Insurance Business Process Outsourcing (BPO) Market 2020 to Reach US$65880 mn by 2026 – QY Research
Industry: Market Research
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Los Angeles, CA (PRUnderground) February 21st, 2020
Business process outsourcing is majorly assisting insurance companies in increasing their performance and productivity hence, the demand for BPO’s are rising. QY Research has recently published a report titled “Global Insurance Business Process Outsourcing (BPO) Market Size, Status and Forecast 2020-2026” predicting the potential opportunities that lie in the global market. According to the report, the global insurance business process outsourcing market is expected to reach US$65880 mn by 2026 from US$47916 mn in 2019, exhibiting a CAGR of 4.6% during the forecast period.
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Improved Operational Efficiency to Boost Demand for BPO Services
Insurance business process outsourcing service providers are increasingly becoming popular among major financial institutions and managers around the world as they provide a variety of services that include claims management, asset management, marketing, product development, and other management. These services are preferred by customers across the globe because they subordinate the organization’s entire business processes to third-party supplier that is an expert in insurance domain.
Organizations demanding overview analysis of industry chain structure, applications, classifications, and other key development activities turn to insurance BPO services. Demand for outsourcing is increasing as delegating business activities to external experts helps in administering and managing the selected activity efficiently, according to the defined criteria. Financial institutions and custodians are substantially turning towards BPO services to increase their operational efficiency, reduce time-to-market, gain access to fresh talent, experience latest technologies, and concentrate on their core competencies that would help in achieving economical cost construct and a developed organization.
Healthcare Segment to Augment Owing to Transformation of System Operations
Since the health plans administrative roles have changed and progressed beyond traditional methods, the BPO services aid in providing improved operations. BPO services assist healthcare industry in operations that help in the organization in focusing on core competencies therefore, the healthcare segment is expected to propel during the forecast period.
North America to Lead Owing to Technological Advancement
North America is expected to lead the global market as this region is technologically advanced and have the privilege of witnessing innovations first hand. Concentration of key players along with investment from government bodies for research and development activities in this region will also boost the growth in this region.
Key players in the market are engaging in innovative transformation to boost the competition. Introduction of AI technology in the BPO services market will likely change the dynamics of the market.
The key players operating in the global insurance business process outsourcing market are Genpact, EXL Services Holdings, Cognizant, Xchanging (DXC Technology), Dell, TCS, Sutherland Global Services, WNS Holdings, Accenture, and Tech Mahindra.
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QY Research is a leading global market research and consulting company. Established in 2007 in Beijing, China, QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and custom research to help our clients in providing non-linear revenue models and make them successful. We are globally recognized for our expansive portfolio of services.