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London Insurance Business Process Outsourcing Market 2021-2030 Share, Industry Growth, Size, Trends, Revenue Analysis | HCL Technologies Limited, Infosys Limited, Insuserve-1, Sutherland

London Insurance Business Process Outsourcing Market

London insurance business process outsourcing market was valued at US$ 518.4 Mn in 2020 and is expected to reach US$ 1,264.34 Mn and is anticipated expanding at a CAGR of 10.5% during the forecast period. Latest added London Insurance Business Process Outsourcing Market research study by Absolute Markets Insights (AMI) offers detailed product outlook and elaborates market review till 2030. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Accenture, Capita, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys Limited, Insuserve-1, Sutherland, WNS (Holdings) Ltd., Wipro Limited, among others. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

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This report studies the London Insurance Business Process Outsourcing Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the London Insurance Business Process Outsourcing Market by companies, region, type and end-use industry.

Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”London Insurance Business Process Outsourcing Market By Deployment Type (On-Premise And Cloud); By Types Of Outsourcing (Call Center Services, Data Processing Services, Data Mining Services, Outsourcing Services, Underwriting Services And Finance And Accounting Services); By Project Types (Life And Annuity Policy Services, Property And Casualty Policy Services/Claim Services And Pension Services); By Organization Size (Large Enterprises, Small And Medium Enterprises) – London Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021 – 2030″. Early buyers will get 10% customization on study.

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To Avail deep insights of London Insurance Business Process Outsourcing Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in London Insurance Business Process Outsourcing Market; the latest release from Absolute Markets Insights (AMI) highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

Industry Trends

The growth in London insurance business process outsourcing market is primarily owing to necessity of insurance companies to reduce operation cost, reduce time for new product launch and increase profit. In terms of deployment type, London insurance business process outsourcing market can be categorized into on-premise and cloud. Cloud based segment held the majority of share in the market and accounted for 73.6% in 2020. As per London based insurance BPO service provider, the maintenance cost of in-house IT infrastructure in an insurance company is high and represents a risk when there is a mix of legacy and more modern IT platforms. Insurance companies intend to reduce variety of IT platforms deployed in-house and reduce man-power cost of hiring skilled IT professionals. London insurance companies are thus migrating their whole IT system to cloud based IT infrastructure that reduce operation cost. Thus, in London, cloud-based insurance business process outsourcing services are anticipated to grow in future.

The U.K. government implemented GDPR (General Data Protection Regulation) from May 25, 2018. The regulator, Information Commissioner’s Office (ICO) are imposing heavy penalties and fines on breach of data privacy by organizations such as maximum fine of 4.0% of a company’s global annual turnover or Euro 20.0 Million. The government has also enacted UK Data Protection Act 2018. By nature, insurance company hold a large volume of personal data of their customers. Thus, insurance companies need to fully trust business process outsourcing service providers before they provide customer personal data. For insurance BPO service providers maintaining such data security requires significant capital investment which acts a restraint in the growth of the London insurance business process outsourcing market.

On the basis of types of outsourcing, market is divided into call center services, data processing services, data mining services, outsourcing services, underwriting services and finance and accounting services. Call center services held 35.37% of market share, the maximum among all, in 2020 and expected to hold 34.47% by 2030. However, data processing services will grow at the highest CAGR of 11.8% over the forecast period and drive the growth of London insurance business process outsourcing market.

On the basis of project type, the market is divided into life and annuity policy services, property and casualty policy services/claim services and pension services. Life and annuity policy services held 50.6% of market share in 2020. However, property and casualty policy services/claim services are expected to grow at the highest CAGR of 11.1% over the forecast period. In 2017, as per the U.S.-based Insurance Information Institute (I.I.I), London based Lloyd’s of London ranks among the top ten global property/casualty reinsurance premium written with a gross reinsurance premium written of US$ 14, 250. As wealth increases, the demand for property and casualty insurance in London is anticipated to grow leading to more volume of insurance back-office operations which subsequently will increase the demand for business process outsourcing services in the London insurance business process outsourcing market.

Investment in cloud computing and SaaS by BPO companies in London is helping insurance companies to provide cost-effective, efficient and seamless customer service. Software as a Service (SaaS) is a method of software delivery in which a third-party provider hosts applications and makes them available to customers over the internet. There are three main categories of cloud computing, alongside infrastructure as a service (IaaS) and platform as a service (PaaS). Some of the examples of SaaS are BigCommerce, Google Apps, Salesforce, Dropbox, MailChimp, ZenDesk, DocuSign, Slack and Hubspot amongst others. The emergence of KPO (Knowledge Process Outsourcing) services by BPO companies, which offer more specialized services such as equity research, market research, web design, and development, etc. is anticipated to influence the growth of London insurance business process outsourcing market during the forecast period.

London Insurance Business Process Outsourcing Market:

Insurance Business Process Outsourcing Market: By Deployment type

    • On-Premise
    • Cloud

Insurance Business Process Outsourcing Market: By Types of Outsourcing

    • Call Center Services
    • Data Processing Services
    • Data Mining Services
    • Outsourcing Services
    • Underwriting Services
    • Finance and Accounting Services

Insurance Business Process Outsourcing Market: By Project Types

    • Life and Annuity policy Services,
    • Property and Casualty Policy Services/Claim Services
    • Pension Services

Insurance Business Process Outsourcing Market: By Organization Size

    • Large Enterprises
    • Small and Medium Enterprises

The large scale London Insurance Business Process Outsourcing Market report defines CAGR value fluctuation during the forecast period of 2021-2030 for the market. The market research analysis conducted in this report provides an examination of various market segments that are relied upon to monitor the fastest development amid the estimated forecast frame. The company profiles leading to all the chief and dominating market players and brands that are taking steps such as product launches, joint ventures, mergers and acquisitions have been included in the report. London Insurance Business Process Outsourcing Market research report is a window to the industry which explains what market definition, classifications, applications, engagements and market trends are.

The research report of the global London Insurance Business Process Outsourcing market provides answers to the following key questions:

  • What is the expected market size, share, and CAGR of the London Insurance Business Process Outsourcing report by the end of the forecast period of 2030?
  • Does the report give customized insights on market segmentation as well as the intended audience?
  • What are the prime market growth driving factors and threats responsible for setting up the development of the London Insurance Business Process Outsourcing market worldwide?
  • What are the prominent market players operating in the London Insurance Business Process Outsourcing market? What strategies are adopted by them to stay ahead in the market?
  • What are the emerging and evolving technologies shaping the growth of the global market across various regions?
  • What are the opportunities in store of the business owners in the years to come?

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