The global life and pensions Business Process Outsourcing (BPO) market size is expected to reach USD 6,216.2 Million at a revenue CAGR of 9.1% in 2028, according to latest analysis by Emergen Research. Steady global life and pensions Business Process Outsourcing (BPO) market revenue growth can be attributed to rising focus on reducing insurance administration costs and improving operational processes. Life and pension insurance companies benefit from outsourcing highly transactional processes, including new business processing, claims & payments administration, and underwriting support.

The latest study performs the quantitative and qualitative assessment of the global market dynamics, taking into consideration a slew of factors, such as market penetration, product portfolios, pricing structure, end-user industries, and key drivers and constraints. The report segments the market to help readers get a more in-depth understanding of the different aspects of the market. With an inspection of the financial standing of the leading companies operating in this market, the report provides information on their gross profits, revenue shares, sales volume, manufacturing costs, individual growth rate, and numerous other financial ratios.

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Some Key Highlights From the Report

• In March 2021, Atos declared the extension of its partnership with Sapiens International Corporation, which is a firm engaged in offering software solutions for firms in the insurance industry. Sapiens’ software solutions for life insurance will use BPO services of Atos to achieve the highest level of customer and operational excellence.
• Life and pension BPO market in North America accounted to comparatively larger revenue share than other regional markets in 2020, which is attributed to high adoption of digital technologies, stringent regulations in countries such as the US and Canada, and increasing emphasis by insurance companies in the region to standardize business processes. In addition, presence of major players in the region are causative of robust market revenue growth.
• Some major players in the global market include Tata Consultancy Services, DXC Technology, SE2, Cognizant, EXL Service, Concentrix, NTT Data Corporation, Capgemini, Accenture, and Capita.

Life and Pensions Business Process Outsourcing (BPO) Market Segmentation:

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

• Type Outlook (Revenue, USD Million; 2018–2028)
  • Life Insurance
  • Annuities & Pensions
  • Others
• Services Outlook (Revenue, USD Million; 2018–2028)
  • Policy Servicing and Claims Administration
  • Underwriting
  • Document Management
  • Actuarial Support
  • Billing & Accounts Receivable
  • Regulatory Reporting
  • Asset Management
  • Change Management Services
  • New Business Support
  • Robotic Process Automation (RPA)
  • Analytics & Insights
  • Others
• Organization Size Outlook (Revenue, USD Million; 2018–2028)
  • Small & Medium Sized Enterprises
  • Large Enterprises
• Buyer Type Outlook (Revenue, USD Million; 2018–2028)
  • Transactional Buyers
  • Digitally Evolved Insurance Buyers
  • Automation Driven Services Buyers
  • Integrated Insurance Solutions Buyers

Key Geographical Segments:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key questions addressed:

• What are the estimated CAGR for the global Life and Pensions Business Process Outsourcing (BPO) market and each segment in the global market?
• Which market segments and sub-segments have been covered in this report? Which of these segments is foreseen to exhibit the highest growth rate over the projected period? What are the most prominent industry aspects likely to impact the market values and shares of the regionsviz., North America, Europe, Asia Pacific, Latin America, and Middle East &Asia? What do the SWOT analysis and Porter’s five forces entailed in the report signify with respect to the future position of the market?
• Which are the leading companies operating in the global Life and Pensions Business Process Outsourcing (BPO) market? What are their strengths and weaknesses?
• What are the most common market expansion strategies applied by the key market competitors to reinforce their market positions?

Table of Content:

Chapter 1. Methodology & Sources
    1.1. Market Definition
    1.2. Research Scope  
    1.3. Methodology
    1.4. Research Sources
          1.4.1. Primary
          1.4.2. Secondary
          1.4.3. Paid Sources
    1.5. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Life and Pensions BPO Market Segmentation & Impact Analysis
    4.1. Life and Pensions BPO Market Material Segmentation Analysis
    4.2. Industrial Outlook
          4.2.1. Market indicators analysis
          4.2.2. Market drivers’ analysis
                    4.2.2.1. Strict regulatory policies about insurance document handling and processing
                    4.2.2.2. Increasing demand to reduce administration cost and improve operational processes
                    4.2.2.3. Rising adoption of cloud-based services
                    4.2.2.4. Growing digitalization of life and pension BPO industry
          4.2.3. Market restraints analysis 
                    4.2.3.1. Lack of skilled professional 
    4.3. Technological Insights 
    4.4. Regulatory Framework
    4.5. Porter’s Five Forces Analysis
    4.6. Competitive Metric Space Analysis
    4.7. Price trend Analysis
    4.8. Covid-19 Impact Analysis

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