Insurance Business Process Outsourcing Market Overview and Growth Forecast 2024-2033

The new report published by The Business Research Company, titled ""Insurance Business Process Outsourcing Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the insurance business process outsourcing market size has grown strongly in recent years. It will grow from $7.15 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The insurance business process outsourcing market size is expected to see strong growth in the next few years. It will grow to $10.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.

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Rising Insurance Coverages Boost Insurance Business Process Outsourcing (BPO)
The rising growth in insurance coverage is expected to propel the development of the insurance business process outsourcing market going forward. Insurance coverage refers to the amount of risk or liability that is protected by insurance services. It provides financial protection against potential future losses or damages. Insurance coverage is in demand as it allows people to transfer the risk of possible losses to an insurance company in exchange for premium payments. Insurance business process outsourcing (BPO) involves contracting out various business processes and functions of an insurance company to third-party service providers. This practice offers numerous benefits to insurance companies, making it a strategic choice for enhancing efficiency and competitiveness. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, in 2022, 92.1% of persons, or 304.0 million, had health insurance at some time in the year, reflecting an increase in the insured rate and the number of insured over 2021 (91.7%, or 300.9 million). Therefore, the increasing incidence of cybersecurity drives the growth of the insurance business process outsourcing market.

AI-Powered Innovations In Insurance BPO Services
Major companies operating in the insurance business process outsourcing markets are developing AI-based insurance services to enhance efficiency, reduce costs, and improve customer service. AI-based insurance services use artificial intelligence technologies, such as machine learning and data analytics, to strengthen various processes in the insurance industry, including underwriting, claims processing, customer service, and risk assessment. For instance, in June 2023, Expert.Ai SpA, an Italy-based software company, launched the Expert.Ai Platform for Insurance providers to power underwriting and claims solutions using natural language processing (NLP). The platform enables insurers to eliminate documents from review cycles, extract needed data, and prioritize submissions or claims for expedited review or assignment to senior adjusters based on complexity. The platform eliminates the need for manual document review by automatically extracting critical data, prioritizing submissions and claims based on complexity, and providing summarized insights to expedite decision-making. The expert.ai Platform for Insurance, which automates monotonous processes and allows underwriters and claims handlers to focus on higher-value activities, promises to improve efficiency, accuracy, and speed throughout the insurance lifecycle.

The insurance business process outsourcing market covered in this report is segmented -

1) By Type: Asset Management, Finance And Accounting Services, Customer Care Services, Marketing, Policy Administration, Other Types
2) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
3) By Application: Business, Financial Services And Insurance (BFSI), Manufacturing, Healthcare, Retail, Telecom, Other Applications

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Major companies operating in the insurance business process outsourcing market are International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, DXC Technology Company, HCL Technologies Limited, Atos SE, Wipro Limited, CGI Inc., Tech Mahindra Limited, Genpact Limited, Conduent Incorporated, Sutherland Global Services Inc., Mphasis Limited, WNS Limited, Flatworld Solutions Pvt. Ltd., EXL Service Holdings Inc., Mu Sigma Inc., Invensis Technologies Pvt. Ltd., Solartis LLC

Contents of the report:
1. Executive Summary
2. Insurance Business Process Outsourcing Market Report Structure
3. Insurance Business Process Outsourcing Market Trends And Strategies
4. Insurance Business Process Outsourcing Market - Macro Economic Scenario
5. Insurance Business Process Outsourcing Market Size And Growth
…..
27. Insurance Business Process Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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