Research and Markets: Insurance BPO to hit $8.9Bn by 2028
DUBLIN, IRELAND — The insurance business process outsourcing (BPO) market is evolving rapidly to meet changing demands, growing from $6.9 billion in 2022 to $8.9 billion by 2028 at a 4.3% compound annual growth (CAGR).
According to a new report by Research and Markets, the market’s growth is driven by the adoption of automation, such as robotic process automation (RPA) and artificial intelligence (AI), to enhance efficiency and customer experience.
Additionally, digital transformation through online portals, mobile apps, and chatbots is reshaping insurance operations by improving customer engagement and back-end functions.
BPO also assists insurance companies in navigating regulations more cost-effectively using secure, scalable cloud-based solutions. This compliance and optimization expands the market globally.
Overall, Research and Market said that outsourcing allows insurers to leverage external expertise for improved services while focusing on core competencies. Continued technology integration and evolving industry dynamics will shape the market’s future.
Regionally, North America leads the insurance BPO industry, aided by digitization and strong data protection regulations ensuring security. Europe follows closely with advanced automation and supportive government outsourcing initiatives.
Meanwhile, multinational companies like Accenture, Cognizant, Genpact, Infosys, Invensis Technologies, Mphasis Limited, and WNS Limited are leading the global insurance BPO market.
