13-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “London Insurance Business Process Outsourcing Market By Deployment Types (On-Premise and Cloud-Based), By Types of Outsourcing (Call Center Services, Data Mining Services, Finance & Accounting Services, Underwriting Services, Data Processing Services, and Outsourcing Services), By Project Types (Life & Annuity Policy Services, Property & Casualty Policy Services/Claim Services, and Pension Services), and By Organization Size (Large Enterprises and Small & Medium Enterprises): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2027”. According to the report, the London insurance business process outsourcing market is predicted to be valued at approximately USD 518 million in 2018 and is expected to reach a value of around USD 1,264 million by 2027, at a CAGR of around 10.5 % between 2019 and 2027.
The insurance industry is witnessing substantial changes generated by the market as well as regulations. Traditional business models have come under threat and customers, supervisors, and other investors are demanding a reorientation of insurance firms. Moreover, the current years have demonstrated that insurance organizations require flexibility and agility in adjusting to their operating business prototypes depending upon the rapidly altering environment. Myriad sourcing plans are the most common way to enhance the operational elasticity of an insurance firm. Outsourcing of business processes and outsourcing of information technology is the most regular business practice. Outsourcing is defined as providing the contract of current business processes that are not part of the principal competencies of an organization to an independent firm.
Browse the full “London Insurance Business Process Outsourcing Market By Deployment Types (On-Premise and Cloud-Based), By Types of Outsourcing (Call Center Services, Data Mining Services, Finance & Accounting Services, Underwriting Services, Data Processing Services, and Outsourcing Services), By Project Types (Life & Annuity Policy Services, Property & Casualty Policy Services/Claim Services, and Pension Services), and By Organization Size (Large Enterprises and Small & Medium Enterprises): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2027” Report at https://www.fnfresearch.com/london-insurance-business-process-outsourcing-market-by-deployment-128
Cost-efficiency & higher level of flexibility will steer the business trends
The growth of the market during the period from 2019 to 2027 is due to the business process outsourcing offering cost-efficacy and flexibility. Apart from this, the hiring of the workforce from outside or another country can prove to be cost-effective for the firm as the firm has to pay fewer wages as compared to the regional staff. This will further contribute towards the surge of the London insurance business process outsourcing industry over the forecast timeline. Nevertheless, the thinner work limits and strict enforcement of laws will impede the expansion of the market over the forecast period. In addition to this, data security can pose a huge challenge to business expansion. However, the evolution of the knowledge process outsourcing sector has assisted in the fulfillment of the new business demands & offering special roles like equity research, web development, market research, and web design. This, in turn, will create lucrative growth avenues for the market during the forecast timeline.
Furthermore, evolving technologies like cloud computing, automation, and social media utilized by the business process outsourcing firms will further steer the expansion of the industry over the forecast timeline.
Cloud-based deployment type segment to contribute majorly towards the market expansion
The growth of the segment during the period from 2019 to 2027 is attributed to the large-scale deployment of cloud systems for the effective functioning of the insurance business process outsourcing activities.
Call center services to lead the types of outsourcing segment by 2027
The segmental growth during the forecast period is attributed to the massive demand for call center services by the outsourcing firms of the developed countries like the UK, the U.S., and Australia. Moreover, the call center services are proving to be cost-effective and efficient as the employees in third world countries charge less as compared to the developed countries. All these aspects are expected to steer the growth of the segment during the forecast timeline.
Property and casualty policy services/ claim services segment to record the highest CAGR by over 2019-2027
Property and casualty policy services/ claim services segment is predicted to register the highest growth rate of over 11% during the forecast period. The growth of the segment is owing to a massive demand for these services in Europe as well as in London.
Report Scope
Report Attribute |
Details |
Market Size in 2017 |
USD 518 Million |
Projected Market Size in 2027 |
USD 1,264 Million |
Growth Rate |
CAGR 10.5 % |
Base Year |
2017 |
Forecast Years |
2018-2027 |
Key Market Players |
Accenture plc, Capita plc, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys, Insuserve-1, Sutherland Global Services Inc, WNS (Holdings) Ltd, Wipro Limited and Others |
Key Segment |
By Deployment, By Types of Outsourcing, By Project Types, By Organization Size and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the key players in the market include
Accenture plc, Capita plc, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys, Insuserve-1, Sutherland Global Services, Inc., WNS (Holdings) Ltd., and Wipro Limited.
This report segments the London Insurance Business Process Outsourcing market as follows:
By Deployment Segment Analysis
By Types of Outsourcing Segment Analysis
- Call Center Services
- Data Mining Services
- Finance & Accounting Services
- Underwriting Services
- Data Processing Services
- Outsourcing Services
By Project Types Segment Analysis
- Life & Annuity Policy Services
- Property & Casualty Policy Services/Claim Services
- Pension Services
By Organization Size Segment Analysis
- Large Enterprises
- Small & Medium Enterprises
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