Life and Pensions Business Process Outsourcing (BPO) Market Share, Size, Global Driving Factors by Manufacturers, Growth Opportunities, Regions, Type and Application, Revenue Market Forecast to 2028

The global life and pension business process outsourcing (BPO) market size is expected to reach USD 6,216.2 million with a revenue CAGR of 9.1% in 2028. on reducing insurance administration costs and the improvement of operational processes. Life insurance and pension companies benefit from outsourcing highly transactional processes, including new business processing, claims and payment management, and underwriting support. Insurance companies can gain substantial added value by leveraging BPO for other processes.

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For example, outsourcing actuarial support analysis is highly beneficial for optimizing pricing and accurate premium calculations, helping life insurance and pension companies target more consumers based on risk profiles and demographics. BPO providers such as TCS, DXC Technology, NTT Data Corporation and SE2 (decades of domain experience) are able to support cross-sell and up-sell initiatives, ensuring customer retention, exploiting new distribution channels and sales, and entering new geographies.

Some of the major companies in the market report include Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini, Accenture, and Capita.

Emergen Research has recently published a detailed report on the global life and pension business process outsourcing (BPO) market formulated through extensive primary and secondary research. The report offers in-depth knowledge and analysis of the life and pension business process outsourcing (BPO) market through verified and validated data selected to offer accurate information. The report also provides regional and country-level analysis of the Life and Pension Business Process Outsourcing (BPO) market and contains a detailed analysis of the key elements influencing the growth of the market in the region. The research study also contains historical, current and forecast estimates for each sector, segment, sub-segment and regions.

Key highlights of the report

In March 2021, Atos announced the extension of its partnership with Sapiens International Corporation, which is a firm dedicated to offering software solutions for firms in the insurance industry. Sapiens software solutions for life insurance will utilize Atos’ BPO services to achieve the highest level of customer and operational excellence.

Among buyer type segments, the transactional buyer segment represented a significantly strong revenue share in 2020. Transactional buyers are those who purchase point solutions for a particular insurance process or vertical or non-critical transaction.

In relation to life insurance and pension business process outsourcing, these types of buyers focus on lowering transaction processing costs by taking advantage of offshore labor arbitration. Additionally, these buyers may seek solutions specific to their verticals and beneficial to address and satisfy regulatory requirements.

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Emergen Research has segmented the global life and pension Business Process Outsourcing (BPO) market on the basis of type, services, organization size, buyer type, and region:

Type Outlook (Revenue, US$ million; 2018–2028)

Life insurance

Annuities and Pensions

Others

Services Outlook (Revenue, US$M; 2018–2028)

Policy and Claims Administration Service

subscription

Document management

actuarial support

Billing and accounts receivable

Regulatory reports

Asset Management

Change management services

New business support

Robotic Process Automation (RPA)

Analysis and information

Others

Organization Size Outlook (Revenue, Millions of USD; 2018-2028)

Small and medium businesses

Big enterprises

Buyer Type Outlook (Revenue, $M; 2018–2028)

transactional buyers

Digitally Evolved Insurance Buyers

Automation-driven service buyers

Buyers of integrated insurance solutions

RRegional analysis:

The report further examines the market in key regions of the world with respect to production and consumption patterns, import/export, supply-demand ratio, revenue generation, market share and size, and the presence of prominent players in the regions. The report also covers the expansion plans undertaken by the companies in the regions in the regional analysis section.

Key regions in the market include:

North America

US

Canada

Europe

United Kingdom

Italy

Germany

France

rest of the EU

Pacific Asia

India

Japan

Porcelain

South Korea

Australia

Rest of APAC

Latin America

Chili

Brazil

Argentina

Rest of Latin America

Middle East and Africa

Saudi Arabia

United Arab Emirates

South Africa

Rest of MEA

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Sweeping Features of Life and Pension Business Process Outsourcing (BPO) Market Report:

The report covers Life and Pensions Business Process Outsourcing (BPO) market overview along with market share, supply-demand ratio, production and consumption patterns, supply chain analysis, and others. elements of the law.

An in-depth analysis of the different approaches and procedures adopted by key players to conduct business efficiently

It offers information on the value of production and manufacturing, the products and services offered in the market, and useful information on investment strategies.

Supply chain analysis along with technological advances offered in the report.

The report covers an extensive analysis of the trends, drivers, restraints, constraints, threats, and growth opportunities in the Life and Pension Business Process Outsourcing (BPO) industry.

Key questions answered in the report:

What will be the estimated growth rate of the life and pension business process outsourcing (BPO) market in 2028?

Who are the leading distributors, suppliers and manufacturers in the market?

What are the driving and restraining factors of the growth of the Life and Pensions Business Process Outsourcing (BPO) market throughout the forecast period?

What are the current and future trends of the Life and Pensions Business Process Outsourcing (BPO) market?

What are the sales and price analysis of the product by types, applications and regions?

What are the expected opportunities for companies and new entrants in the coming years?

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