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/EIN News/ — Portland, OR, April 27, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global insurance BPO market generated $7.9 billion in 2022 and is estimated to reach $24.6 billion by 2032, witnessing a CAGR of 12.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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The report offers a detailed segmentation of the global insurance BPO market based on type, enterprise size, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
By type, the policy administration segment contributed to more than one-fourth of the global insurance BPO market revenue and is projected to maintain its dominance by 2032. On the other hand, the marketing segment would display the fastest CAGR of 16.3% throughout the forecast period. The report also studied the finance and accounting services, customer care services, asset management, and others segments.
By enterprise size, the large enterprises segment held the largest share in 2022, accounting for around two-thirds of the global insurance BPO market and would dominate the market in terms of revenue during the forecast period. However, the small and medium-sized enterprises segment would cite the fastest CAGR of 14.0% throughout the forecast period.
By application, the non-life insurance segment held the major share in 2022, garnering more than three-fifths of the global insurance BPO market revenue and is projected to rule the roost by 2032. Moreover, the life insurance segment is expected to witness the fastest CAGR of 14.3% from 2023 to 2032.
By region, North America held the major share in 2022, contributing to nearly two-fifths of the global insurance BPO market revenue. The Europe region, on the other hand, is likely to dominate the market in terms of revenue during the forecast period. Furthermore, the Asia-Pacific region would display the fastest CAGR of 15.1% throughout the forecast period. The other provinces studied through the report include LAMEA.
The leading market players analyzed in the global insurance BPO market report include Acquire BPO Pty Ltd, Infosys Limited, Accenture, Patra, Canon Business Process Services, WNS (Holdings) Ltd., Invensis Technologies Pvt Ltd, Cogneesol, Solartis, and Flat World Solutions Pvt. Ltd. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key benefits for stakeholders
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Insurance BPO Market Key Segments:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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