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A PEAK into the Leaders, Major Contenders, and Emerging Players of Insurance BPO

ID: EGR-2012-11-R-0801
December 2012
58 pages

Introduction

The insurance BPO market has witnessed its highest activity in the last two years. The number of insurance contracts signed in 2011-2012 was more than double the number signed during the peak of the global economic downturn of 2008-2009, which also affected insurance companies severely. As the market expands, insurers are looking at BPO as a key tool to cut costs, improve operations, and manage regulations. Service providers are, in turn, differentiating their offerings through better technology, strong delivery capabilities, and the ability to serve niche segments.

Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix for insurance BPO 

Scope and Methodology

In this research, we analyze the global insurance BPO service provider landscape. We focus on:

  • Relative positioning of 10 service providers on Everest Group PEAK Matrix for insurance BPO
  • Service provider market success
  • Service provider capability advancements
  • Emerging service provider trends
  • Implications for insurers and service providers

Five emerging service provider trends observed in the insurance BPO space  

Content

This report will help key stakeholders (insurers, service providers, and service enablers) identify market Leaders, Major Contenders, and Emerging Players in the insurance BPO market and compare capabilities of market leaders vis-à-vis others. At the same time, it will also highlight the key emerging trends in the insurance BPO market and the key implications for buyers and service providers. The report provides detailed analysis of the service provider market shares, relative position on Everest Group PEAK Matrix, service provider capability assessment, and emerging service provider trends. Some of the findings of this report are:

  • Everest Group classifies 10 insurance BPO service providers on Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix into the three categories of Leaders, Major Contenders, and Emerging Players. The PEAK Matrix is a framework to assess the absolute market success and overall capability of service providers
  • The 2012 insurance BPO PEAK Matrix has three Leaders (EXL Service, TCS, and WNS), followed by four Major Contenders (Genpact, HCL, Infosys, and Wipro), and three Emerging Players (Capgemini, Cognizant, and Serco)
  • Leaders account for about 60% of the overall insurance BPO market in terms of revenue and are growing at a healthy rate. EXL Service is the biggest player in the U.S. BPO insurance market and TCS in the UK BPO insurance market
  • Leaders hold a clear advantage over Major Contenders and Emerging Players in their scale of operations
  • There is significant variation across service providers when their relative capability across the L&P and P&C segments and their market success across different geographies is assessed
  • Leaders and Major Contenders have significantly higher number of delivery locations and more global delivery presence when compared to Emerging Players
  • Platform-based BPO offerings, increasing focus on the U.S. closed books BPO market, inclusion of complex processes in insurance BPO contracts, higher degree of onshoring, and regulatory and risk management BPO are the current trends in the insurance BPO market