London, United Kingdom 19 March 2009
Insurance Business Process Outsourcing: A Global View
While North America and Europe will continue to make up a large part of the global BPO revenue stream, there are signs of growing interest in other regions.
In a new report, Insurance Business Process Outsourcing: A Global View, Celent reviews the activity in recent years in this market and examines trends through a detailed analysis of deals and provider interviews.
Celent estimates the global insurance BPO market for core insurance processes at US$5.2 billion in 2008. The market is expected to grow over the next five years to reach $8.7 billion in 2013. Driven by a variety of factors, growth will vary in each region, but the overall compound annual growth rate is estimated at 10.6%.
"The impact of the current economic crisis is still playing out, but we heard positive noise from providers interviewed about the potential in emerging regions, " says Catherine Stagg-Macey, senior analyst with Celent’s insurance practice and coauthor of the report. "Buyers in these regions clearly have different motivations than price arbitrage."
"Countries such as India and China are considering BPO as a way to scale quickly and access skilled resources," adds Michael Fitzgerald, senior analyst and coauthor of the report, This report is a companion to detailed research on Europe and North America published at the end of 2008.
The 28-page report contains 13 figures. A table of contents is available online.
Members of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.
