Steady global life and pensions Business Process Outsourcing (BPO) market revenue growth can be attributed to rising focus on reducing insurance administration costs and improving operational processes. Life and pension insurance companies benefit from outsourcing highly transactional processes, including new business processing, claims & payments administration, and underwriting support. Insurance companies can derive substantial added value by taking advantage of BPO for various other processes.
The report has been formulated through extensive primary and secondary research along with a breakdown of the information to offer an exhaustive analysis of the Life and Pensions Business Process Outsourcing (BPO) market. The data includes accurate market insights, essential market facts, and key statistical information further validated by the industry experts that help readers get a complete idea of the Life and Pensions Business Process Outsourcing (BPO) industry.
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Some Key Highlights From the Report
- Among the services segments, underwriting segment revenue is expected to expand at a rapid rate over forecast period. Life and pension insurance underwriting BPO services assess proposals with the aim of ascertaining feasibility and determining involved potential risk, thereby allowing insurance companies to achieve competitive advantage via process excellence. Insurance BPO service providers offer a wide range of underwriting services, ranging from management of business processes to analytics. These services also comprise submission and clearance where eligibility checks, data cleaning, liability coverage, and account verification are performed.
- Life and pension BPO market in North America accounted to comparatively larger revenue share than other regional markets in 2020, which is attributed to high adoption of digital technologies, stringent regulations in countries such as the US and Canada, and increasing emphasis by insurance companies in the region to standardize business processes. In addition, presence of major players in the region are causative of robust market revenue growth.
- Some major players in the global market include Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini, Accenture, and Capita.
The global Life and Pensions Business Process Outsourcing (BPO) market is a segmented market. The market segments are generated based on product types offered in the market, their applications, end-user industries, different types of technologies, and key regions of the market.
- Type Outlook (Revenue, USD Million; 2018–2028)
- Life Insurance
- Annuities & Pensions
- Others
- Services Outlook (Revenue, USD Million; 2018–2028)
- Policy Servicing and Claims Administration
- Underwriting
- Document Management
- Actuarial Support
- Billing & Accounts Receivable
- Regulatory Reporting
- Asset Management
- Change Management Services
- New Business Support
- Robotic Process Automation (RPA)
- Analytics & Insights
- Others
- Organization Size Outlook (Revenue, USD Million; 2018–2028)
- Small & Medium Sized Enterprises
- Large Enterprises
- Buyer Type Outlook (Revenue, USD Million; 2018–2028)
- Transactional Buyers
- Digitally Evolved Insurance Buyers
- Automation Driven Services Buyers
- Integrated Insurance Solutions Buyers
The report offers insights into the demands for the Life and Pensions Business Process Outsourcing (BPO) products in the global market, especially in the key geographical regions where the market has established its presence. These key regions include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.For a comprehensive understanding of the market, the vertical is further segmented into product types offered by the market, application spectrum, and end-user industries, among others. It also offers information on the leading manufacturers and vendors in the key geographical regions of the industry.
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Key points covered in the report:
- The report provides the reader with a detailed study of the global Life and Pensions Business Process Outsourcing (BPO) market, including essential data beneficial for business.
- The prominent factors driving and restraining market growth, latest product trends, and technological advancements have been extensively discussed by the authors of the report.
- A broad market categorization, based on product type, application gamut, and end-user landscape, has been included in the report.
- It further entails the latest product development, incorporation of new techniques, and profiles of major competitors in the market.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Life and Pensions BPO Market Segmentation & Impact Analysis
4.1. Life and Pensions BPO Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Strict regulatory policies about insurance document handling and processing
4.2.2.2. Increasing demand to reduce administration cost and improve operational processes
4.2.2.3. Rising adoption of cloud-based services
4.2.2.4. Growing digitalization of life and pension BPO industry
4.2.3. Market restraints analysis
4.2.3.1. Lack of skilled professional
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Life and Pensions BPO Market By Type Insights & Trends, Revenue (USD Billion)
5.1. Type Dynamics & Market Share, 2021 & 2028
5.1.1. Life Insurance
5.1.2. Annuities & Pensions
5.1.3. Others
CONTINUED…!!
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