Financial Services & Insurance Research News

Research details developments in APAC's insurance business process outsourcing (BPO) market forecast to 2022

This report studies the Insurance Business Process Outsourcing (BPO) market status and outlook of global and major regions, from angles of players, regions, product and end Application/industries; this report analyzes the top players in global and major regions, and splits the Insurance Business Process Outsourcing (BPO) market by product and Application/end industries.

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Insurance BPO is a sub-segment of the Banking, Financial Services, and Insurance (BFSI) BPO segment. BPO service providers support some of the leading financial institutions and custodians in the world.

The value chain of the Insurance industry comprises of product development, marketing, administration, asset management, and claims management. Insurance BPO is a segment of outsourcing, which consists of subcontracting the business processes of an organization to a third-party vendor that has expertise in the insurance domain.

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It can be defined as 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 clients increase operational efficiency, concentrate on their core competencies, reduce time-to-market, obtain access to fresh talent and experience along with latest technologies, and build an organization with an economical cost structure.

The global Insurance Business Process Outsourcing (BPO) market is valued at XX million USD in 2016 and is expected to reach XX million USD by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
Korea will still play an important role which cannot be ignored. Any changes from Korea might affect the development trend of Insurance Business Process Outsourcing (BPO).
Australia also play important roles in global market, with market size of xx million USD in 2016 and will be xx million USD in 2022, with a CAGR of XX.

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