Report: $8.9 billion market size for outsourcing services in the insurance sector by 2029
A recent report issued by the Mordor Intelligence research platform estimated that the size of the market for business process outsourcing (BPO) services in the insurance sector globally by the end of this year will reach $7.1 billion, rising to $8.9 billion in 2029, with an annual growth rate of up to 4.8%.
According to the report, the outsourcing services market in the insurance sector includes all functions, policy management operations, claims processing, underwriting support, customer service, data entry, document processing, and back office operations.
According to the report, insurance companies seek outsourcing services at the lowest cost that help them reduce the efficiency of operational processes and enhance the customer service experience, as well as focus on their core activities.
The reasons for the growth of outsourcing services in the insurance sector include a number of factors, including increasing regulatory requirements and the expansion of digital transformation processes, in addition to increasing competition among all players in this activity, in addition to the new Corona virus pandemic, which quickly prompted companies to adapt to remote work environments and meet the needs of Changing customers.
According to the report, the most prominent IT service providers in the insurance sector are Infosys, DXC Technology and Wipro, in addition to the Tata Consulting Services Group.
