The global L&P insurance BPO market continues to show steady growth. It registered ~7% growth in revenue in 2016, similar to its growth in 2015. In terms of FTEs, the market witnessed deployment strengthened by ~8%. L&P insurance BPO adoption remains concentrated in North America and the United Kingdom, which together account for more than 90% of the revenue. While the latter leads the market and accounts for nearly three-fifths of the global revenue, market growth is primarily being driven by North American buyers. Though Asia Pacific and Eastern Europe have been showing traction, these markets are yet to attain the size to drive market growth.
The market is seeing an increasing emphasis on more complex and judgment-intensive work such as analytics, risk management, actuarial, and regulatory reporting. Robotic Process Automation (RPA) has raised the potential for cost savings and efficiency achievable with BPO, and is steadily gaining traction in the industry. This gives service providers the opportunity to deliver greater benefits to their clients and differentiate themselves from the competition. Innovation is also being seen in pricing, with traditional pricing models such as FTE-based and fixed-fee models being replaced by outcome-based pricing models.
This report provides comprehensive coverage of the global L&P 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 (L&P insurers, service providers, TPAs, and technology providers) to understand the changing dynamics of the L&P insurance BPO market and identify the upcoming trends. Some of the findings in this report are: