London Insurance Business Process Outsourcing Market is Anticipated to Grow at a CAGR of 10.5% by 2027 Owing to Growing Need to Reduce Back Office Operation Cost of Insurance Companies in London, Says Absolute Markets Insights

PR Newswire

PUNE, India, Jan. 31, 2020 /PRNewswire/ -- In London, reduction in back office operation cost of insurance companies through outsourcing of these operations to BPO firms is aiding the growth of the London insurance business process outsourcing market. For instance, a London-based insurance back office service provider Cogneesol, offers services including insurance proposal generation, data entry services, insurance policy checking services, insurance claim management services among others. Such services are enabling insurance companies to reduce their operation cost, increase profits, comply to government business regulations among others.

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The insurance companies in London market, with the help of business process outsourcing companies, have implanted machine learning and artificial intelligence (AI) in their IT operations. AI and machine learning help insurance companies to connect with the customers seamlessly. These emerging technologies enable insurance companies to provide better customer service, ensure higher rate of customer acquisition, increased customer retention, effective cross-sell and upsell, and a more personalized AI-powered customer experience among others. For example, Lloyd's and several other insurance companies in London have already implemented artificial intelligence and machine-learning to enhance their business practices. Thus increasing adoption of AI and machine learning are increasing the market size of London insurance business process outsourcing market.

The U.K. insurance market is one of the three largest insurance market in Europe with high insurance penetration and premiums per capita. Rising trend by insurance companies moving towards digitalisation is increasing outsourcing of IT operations to business process outsourcing companies. Thus, insurance companies in London represent a good opportunity for the insurance business process outsourcing market players. Rise in penetration of driverless vehicles in London led to an act, Automated and Electric Vehicles Act which makes compulsory motor vehicle insurance for driverless cars. Anticipated rise in driverless vehicles are expected to increase the size of London insurance market which subsequently will create a good opportunity for London insurance business process outsourcing market players in London insurance.

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The detailed research study provides qualitative and quantitative analysis of the London insurance business process outsourcing market. The airport logistics systems market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional presence and strategies.

Key Findings of the Report:

The London insurance business process outsourcing market is anticipated to grow at a CAGR of 10.5% during the forecast period, owing to growing adoption of outsourcing solutions among insurance companies to reduce operation cost.
Insurance companies in London market are moving towards digital by implementing machine learning, artificial intelligence (AI) among others in their IT operations.
Rising adoption of driverless vehicles is anticipated to increase the London insurance market at an exponential growth rate which is anticipated to showcase growth opportunity for insurance business process outsourcing market players in London.
Some of the players operating in the London insurance business process outsourcing market include Accenture, Capita, Cognizant, EXL, Genpact, HCL Technologies Limited, Infosys Limited, Insuserve-1, Sutherland, WNS (Holdings) Ltd., Wipro Limited, among others.

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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

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