- The key vendors in the Global Insurance BPO Market 2014-2018 are EXL Services Holdings Inc., Genpact Ltd., Tata Consultancy Services Ltd. and WNS Holdings Ltd.
London, 03 September 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Insurance BPO Market 2014-2018. The outsourcing of complex processes such as actuarial analysis and underwriting and analytics support have increased in recent years and is expected to increase further during the forecast period. The Global Insurance BPO market is expected to grow at a CAGR of 5.19 percent during the period 2013-2018.
Insurance BPO is a sub-segment of the BFSI BPO segment. Its service providers support the leading financial institutions and custodians in the world. It is a strategy of delegating one or more business activities to external companies (vendors), which in turn administer and manage the selected activity based on defined and measurable performance criteria. It helps client firms increase their operational efficiency, concentrate on their core competencies, reduce time-to-market, obtain access to fresh talent and experience along with the latest technologies, and build an organization with an economical cost structure in the long run.
“The outsourcing of business processes in the Insurance segment of the BFSI sector has enabled multinational financial institutions to reduce their time-to-market through the adoption of lean business process models,” says Faisal Ghaus, Vice President of TechNavio Research.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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