The global P&C insurance BPO market registered more than 11% growth by revenue in 2015, and FTEs serving P&C insurance processes grew by 5%. This was due to
The market remains concentrated, with North America and United Kingdom, together accounting for more than 85% of the revenue. Other geographies, such as Asia Pacific and Eastern Europe, have witnessed an increase in contractual activity.
Outlook of buyers and their expectations from service providers have broadened from a cost-reducing entity to an enabler of transformation through technology and innovation. Offerings around handling core processes are table-stakes now, and buyers expect service providers to assist them in expanding their business and getting higher customer mindshare.
Leading service providers are adapting to the evolving demand by increasing investments in domain expertise, technology, and Robotic Process Automation (RPA). Service providers need to take a more consultative approach and try to position themselves as business partners rather than just labor-arbitrage enablers.
In this research, we analyze the global P&C insurance BPO service provider landscape. We focus on:
This report examines the global P&C insurance BPO market and its service provider landscape. It provides detailed analysis of the capabilities and market performance of service providers and their relative position on the Everest Group PEAK Matrix and will assist key stakeholders (insurance companies, service providers, and technology vendors) understand the current state of the P&C insurance BPO service provider landscape.
Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.