Business process outsourcing helps in reducing operational costs, overcoming economic uncertainties, and providing a strong foundation for business expansion and growth. The insurance industry has seen significant growth in recent years as businesses increase their focus on mitigating risk exposure due to an ever-increasing number of events and threats impacting their operations. Many companies are increasing risk coverage in new areas and revising their business continuity and disaster recovery plans in light of such focus. However, the overall insurance industry is not immune to global challenges. The talent shortage, rampant inflation, and further challenges have put increased pressure on insurance companies looking to scale their operations and continue to achieve profitable margins.
Partnerships with BPO service providers are helping insurers grow because the providers can help insurers launch products faster. Providers with analytics and data management expertise can use technologies like AI and machine learning to help insurers derive insights from their vast data assets. For example, to improve risk management, price more accurately, and detect fraud more easily. BPO service providers with advanced analytics capabilities can give insurers a competitive edge through insights from disparate data sources that can help shape product development strategies and tailor specific products to discrete market segments. This factor helps in accelerating business growth across the U.S.
On the contrary, a significant opportunity for the insurance BPO market in the U.S. region lies in embracing digital transformation and automation. By incorporating automation and digital tools into their service offerings, BPO providers can deliver faster turnaround times, improved accuracy, and better customer experiences, thereby gaining a competitive advantage in the market.
The insurance BPO market is segmented based on type, enterprise size, and application. The type segment includes finance and accounting services, policy administration, asset management, customer care services, market and others. By enterprise size the insurance BPO market is bifurcated into large enterprise size and small and medium-sized enterprises. On the basis of application, the insurance BPO market is categorized into life insurance and non-life insurance market. And key players covered in this research study are Accenture, Cognizant, Infosys, Wipro, CGI Group, HCL Technologies, Genpact, Xerox, DXC Technology, and Capgemini.
Partnerships with BPO service providers are helping insurers grow because the providers can help insurers launch products faster. Providers with analytics and data management expertise can use technologies like AI and machine learning to help insurers derive insights from their vast data assets. For example, to improve risk management, price more accurately, and detect fraud more easily. BPO service providers with advanced analytics capabilities can give insurers a competitive edge through insights from disparate data sources that can help shape product development strategies and tailor specific products to discrete market segments. This factor helps in accelerating business growth across the U.S.
On the contrary, a significant opportunity for the insurance BPO market in the U.S. region lies in embracing digital transformation and automation. By incorporating automation and digital tools into their service offerings, BPO providers can deliver faster turnaround times, improved accuracy, and better customer experiences, thereby gaining a competitive advantage in the market.
The insurance BPO market is segmented based on type, enterprise size, and application. The type segment includes finance and accounting services, policy administration, asset management, customer care services, market and others. By enterprise size the insurance BPO market is bifurcated into large enterprise size and small and medium-sized enterprises. On the basis of application, the insurance BPO market is categorized into life insurance and non-life insurance market. And key players covered in this research study are Accenture, Cognizant, Infosys, Wipro, CGI Group, HCL Technologies, Genpact, Xerox, DXC Technology, and Capgemini.
Key Benefits For Stakeholders
- Enable informed decision-making process and offer market analysis based on current market situation and estimated future trends.
- Analyze the key strategies adopted by major market players in u.s. insurance bpo market.
- Assess and rank the top factors that are expected to affect the growth of u.s. insurance bpo market.
- Top Player positioning provides a clear understanding of the present position of market players.
- Detailed analysis of the u.s. insurance bpo market segmentation assists to determine the prevailing market opportunities.
- Identify key investment pockets for various offerings in the market.
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Key Market Segments
By Type
- Asset Management
- Finance and Accounting Services
- Customer Care Services
- Marketing
- Others
- Policy Administration
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Application
- Life Insurance
- Non-Life Insurance
- Key Market Players
- Accenture
- Cognizant
- Infosys
- Wipro
- Genpact
- Xerox
- DXC Technology
- CGI Group
- HCL Technologies
- Capgemini
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: U.S. INSURANCE BPO MARKET, BY TYPE
CHAPTER 5: U.S. INSURANCE BPO MARKET, BY ENTERPRISE SIZE
CHAPTER 6: U.S. INSURANCE BPO MARKET, BY APPLICATION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Accenture
- Cognizant
- Infosys
- Wipro
- Genpact
- Xerox
- DXC Technology
- CGI Group
- HCL Technologies
- Capgemini
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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