Insurance BPO is a sub-segment of the Banking, Financial Services, and
Insurance (BFSI) BPO segment. BPO service providers support some of the leading
financial institutions and custodians in the world. The value chain of the
Insurance industry comprises of product development, marketing, administration,
asset management, and claims management. Insurance BPO is a segment of
outsourcing, which consists of subcontracting the business processes of an
organization to a third-party vendor that has expertise in the insurance
domain. It can be defined as delegating one or more business activities to
external companies (vendors), which, in turn, administer and manage the
selected activity, based on defined and measurable performance criteria. It
helps clients increase operational efficiency, concentrate on their core
competencies, reduce time-to-market, obtain access to fresh talent and
experience along with latest technologies, and build an organization with an
economical cost structure.
Analysts forecast the Global Insurance BPO
market to grow at a CAGR of 5.19 percent over the period
2013-2018.
The Report recognizes the following companies as the key players in the
Global Insurance Business Process Outsourcing (BPO) Market: EXL Services
Holdings Inc., Genpact Ltd., Tata Consultancy Services Ltd. and WNS Holdings
Ltd.
Other Prominent Vendors in the market are: Accenture, Capita, Cognizant,
CSC, Dell, HCL, iGate, Infosys, MphasiS, Serco, Sutherland Global Services,
Syntel, Tech Mahindra, Wipro, Xchanging and Xerox.
The outsourcing of complex processes such as actuarial analysis and
underwriting and analytics support has increased in recent years and is
expected to increase further during the forecast period. There has been a
significant increase in the demand for outsourcing underwriting and analytics
support activities in the Insurance market.
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Covered in this
Report
The Global Insurance BPO market can be segmented on the basis of BPO
services into the following: Property and Casualty and Life and Pension. The
report also discusses in detail the market spending across these two segments
and key geographical regions in the market.
Global Insurance BPO Market 2014-2018, has been prepared based on an
in-depth market analysis with inputs from industry experts. The report also
covers the Global Insurance BPO market landscape and its growth prospects in
the coming years and also includes a discussion of the key vendors operating in
this market.
According to the report, one of the major factors driving the growth of
the Global Insurance BPO Market is the cost-effectiveness of outsourcing
certain operations of capital markets. Many client firms are outsourcing their
back-office functions that require a stable infrastructure, capital investment,
and human resources; thus, enabling them to improve their operational
efficiency and cut costs through labor arbitrage.
Further, the report states that data security is one of the major
challenges faced by the market. The confidential nature of the Insurance market
data makes it a risky affair, and extra measures need to be taken to ensure
data confidentiality.
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