L&P Insurance BPO – Annual Report 2016: Breaking New Grounds

The global L&P insurance BPO market registered nearly 8% CAGR over the last few years to reach ~US$1.9 billion. The segment witnessed a 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 the 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 the differentiators.

Scope and Methodology

  • Proprietary database of 300+ L&P insurance BPO contracts (updated annually)
  • Coverage of 20+ L&P insurance BPO service providers including Accenture, Capgemini, Capita, Cognizant, Concentrix, CSC, Dell, EXL, Genpact, HCL, Infosys, Intelenet, MphasiS, NIIT Technologies, SE2, Sutherland Global Services, Syntel, TCS, WNS, and Xerox
  • Content

    This report provides comprehensive coverage of the global L&P insurance BPO market, including adoption trends across geographies and 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:

    • While the year 2014 witnessed a relatively sluggish growth rate of around 7%, scope expansion of existing deals and the signing of new ones revived the growth to ~11% in 2015
    • North America and United Kingdom continue to be key geographies in the L&P insurance BPO market, with the majority of growth coming from the North American region
    • Increasing adoption of automation, along with higher adoption of platform-based solutions within L&P insurance contracts, is reducing the FTE-intensive play in rule-based processes such as policy servicing
    • Providers are strengthening capabilities around value-added services such as RPA, digitalization, and analytics via organic and inorganic routes
    • Subscription(s)

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

 
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