Latest report on the Global Life and Pensions Business Process Outsourcing (BPO) Market highlights the recent developments and technological advancements in the global Life and Pensions Business Process Outsourcing (BPO) market. The report offers a bird’s eye view of the Life and Pensions Business Process Outsourcing (BPO) market with regards to economic scenario, competitive landscape, production and demands, and consumption analysis. The report also offers a stringent analysis of the market drivers, restraints, limitations, challenges, growth prospects, and threats of the market. The report provides an extensive analysis of the market segmentation and expansion across key regions.

Increasing emphasis on third-party outsourcing agreements and partnerships pertaining to customer satisfaction, operational optimization, digitalization, product development innovation, and sales and distribution are some major factors fueling revenue growth of the global life and pension BPO market revenue growth to a significant extent. Several of these operations need digital capabilities such as cloud-based platforms, Robotic Process Automation (RPA), and analytics. Increasing investment by insurance providers to enhance these capabilities through outsourcing business processes will provide highly lucrative revenue opportunities for players in the market going ahead.

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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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Frequently asked questions addressed in the report:

• What is the predicted growth rate of the global Life and Pensions Business Process Outsourcing (BPO) market over the forecast period?
• What are the latest trending factors influencing market growth?
• What are the major factors driving the growth of the Global Life and Pensions Business Process Outsourcing (BPO) Market?
• What are the risks and challenges existing in the industry?
• What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

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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