Property and Casualty Insurance BPO – Annual Report 2016: The Dawn of Transformational Era – Adapt and Evolve to Succeed

The global P&C insurance BPO market registered nearly 17% CAGR over the last few years to reach ~US$1.4 billion. This insurance segment witnessed consistent number of new contract signing. Over the next two years, growth is expected to be driven by increasing adoption within the small-sized buyer segments and higher inclusion of judgment-intensive processes.

While political certainties will drive new contract signings in coming years, increasing expectations of buyers, driven by challenges faced and evolving consumer behavior, will enhance scope of service providers’ offerings. Digitalization, analytics, RPA, and TPA capabilities are expected to be key differentiators.

Scope and Methodology

  • Proprietary database of ~300 P&C insurance BPO contracts (updated annually)
  • Coverage of 20+ P&C insurance BPO service providers including Accenture, Capgemini, Capita, Cognizant, CSC, EXL, Genpact, HCCA HC, HCL, Infosys, Intelenet, MphasiS, NIIT Technologies, Sutherland Global Services, Syntel, TCS, WNS, and Xerox

Content

This report provides comprehensive coverage of the global P&C insurance BPO market, including adoption trends across geographies & buyer size, factors impacting the market, key solution characteristics, emerging trends, and service provider landscape. It will assist key stakeholders (P&C insurers, service providers, TPAs, and technology providers) to understand the changing dynamics of the P&C insurance BPO market and identify the upcoming trends. Some of the findings in this report are:

  • The P&C insurance BPO market has grown at a high CAGR of ~17% over last four years and is expected to grow at 14-16% in next few years
  • North America and United Kingdom continue to remain the primary markets for P&C insurance BPO, with the former being the largest market. Under-penetrated markets, such as Asia Pacific and Continental Europe, are expected to witness increased adoption and catalyze the growth in mid- to long-term future
  • Political uncertainties on account of impending U.S. elections and referendum for BREXIT resulted in cautious new adoption in 2014 and 2015
  • Increasing adoption of automation along with higher adoption of platform-based solutions within P&C insurance contracts is reducing the FTE-intensive play in transaction-based processes such as claims management
  • Service providers are strengthening capabilities around value-added services, such as RPA, digitalization, and analytics, via organic and inorganic routes

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Banking, Financial Services & Insurance (BFSI) - Business Process Outsourcing (BPO)

 
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