Life and Pensions Business Processing Outsourcing Market to USD 6,216.2 Million by 2028 Driven by the Steady digitalization of life and pension BPO industry
Research Reports
Feb 21, 2022
life and pensions Business Process Outsourcing (BPO) market size is expected to reach USD 6,216.2 Million at a revenue CAGR of 9.1% in 2028, according to latest analysis by Emergen Research. 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. For instance, outsourcing actuarial support analytics is highly beneficial for optimizing pricing and precise premium calculations, which aids life and pension insurance firms to target more consumers on basis of risk profiles and demographics. BPO providers such as TCS, DXC Technology, NTT Data Corporation, and SE2 – decades of domain experience – are capable of providing support for cross-selling and up-selling initiatives, ensuring customer retention, exploiting new sales and distribution channels, and entry into new geographies.
The Global Life and Pensions Business Processing Outsourcing Market Report offers extensive knowledge and information about the Life and Pensions Business Processing Outsourcing market pertaining to market size, market share, growth influencing factors, opportunities, and current and emerging trends. The report is formulated with the updated and latest information of the global Life and Pensions Business Processing Outsourcing market further validated and verified by the industry experts and professionals.
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The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Some major companies operating in the global market include:- Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini, Accenture, and Capita.
Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2021-2028 & Sales with a thorough analysis of the markets competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
Key Highlights From the Report
In March 2021, Atos declared the extension of its partnership with Sapiens International Corporation, which is a firm engaged in offering software solutions for firms in the insurance industry. Sapiens’ software solutions for life insurance will use BPO services of Atos to achieve the highest level of customer and operational excellence.
Among the buyer type segments, the transactional buyers segment accounted for a significantly robust revenue share in 2020. Transactional buyers are those who buy point solutions for a particular insurance process or vertical or non-critical transaction. In relation to life and pension insurance business process outsourcing, these types of buyers focus on decreasing transaction processing costs by taking advantage of offshore labor arbitrage. Also, these buyers may seek solutions specific to their verticals and that are beneficial for addressing and catering to regulatory requirements.
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.
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Life and Pensions Business Processing Outsourcing market expected to boost the growth of the industry in the coming years.
Emergen Research has segmented the global life and pensions Business Process Outsourcing (BPO) market on the basis of type, services, organization size, buyer type, and region:
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
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
The prime objective of this report is to provide the insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches. Also, this report covers market segmentation by major market verdors, types, applications/end users and geography (North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America).
Key Questions Answered in the Report:
What is the growth rate of the Life and Pensions Business Processing Outsourcing market? What is the anticipated market valuation of Life and Pensions Business Processing Outsourcing industry by 2028?
What are the key growth driving and restraining factors of the Life and Pensions Business Processing Outsourcing market?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the Life and Pensions Business Processing Outsourcing industry over the forecast period?
Which region is expected to show significant growth in the coming years?
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