Life and Pensions Business Processing Outsourcing (BPO) Market to Witness Huge Growth by 2028 | Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini
The global life and pensions Business Process Outsourcing (BPO) market size is expected to reach USD 6,216.2 Million at a revenue CAGR of 9.1% in 2028, according to latest analysis by Emergen Research. Steady global life and pensions Business Process Outsourcing (BPO) market revenue growth can be attributed to rising focus on reducing insurance administration costs and improving operational processes.
The purpose of the global Life and Pensions Business Processing Outsourcing (BPO) Market research report is to provide substantial information about key segments and the competitive landscape of the Life and Pensions Business Processing Outsourcing (BPO) Market report. The report comprises an analysis of the Life and Pensions Business Processing Outsourcing (BPO) Market , regional bifurcation, competing factors, and other crucial segments. The report aims to provide a determining analysis of the market competition to help the user make pivotal business decisions
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Life and pension insurance companies benefit from outsourcing highly transactional processes, including new business processing, claims & payments administration, and underwriting support. Insurance companies can derive substantial added value by taking advantage of BPO for various other processes. For instance, outsourcing actuarial support analytics is highly beneficial for optimizing pricing and precise premium calculations, which aids life and pension insurance firms to target more consumers on basis of risk profiles and demographics.
Research Methodology
The Life and Pensions Business Processing Outsourcing (BPO) Market report is created using primary and secondary research. Primary research involves collection of first-hand information from the industry players by our team. Secondary research involves collection of information from various paid and unpaid sources which is backed by industry experts and analysts.
Key Highlights From the Report :
In March 2021, Atos declared the extension of its partnership with Sapiens International Corporation, which is a firm engaged in offering software solutions for firms in the insurance industry. Sapiens’ software solutions for life insurance will use BPO services of Atos to achieve the highest level of customer and operational excellence.
Among the buyer type segments, the transactional buyers segment accounted for a significantly robust revenue share in 2020. Transactional buyers are those who buy point solutions for a particular insurance process or vertical or non-critical transaction.
In relation to life and pension insurance business process outsourcing, these types of buyers focus on decreasing transaction processing costs by taking advantage of offshore labor arbitrage. Also, these buyers may seek solutions specific to their verticals and that are beneficial for addressing and catering to regulatory requirements.
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Some major players in the global market include Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini, Accenture, and Capita.
Emergen Research has segmented the global Life and Pensions Business Processing Outsourcing (BPO) Market are as :
Type Outlook (Revenue, USD Million; 2018–2028)
Life Insurance
Annuities & Pensions
Others
Services Outlook (Revenue, USD Million; 2018–2028)
Policy Servicing and Claims Administration
Underwriting
Document Management
Actuarial Support
Billing & Accounts Receivable
Regulatory Reporting
Asset Management
Change Management Services
New Business Support
Robotic Process Automation (RPA)
Analytics & Insights
Others
Geographical Segmentation:
The latest research report entails an in-depth analysis of the current growth opportunities for various regions of the Life and Pensions Business Processing Outsourcing (BPO) Market , gauging their revenue share over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading market regions profiled in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The report examines the market in terms of importance, market share, market size, revenue growth, demand and supply, patterns, competitive landscape, industrial chain analysis, and other important factors.
Reasons to Buy this Report?
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To identify potential expansion, investment, and contract opportunities
To determine important growth drivers, patterns, and other factors in regional and international markets
To analyze the statistical data for the market based on product, application, and end user
To compete with key market players by getting insights into their operations, projects, and operations
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