Dublin, Feb. 05, 2025 (GLOBE NEWSWIRE) — The “Insurance Business Process Outsourcing (BPO) Market 2025-2033” report has been added to ResearchAndMarkets.com’s offering.
The global insurance business process outsourcing (BPO) market size reached USD 7.5 billion in 2024. Looking forward, the market is projected to reach USD 10.4 billion by 2033, exhibiting a growth rate (CAGR) of 3.57% during 2025-2033. The market is driven by the growing investments in advanced cybersecurity solutions to provide strong protection against cyber risks, increasing reliance on artificial intelligence (AI) to handle regular queries and duties in call centers, and rising trend of outsourcing HR activities.
The market is primarily driven by the increasing adoption of automation technologies such as robotic process automation (RPA) and artificial intelligence (AI). These technologies help streamline processes, improve efficiency, reduce errors, and enhance customer experience. In addition, the growing emphasis on providing excellent customer experience represents another major growth-inducing factor. BPO providers are aligning their services to meet these expectations by offering multi-channel customer support, personalized interactions, and faster response times.
Besides this, digital transformation is reshaping the insurance industry. BPO providers are integrating digital solutions such as online self-service portals, mobile apps, and chatbots to enhance customer engagement and streamline processes like policy issuance, claims handling, and document management. This, coupled with the surging need to comply with stringent regulations, is contributing to market growth. BPO providers assist insurance companies in navigating these regulations, ensuring compliance, and managing risks associated with data privacy, security, and customer information protection.
Moreover, the market is also propelled by the escalating demand for cost-effective operations and the need to standardize business processes. Furthermore, the rising adoption of cloud-based solutions is also creating a favorable market outlook across the globe.
Insurance Business Process Outsourcing (BPO) Market Segmentation
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. The report has categorized the market based on type, enterprise size, and application.
Type Insights
The report has provided a detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the type. This includes marketing, asset management, claim management, development, and administration. According to the report, claim management represented the largest segment.
Enterprise Size Insights
A detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the enterprise size has also been provided in the report. This includes small and medium-sized enterprises and large enterprises. According to the report, small and medium-sized enterprises accounted for the largest market share.
Application Insights
A detailed breakup and analysis of the insurance business process outsourcing (BPO) market based on the application has also been provided in the report. This includes property and casualty and life and pension. According to the report, life and pension accounted for the largest market share.
Regional Insights
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for insurance business process outsourcing (BPO). Some of the factors driving the North America insurance business process outsourcing (BPO) market included rapid digitization, implementation of stringent regulations, and the rising adoption of cloud solutions.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global insurance business process outsourcing (BPO) market. Detailed profiles of all major companies have been provided. Some of the companies covered include:
- Accenture plc
- Cognizant
- Genpact
- Infosys Limited
- Invensis Technologies Pvt. Ltd.
- Mphasis Limited
- WNS Limited
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global insurance business process outsourcing (BPO) market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global market?
- What is the impact of each driver, restraint, and opportunity on the global market?
- What are the key regional markets?
- Which countries represent the most attractive insurance business process outsourcing (BPO) market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the market?
- What is the breakup of the market based on the enterprise size?
- Which is the most attractive enterprise size in the market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the market?
- What is the competitive structure of the market?
- Who are the key players/companies in the global insurance business process outsourcing (BPO) market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 126 |
| Forecast Period | 2024-2033 |
| Estimated Market Value (USD) in 2024 | $7.5 Billion |
| Forecasted Market Value (USD) by 2033 | $10.4 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ulqs8w
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- Insurance Business Process Outsourcing (BPO) Market
