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Insurance BPO – Annual Report 2013: In an Increasingly Volatile World, Insurance is Finding New Takers
20 Dec 2013
by
Manu Aggarwal, Rajesh Ranjan
Introduction
The global insurance BPO market has grown steadily over the last three years to reach ~US$2.3 billion. Higher proportion of new contract signings as compared to renewals and extensions highlight longer term of insurance BPO contracts and the increasing penetration of insurance BPO into newer geographies. Although the overall value proposition of insurance BPO is driven by cost reduction, rising demand for complex work is slowly turning focus towards process efficiency and effectiveness.
Scope of analysis
- Proprietary database of 150+ insurance BPO contracts (updated annually)
- Coverage across 16 insurance BPO service providers including Capgemini, Cognizant, CSC, Dell, EXL, Genpact, HCL, Infosys, MphasiS, Serco, Sutherland Global Services, Syntel, TCS, Tech Mahindra, Wipro, and WNS
Content
This report will assist key stakeholders (buyers, service providers, and technology providers) understand the changing dynamics of the insurance BPO market and help them identify the trends. In this backdrop, this report provides comprehensive coverage of the insurance BPO market, including adoption trends across geographies and insurance segments, key solution characteristics, service provider landscape, and areas of service investments. Some of the findings in this report are:
- The last two years have seen a much higher number of new contracts compared to renewals and extensions because of higher adoption in nascent geographies such as Asia Pacific, Latin America, and Western Europe
- While U.S. is split equally between L&P and P&C insurance BPO segments, UK and APAC show a marked preference for L&P insurance BPO
- While L&P shows preference for platform solutions, owing to closed books inclusion, P&C segment is leaning more towards augmentation solutions
- While FTE-based pricing continues to be the dominant pricing model in CCO, pricing structures have evolved over time with L&P insurance BPO showing affinity towards output-based pricing
- TCS and EXL are the biggest insurance BPO service providers and account for ~47% market share by revenue
Page Count: 53
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Note: this report is from 2012. See our most recent R2R research report.
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