-2032, $ mn
Table 10. Global Insurance BPO Services Market by Deployment Type, 2022-2032, $ mn
Table 11. Global Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 12. Global Insurance BPO Services Market by Organization Size, 2022-2032, $ mn
Table 13. Global Insurance BPO Services Market by Region, 2022-2032, $ mn
Table 14. Leading National Insurance BPO Services Market, 2022 and 2032, $ mn
Table 15. North America Insurance BPO Services Market by Country, 2022-2032, $ mn
Table 16. U.S. Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 17. U.S. Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 18. U.S. Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 19. Canada Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 20. Canada Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 21. Canada Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 22. Mexico Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 23. Mexico Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 24. Mexico Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 25. Europe Insurance BPO Services Market by Country, 2022-2032, $ mn
Table 26. Germany Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 27. Germany Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 28. Germany Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 29. U.K. Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 30. U.K. Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 31. U.K. Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 32. France Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 33. France Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 34. France Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 35. Spain Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 36. Spain Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 37. Spain Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 38. Italy Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 39. Italy Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 40. Italy Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 41. Netherlands Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 42. Netherlands Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 43. Netherlands Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 44. Insurance BPO Services Market in Rest of Europe by Country, 2022-2032, $ mn
Table 45. APAC Insurance BPO Services Market by Country, 2022-2032, $ mn
Table 46. Japan Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 47. Japan Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 48. Japan Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 49. China Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 50. China Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 51. China Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 52. Australia Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 53. Australia Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 54. Australia Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 55. India Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 56. India Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 57. India Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 58. South Korea Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 59. South Korea Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 60. South Korea Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 61. Insurance BPO Services Market in Rest of APAC by Country/Region, 2022-2032, $ mn
Table 62. South America Insurance BPO Services Market by Country, 2022-2032, $ mn
Table 63. Argentina Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 64. Argentina Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 65. Argentina Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 66. Brazil Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 67. Brazil Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 68. Brazil Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 69. Chile Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 70. Chile Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 71. Chile Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 72. MEA Insurance BPO Services Market by Country, 2022-2032, $ mn
Table 73. UAE Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 74. UAE Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 75. UAE Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 76. Saudi Arabia Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 77. Saudi Arabia Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 78. Saudi Arabia Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 79. South Africa Insurance BPO Services Market by Service Type, 2022-2032, $ mn
Table 80. South Africa Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn
Table 81. South Africa Insurance BPO Services Market by Application, 2022-2032, $ mn
Table 82. Accenture PLC: Company Snapshot
Table 83. Accenture PLC: Business Segmentation
Table 84. Accenture PLC: Product Portfolio

List Of Figures

LIST OF FIGURES:

Figure 1. Research Method Flow Chart
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation
Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032
Figure 4. Global Insurance BPO Services Market, 2022-2032, $ mn
Figure 5. Impact of COVID-19 on Business
Figure 6. Primary Drivers and Impact Factors of Global Insurance BPO Services Market
Figure 7. GDP per capita in the World, 1990-2020, $ thousand
Figure 8. Forecast of World Middle-class Population by Region, 2015-2030, million
Figure 9. Primary Restraints and Impact Factors of Global Insurance BPO Services Market
Figure 10. Investment Opportunity Analysis
Figure 11. Porter’s Fiver Forces Analysis of Global Insurance BPO Services Market
Figure 12. Breakdown of Global Insurance BPO Services Market by Service Type, 2022-2032, % of Revenue
Figure 13. Global Addressable Market Cap in 2023-2032 by Service Type, Value ($ mn) and Share (%)
Figure 14. Global Insurance BPO Services Market by Service Type: Human Resource Outsourcing Services, 2022-2032, $ mn
Figure 15. Global Insurance BPO Services Market by Service Type: IT Services, 2022-2032, $ mn
Figure 16. Global Insurance BPO Services Market by Service Type: Underwriting Services, 2022-2032, $ mn
Figure 17. Global Insurance BPO Services Market by Service Type: Customer Care Services, 2022-2032, $ mn
Figure 18. Global Insurance BPO Services Market by Service Type: Finance and Accounting Services, 2022-2032, $ mn
Figure 19. Breakdown of Global Insurance BPO Services Market by Insurance Type, 2022-2032, % of Sales Revenue
Figure 20. Global Addressable Market Cap in 2023-2032 by Insurance Type, Value ($ mn) and Share (%)
Figure 21. Global Insurance BPO Services Market by Insurance Type: Life and Annuity Insurance, 2022-2032, $ mn
Figure 22. Global Insurance BPO Services Market by Insurance Type: Property and Casualty Insurance, 2022-2032, $ mn
Figure 23. Breakdown of Global Insurance BPO Services Market by Operation, 2022-2032, % of Sales Revenue
Figure 24. Global Addressable Market Cap in 2023-2032 by Operation, Value ($ mn) and Share (%)
Figure 25. Global Insurance BPO Services Market by Operation: Claims Management, 2022-2032, $ mn
Figure 26. Global Insurance BPO Services Market by Operation: Administration, 2022-2032, $ mn
Figure 27. Global Insurance BPO Services Market by Operation: Asset Management, 2022-2032, $ mn
Figure 28. Global Insurance BPO Services Market by Operation: Development, 2022-2032, $ mn
Figure 29. Global Insurance BPO Services Market by Operation: Marketing, 2022-2032, $ mn
Figure 30. Global Insurance BPO Services Market by Operation: Other Operations, 2022-2032, $ mn
Figure 31. Breakdown of Global Insurance BPO Services Market by Deployment Type, 2022-2032, % of Revenue
Figure 32. Global Addressable Market Cap in 2023-2032 by Deployment Type, Value ($ mn) and Share (%)
Figure 33. Global Insurance BPO Services Market by Deployment Type: On-Premises, 2022-2032, $ mn
Figure 34. Global Insurance BPO Services Market by Deployment Type: Cloud-based, 2022-2032, $ mn
Figure 35. Breakdown of Global Insurance BPO Services Market by Application, 2022-2032, % of Revenue
Figure 36. Global Addressable Market Cap in 2023-2032 by Application, Value ($ mn) and Share (%)
Figure 37. Global Insurance BPO Services Market by Application: BFSI, 2022-2032, $ mn
Figure 38. Global Insurance BPO Services Market by Application: Healthcare, 2022-2032, $ mn
Figure 39. Global Insurance BPO Services Market by Application: Manufacturing, 2022-2032, $ mn
Figure 40. Global Insurance BPO Services Market by Application: Retail, 2022-2032, $ mn
Figure 41. Global Insurance BPO Services Market by Application: IT & Telecom, 2022-2032, $ mn
Figure 42. Global Insurance BPO Services Market by Application: Other Applications, 2022-2032, $ mn
Figure 43. Breakdown of Global Insurance BPO Services Market by Organization Size, 2022-2032, % of Revenue
Figure 44. Global Addressable Market Cap in 2023-2032 by Organization Size, Value ($ mn) and Share (%)
Figure 45. Global Insurance BPO Services Market by Organization Size: SMEs, 2022-2032, $ mn
Figure 46. Global Insurance BPO Services Market by Organization Size: Large Enterprises, 2022-2032, $ mn
Figure 47. Global Market Snapshot by Region
Figure 48. Geographic Spread of Worldwide Insurance BPO Services Market, 2022-2032, % of Sales Revenue
Figure 49. Global Addressable Market Cap in 2023-2032 by Region, Value ($ mn) and Share (%)
Figure 50. North American Insurance BPO Services Market, 2022-2032, $ mn
Figure 51. Breakdown of North America Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue
Figure 52. Contribution to North America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)
Figure 53. U.S. Insurance BPO Services Market, 2022-2032, $ mn
Figure 54. Canada Insurance BPO Services Market, 2022-2032, $ mn
Figure 55. Insurance BPO Services Market in Mexico, 2022-2032, $ mn
Figure 56. European Insurance BPO Services Market, 2022-2032, $ mn
Figure 57. Breakdown of European Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue
Figure 58. Contribution to Europe 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)
Figure 59. Insurance BPO Services Market in Germany, 2022-2032, $ mn
Figure 60. Insurance BPO Services Market in U.K., 2022-2032, $ mn
Figure 61. Insurance BPO Services Market in France, 2022-2032, $ mn
Figure 62. Insurance BPO Services Market in Spain, 2022-2032, $ mn
Figure 63. Insurance BPO Services Market in Italy, 2022-2032, $ mn
Figure 64. Insurance BPO Services Market in Netherlands, 2022-2032, $ mn
Figure 65. Insurance BPO Services Market in Rest of Europe, 2022-2032, $ mn
Figure 66. Asia-Pacific Insurance BPO Services Market, 2022-2032, $ mn
Figure 67. Breakdown of APAC Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue
Figure 68. Contribution to APAC 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)
Figure 69. Insurance BPO Services Market in Japan, 2022-2032, $ mn
Figure 70. Insurance BPO Services Market in China, 2022-2032, $ mn
Figure 71. Insurance BPO Services Market in Australia, 2022-2032, $ mn
Figure 72. Insurance BPO Services Market in India, 2022-2032, $ mn
Figure 73. Insurance BPO Services Market in South Korea, 2022-2032, $ mn
Figure 74. Insurance BPO Services Market in Rest of APAC, 2022-2032, $ mn
Figure 75. South America Insurance BPO Services Market, 2022-2032, $ mn
Figure 76. Breakdown of South America Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue
Figure 77. Contribution to South America 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)
Figure 78. Insurance BPO Services Market in Argentina, 2022-2032, $ mn
Figure 79. Insurance BPO Services Market in Brazil, 2022-2032, $ mn
Figure 80. Insurance BPO Services Market in Chile, 2022-2032, $ mn
Figure 81. Insurance BPO Services Market in Rest of South America, 2022-2032, $ mn
Figure 82. Insurance BPO Services Market in Middle East and Africa (MEA), 2022-2032, $ mn
Figure 83. Breakdown of MEA Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue
Figure 84. Contribution to MEA 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%)
Figure 85. Insurance BPO Services Market in UAE, 2022-2032, $ mn
Figure 86. Insurance BPO Services Market in Saudi Arabia, 2022-2032, $ mn
Figure 87. Insurance BPO Services Market in South Africa, 2022-2032, $ mn
Figure 88. Growth Stage of Global Insurance BPO Services Industry over the Forecast Period