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, 2019 - 2027
Industry Trends
London insurance business process outsourcing market was valued at US$ 518.4 Mn in 2018 and is expected to reach US$ 1,264.34 Mn and is anticipated expanding at a CAGR of 10.5% during the forecast period.
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 2018. 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 2018 and expected to hold 34.47% by 2027. 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 2018. 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 Revenue & Forecast, (US$ Million), 2015 – 2027
Competitive Landscape
The report provides both, qualitative and quantitative research of London insurance business process outsourcing market, as well as provides comprehensive insights and development methods adopted by the key contenders. The report also offers extensive research on the key players in this market and details on the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by these major market participants are also recognized and analyzed in the report. For each company, the report studies their London presence, competitors, service offerings and specification amongst others.
Some of the players operating in the London insurance business process outsourcing market are Accenture, Capita, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys Limited, Insuserve-1, Sutherland, WNS (Holdings) Ltd., Wipro Limited, among others.
London Insurance Business Process Outsourcing Market:
- By Deployment type
- On-Premise
- Cloud
- By Types of Outsourcing
- Call Center Services
- Data Processing Services
- Data Mining Services
- Outsourcing Services
- Underwriting Services
- Finance and Accounting Services
- By Project Types
- Life and Annuity policy Services,
- Property and Casualty Policy Services/Claim Services
- Pension Services
- By Organization Size
- Large Enterprises
- Small and Medium Enterprises
Table of Contents
1.
Market Scope
1.1. Market Segmentation
1.2. Years Considered
1.2.1. Historic Years: 2013 - 2017
1.2.2. Base Year: 2018
1.2.3. Forecast Years: 2019 – 2027
2.
Key Target Audiences
3.
Research Methodology
3.1. Primary Research
3.1.1. Research Questionnaire
3.1.2. London Percentage Breakdown
3.1.3. Primary Interviews: Key Opinion Leaders (KOLs)
3.2. Secondary Research
3.2.1. Paid Databases
3.2.2. Secondary Sources
3.3. Market Size Estimates
3.3.1. Top-Down Approach
3.3.2. Bottom-Up Approach
3.4. Data Triangulation Methodology
3.5. Research Assumptions
4.
Recommendations and
Insights from AMI’s Perspective**
5.
Holistic Overview of
Insurance Business Process Outsourcing Market
6.
Market Synopsis: Insurance Business Process Outsourcing Market
7.
Insurance Business
Process Outsourcing Market Analysis: Qualitative Perspective
7.1. Introduction
7.1.1. Product Definition
7.1.2. Industry Development
7.2. Market Dynamics
7.2.1. Drivers
7.2.2. Restraints
7.2.3. Opportunities
7.3. Trends in Insurance Business Process Outsourcing Market
7.4. Market Determinants Radar Chart
7.5. Macro-Economic and Micro-Economic Indicators: Insurance
Business Process Outsourcing Market
7.6. Industry Gross Margin Overview
7.7. Porter’s Five Force Analysis
8.
London Insurance
Business Process Outsourcing Market Analysis and Forecasts, 2019 – 2027
8.1. Overview
8.1.1. London Insurance Business Process Outsourcing Market Revenue
(US$ Mn)
8.2. London Insurance Business Process Outsourcing Market Revenue
(US$ Mn) and Forecasts, By Deployment
type
8.2.1. On-Premise
8.2.1.1. Definition
8.2.1.2. Market Penetration, 2018
8.2.1.3. Market Estimation, 2013 – 2018
8.2.1.4. Market Forecast, 2019 – 2027
8.2.1.5. Compound Annual Growth Rate (CAGR)
8.2.2. Cloud
8.2.2.1. Definition
8.2.2.2. Market Penetration, 2018
8.2.2.3. Market Estimation, 2013 – 2018
8.2.2.4. Market Forecast, 2019 – 2027
8.2.2.5. Compound Annual Growth Rate (CAGR)
8.3. Key Segment for Channeling Investments
8.3.1. By Deployment type
9.
London Insurance
Business Process Outsourcing Market Analysis and Forecasts, 2019 – 2027
9.1. Overview
9.2. London Insurance Business Process Outsourcing Market Revenue
(US$ Mn) and Forecasts, By Types of
Outsourcing
9.2.1. Call Center Services
9.2.1.1. Definition
9.2.1.2. Market Penetration, 2018
9.2.1.3. Market Estimation, 2013 – 2018
9.2.1.4. Market Forecast, 2019 – 2027
9.2.1.5. Compound Annual Growth Rate (CAGR)
9.2.2. Data Processing Services
9.2.2.1. Definition
9.2.2.2. Market Penetration, 2018
9.2.2.3. Market Estimation, 2013 – 2018
9.2.2.4. Market Forecast, 2019 – 2027
9.2.2.5. Compound Annual Growth Rate (CAGR)
9.2.3. Data Mining Services
9.2.3.1. Definition
9.2.3.2. Market Penetration, 2018
9.2.3.3. Market Estimation, 2013 – 2018
9.2.3.4. Market Forecast, 2019 – 2027
9.2.3.5. Compound Annual Growth Rate (CAGR)
9.2.4. Outsourcing Services
9.2.4.1. Definition
9.2.4.2. Market Penetration, 2018
9.2.4.3. Market Estimation, 2013 – 2018
9.2.4.4. Market Forecast, 2019 – 2027
9.2.4.5. Compound Annual Growth Rate (CAGR)
9.2.5. Underwriting Services
9.2.5.1. Definition
9.2.5.2. Market Penetration, 2018
9.2.5.3. Market Estimation, 2013 – 2018
9.2.5.4. Market Forecast, 2019 – 2027
9.2.5.5. Compound Annual Growth Rate (CAGR)
9.2.6. Finance and Accounting Services
9.2.6.1. Definition
9.2.6.2. Market Penetration, 2018
9.2.6.3. Market Estimation, 2013 – 2018
9.2.6.4. Market Forecast, 2019 – 2027
9.2.6.5. Compound Annual Growth Rate (CAGR)
9.3. Key Segment for Channeling Investments
9.3.1. By Types of Outsourcing
10.
London Insurance
Business Process Outsourcing Market Analysis and Forecasts, 2019 – 2027
10.1. Overview
10.2. London Insurance Business Process Outsourcing Market Revenue
(US$ Mn) and Forecasts, By Project Types
10.2.1. Life and Annuity policy Services
10.2.1.1. Definition
10.2.1.2. Market Penetration, 2018
10.2.1.3. Market Estimation, 2013 – 2018
10.2.1.4. Market Forecast, 2019 – 2027
10.2.1.5. Compound Annual Growth Rate (CAGR)
10.2.2. Property and Casualty Policy Services/Claim Services
10.2.2.1. Definition
10.2.2.2. Market Penetration, 2018
10.2.2.3. Market Estimation, 2013 – 2018
10.2.2.4. Market Forecast, 2019 – 2027
10.2.2.5. Compound Annual Growth Rate (CAGR)
10.2.3. Pension Services
10.2.3.1. Definition
10.2.3.2. Market Penetration, 2018
10.2.3.3. Market Estimation, 2013 – 2018
10.2.3.4. Market Forecast, 2019 – 2027
10.2.3.5. Compound Annual Growth Rate (CAGR)
10.3. Key Segment for Channeling Investments
10.3.1. By Project Types
11.
London Insurance
Business Process Outsourcing Market Analysis and Forecasts, 2019 – 2027
11.1. Overview
11.2. London Insurance Business Process Outsourcing Market Revenue
(US$ Mn) and Forecasts, By Organization Size
11.2.1. Large Enterprises
11.2.1.1. Definition
11.2.1.2. Market Penetration, 2018
11.2.1.3. Market Estimation, 2013 – 2018
11.2.1.4. Market Forecast, 2019 – 2027
11.2.1.5. Compound Annual Growth Rate (CAGR)
11.2.2. Small and Medium Enterprises
11.2.2.1. Definition
11.2.2.2. Market Penetration, 2018
11.2.2.3. Market Estimation, 2013 – 2018
11.2.2.4. Market Forecast, 2019 – 2027
11.2.2.5. Compound Annual Growth Rate (CAGR)
11.3. Key Segment for Channeling Investments
11.3.1. By Organization Size
12.
Competitive Benchmarking
12.1. Market Share Analysis, 2018
12.2. London Presence and Growth Strategies
12.2.1. Mergers and Acquisitions
12.2.2. Product Launches
12.2.3. Investments Trends
12.2.4. R&D Initiatives
13.
Player Profiles
13.1. Accenture
13.1.1. Company Details
13.1.2. Company Overview
13.1.3. Product Offerings
13.1.4. Key Developments
13.1.5. Financial Analysis
13.1.6. SWOT Analysis
13.1.7. Business Strategies
13.2. Capita
13.2.1. Company Details
13.2.2. Company Overview
13.2.3. Product Offerings
13.2.4. Key Developments
13.2.5. Financial Analysis
13.2.6. SWOT Analysis
13.2.7. Business Strategies
13.3. Cognizant
13.3.1. Company Details
13.3.2. Company Overview
13.3.3. Product Offerings
13.3.4. Key Developments
13.3.5. Financial Analysis
13.3.6. SWOT Analysis
13.3.7. Business Strategies
13.4. EXL
13.4.1. Company Details
13.4.2. Company Overview
13.4.3. Product Offerings
13.4.4. Key Developments
13.4.5. Financial Analysis
13.4.6. SWOT Analysis
13.4.7. Business Strategies
13.5. Genpact
13.5.1. Company Details
13.5.2. Company Overview
13.5.3. Product Offerings
13.5.4. Key Developments
13.5.5. Financial Analysis
13.5.6. SWOT Analysis
13.5.7. Business Strategies
13.6. HCL Technologies Limited
13.6.1. Company Details
13.6.2. Company Overview
13.6.3. Product Offerings
13.6.4. Key Developments
13.6.5. Financial Analysis
13.6.6. SWOT Analysis
13.6.7. Business Strategies
13.7. Infosys Limited
13.7.1. Company Details
13.7.2. Company Overview
13.7.3. Product Offerings
13.7.4. Key Developments
13.7.5. Financial Analysis
13.7.6. SWOT Analysis
13.7.7. Business Strategies
13.8. Insuserve-1
13.8.1. Company Details
13.8.2. Company Overview
13.8.3. Product Offerings
13.8.4. Key Developments
13.8.5. Financial Analysis
13.8.6. SWOT Analysis
13.8.7. Business Strategies
13.9. Sutherland
13.9.1. Company Details
13.9.2. Company Overview
13.9.3. Product Offerings
13.9.4. Key Developments
13.9.5. Financial Analysis
13.9.6. SWOT Analysis
13.9.7. Business Strategies
13.10. WNS (Holdings) Ltd.
13.10.1. Company Details
13.10.2. Company Overview
13.10.3. Product Offerings
13.10.4. Key Developments
13.10.5. Financial Analysis
13.10.6. SWOT Analysis
13.10.7. Business Strategies
13.11. Wipro Limited
13.11.1. Company Details
13.11.2. Company Overview
13.11.3. Product Offerings
13.11.4. Key Developments
13.11.5. Financial Analysis
13.11.6. SWOT Analysis
13.11.7. Business Strategies
13.12. Other Market Participants
13.12.1. Company Details
13.12.2. Company Overview
13.12.3. Product Offerings
13.12.4. Key Developments
13.12.5. Financial Analysis
13.12.6. SWOT Analysis
13.12.7. Business Strategies
14.
Key Findings
Note: This ToC is tentative and can
be changed according to the research study conducted during the course of
report completion.
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- Key Opinion Leaders namely the CEOs, CSOs, VPs, purchasing managers, amongst others
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Research Methodology
Key Inclusions
