Insurance Business Process Outsourcing (BPO) is the practice of outsourcing insurance industry business processes to specialized service providers. It entails delegating functions such as policy administration, claims management, underwriting, customer support, and finance and accounting to external parties who are experts in these fields. The essential objective of BPO is to upgrade activities, improve effectiveness, and drive cost investment funds for insurance agencies. Insurance companies can streamline their procedures, enhance service quality, and concentrate on their core competencies by making use of the expertise and technology of BPO service providers.
Business process outsourcing companies help insurance companies to take benefits by reducing costs and enhancing operational efficiency. Thus, insurance companies have been outsourcing various activities to stay abreast with the latest trends. Also, the insurance industry is facing increasingly stringent compliance regulations, for instance, in the US, insurance is more heavily regulated than other types of businesses. Hence, in response to consumers’ demands for greater ownership of their personal data and visibility into corporate data collection and handling practices, federal and international governing bodies have passed a series of stringent regulations in recent years.
However, the threat of cyber-attack is still a major challenge in this industry. In the US, the number of cyber-attacks has grown dramatically. This exponential growth in attacks comes as insurance companies migrate toward digital channels in an effort to create real time customer relationships. The attackers claimed to have data stolen from Chub, including the names and email addresses of senior executives. Thus, although insurance companies are adapting to automation, security remains a vital concern.
The insurance BPO market is segmented based on type, enterprise size and application. The type segment includes policy administration, asset management, finance and accounting services, customer care services, market and others. By enterprise size the market is bifurcated into large enterprise size and small and medium-sized enterprises. On the basis of application, the insurance BPO market is categorized into life insurance and non-life insurance market. And key players covered in this research study are Accenture, Cognizant, Infosys, Wipro, Genpact, Xerox, DXC Technology, CGI Group, HCL Technologies, and Capgemini.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the U.S. Insurance BPO Market analysis from 2022 to 2032 to identify the prevailing U.S. Insurance BPO industry opportunities.
- The report provides a comprehensive analysis of the current market estimations through 2022-2032, which would enable the stakeholders to capitalize on prevailing market opportunities.
- In-depth analysis of the U.S. Insurance BPO Market growth assists to determine the prevailing market opportunities.
- The report includes an analysis of the regional as well as U.S. Insurance BPO Market share, key players, market segments, application areas, and market growth strategies.
- Major countries are mapped according to their revenue contribution to the U.S. Insurance BPO Market size.
- Identify key players and their strategic moves in the U.S. Insurance BPO Market forecast.
- Assess and rank the top factors that are expected to affect the growth of the U.S. Insurance BPO Market outlook.
U.S. Insurance BPO Market Report Highlights
| Aspects | Details |
 Forecast period | 2022 - 2032 |
 Report Pages | 76 |
 By Type |
|
 By Enterprise Size |
|
 By Application |
|
 Key Market Players | Genpact, Wipro, HCL Technologies, Accenture, DXC Technology, Xerox, Capgemini, CGI Group, Cognizant, Infosys |
The U.S. Insurance BPO Market is estimated to reach $5.1 billion by 2032
Company 1, Company 10, Company 2, Company 3, Company 4, Company 5, Company 6, Company 7, Company 8, Company 9 are the leading players in U.S. Insurance BPO Market
1. Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
2. Analyze the key strategies adopted by major market players in u.s. insurance bpo market.
3. Assess and rank the top factors that are expected to affect the growth of u.s. insurance bpo market.
4. Top Player positioning provides a clear understanding of the present position of market players.
5. Detailed analysis of the u.s. insurance bpo market segmentation assists to determine the prevailing market opportunities.
6. Identify key investment pockets for various offerings in the market.
U.S. Insurance BPO Market is classified as by type, by enterprise size, by application
Loading Table Of Content...
Loading Research Methodology...
