Asia Pacific Insurance BPO Services Market 2024-2033 by Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country: Trend Forecast and Growth Opportunity
- Report ID: 65382
- Date: May, 2024
- Pages: 114
- Category: BFSI
Asia Pacific insurance BPO services market will grow by 10.3% annually with a total addressable market cap of $31,427.9 million over 2023-2032, driven by the increasing importance of insurance BPO service, rising trends in the contract values of insurance BPO providers, growing digitalization and increased demand for high-quality services at a lower cost, a rising adoption of cloud-based solutions & increasing demand for specialized solutions by BPOs, and an increasing customer demand for best-in-class insurance service.
Highlighted with 32 tables and 55 figures, this 114-page report “Asia Pacific Insurance BPO Services Market 2024-2033 by Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Asia Pacific insurance BPO services market and all its sub-segments through extensively detailed classifications.
Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2021-2023 and provides forecast from 2024 till 2033 with 2023 as the base year.
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of Asia Pacific market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify Asia Pacific insurance BPO services market in every aspect of the classification from perspectives of Service Type, Insurance Type, Operation, Deployment Type, Application, Organization Size, and Country.
Based on Service Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• Human Resource Outsourcing Services
• IT Services
• Underwriting Services
• Customer Care Services
• Finance and Accounting Services
Based on Insurance Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• Life and Annuity Insurance
• Property and Casualty Insurance
By Operation, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• Claims Management
• Administration
• Asset Management
• Development
• Marketing
• Other Operations
By Deployment Type, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• On-Premises
• Cloud-based
By Application, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• BFSI
• Healthcare
• Manufacturing
• Retail
• IT & Telecom
• Other Applications
By Organization Size, the Asia Pacific market is segmented into the following sub-markets with annual revenue ($ mn) for 2024-2033 included in each section.
• SMEs
• Large Enterprises
Geographically, the following national/local markets are fully investigated:
• Japan
• China
• South Korea
• Australia
• India
• Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2024-2033. The breakdown of national markets by Service Type, Insurance Type, and Application over the forecast years are also included.
The report also covers the current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Accenture PLC
Cogneesol
Cognizant Technology Solutions Corporation
Dell Technologies, Inc.
DXC Technology Company
EXL Service Holdings, Inc.
Genpact Limited
HCL Technologies Limited
Infosys Limited
Mphasis Limited
Syntel
Water Street Company
Wipro Limited
WNS Asia Pacific Services Private Limited
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
1 Introduction 7
1.1 Industry Definition and Research Scope 7
1.1.1 Industry Definition 7
1.1.2 Research Scope 8
1.2 Research Methodology 11
1.2.1 Overview of Market Research Methodology 11
1.2.2 Market Assumption 12
1.2.3 Secondary Data 12
1.2.4 Primary Data 12
1.2.5 Data Filtration and Model Design 13
1.2.6 Market Size/Share Estimation 14
1.2.7 Research Limitations 15
1.3 Executive Summary 16
2 Market Overview and Dynamics 19
2.1 Market Size and Forecast 19
2.1.1 Impact of COVID-19 on World Economy 20
2.1.2 Impact of COVID-19 on the Market 23
2.1.3 Impact of Russia-Ukraine Conflict: War Slows Economic Recovery 25
2.2 Major Growth Drivers 29
2.3 Market Restraints and Challenges 33
2.4 Emerging Opportunities and Market Trends 36
2.5 Porter’s Fiver Forces Analysis 40
3 Segmentation of Asia Pacific Market by Service Type 44
3.1 Market Overview by Service Type 44
3.2 Human Resource Outsourcing Services 46
3.3 IT Services 47
3.4 Underwriting Services 48
3.5 Customer Care Services 49
3.6 Finance and Accounting Services 50
4 Segmentation of Asia Pacific Market by Insurance Type 51
4.1 Market Overview by Insurance Type 51
4.2 Life and Annuity Insurance 53
4.3 Property and Casualty Insurance 54
5 Segmentation of Asia Pacific Market by Operation 55
5.1 Market Overview by Operation 55
5.2 Claims Management 57
5.3 Administration 58
5.4 Asset Management 59
5.5 Development 60
5.6 Marketing 61
5.7 Other Operations 62
6 Segmentation of Asia Pacific Market by Deployment Type 63
6.1 Market Overview by Deployment Type 63
6.2 On-Premises 65
6.3 Cloud-based 66
7 Segmentation of Asia Pacific Market by Application 67
7.1 Market Overview by Application 67
7.2 BFSI 69
7.3 Healthcare 70
7.4 Manufacturing 71
7.5 Retail 72
7.6 IT & Telecom 73
7.7 Other Applications 74
8 Segmentation of Asia Pacific Market by Organization Size 75
8.1 Market Overview by Organization Size 75
8.2 SMEs 77
8.3 Large Enterprises 78
9 Asia-Pacific Market 2022-2032 by Country 79
9.1 Overview of Asia-Pacific Market 79
9.2 Japan 82
9.3 China 85
9.4 Australia 87
9.5 India 89
9.6 South Korea 91
9.7 Rest of APAC Region 93
10 Competitive Landscape 95
10.1 Overview of Key Vendors 95
10.2 New Product Launch, Partnership, Investment, and M&A 98
10.3 Company Profiles 99
Accenture PLC 99
Cogneesol 101
Cognizant Technology Solutions Corporation 102
Dell Technologies, Inc. 103
DXC Technology Company 104
EXL Service Holdings, Inc. 105
Genpact Limited 106
HCL Technologies Limited 107
Infosys Limited 108
Mphasis Limited 109
Syntel 110
Water Street Company 111
Wipro Limited 112
WNS Asia Pacific Services Private Limited 113
RELATED REPORTS 114
List of Tables
List of Tables:
Table 1. Snapshot of Asia Pacific Insurance BPO Services Market in Balanced Perspective, 2022-2032 17
Table 2. World Economic Outlook, 2021-2031 21
Table 3. World Economic Outlook, 2021-2023 22
Table 4. Scenarios for Economic Impact of Ukraine Crisis 26
Table 5. Worldwide Insurance Market, 2022-2032, $ bn 31
Table 6. Main Product Trends and Market Opportunities in Asia Pacific Insurance BPO Services Market 36
Table 7. Asia Pacific Insurance BPO Services Market by Service Type, 2022-2032, $ mn 44
Table 8. Asia Pacific Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 51
Table 9. Asia Pacific Insurance BPO Services Market by Operation, 2022-2032, $ mn 55
Table 10. Asia Pacific Insurance BPO Services Market by Deployment Type, 2022-2032, $ mn 63
Table 11. Asia Pacific Insurance BPO Services Market by Application, 2022-2032, $ mn 67
Table 12. Asia Pacific Insurance BPO Services Market by Organization Size, 2022-2032, $ mn 75
Table 13. APAC Insurance BPO Services Market by Country, 2022-2032, $ mn 80
Table 14. Japan Insurance BPO Services Market by Service Type, 2022-2032, $ mn 84
Table 15. Japan Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 84
Table 16. Japan Insurance BPO Services Market by Application, 2022-2032, $ mn 84
Table 17. China Insurance BPO Services Market by Service Type, 2022-2032, $ mn 86
Table 18. China Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 86
Table 19. China Insurance BPO Services Market by Application, 2022-2032, $ mn 86
Table 20. Australia Insurance BPO Services Market by Service Type, 2022-2032, $ mn 88
Table 21. Australia Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 88
Table 22. Australia Insurance BPO Services Market by Application, 2022-2032, $ mn 88
Table 23. India Insurance BPO Services Market by Service Type, 2022-2032, $ mn 90
Table 24. India Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 90
Table 25. India Insurance BPO Services Market by Application, 2022-2032, $ mn 90
Table 26. South Korea Insurance BPO Services Market by Service Type, 2022-2032, $ mn 92
Table 27. South Korea Insurance BPO Services Market by Insurance Type, 2022-2032, $ mn 92
Table 28. South Korea Insurance BPO Services Market by Application, 2022-2032, $ mn 92
Table 29. Insurance BPO Services Market in Rest of APAC by Country/Region, 2022-2032, $ mn 94
Table 30. Accenture PLC: Company Snapshot 99
Table 31. Accenture PLC: Business Segmentation 100
Table 32. Accenture PLC: Product Portfolio 100
List of Figures
List of Figures:
Figure 1. Research Method Flow Chart 11
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 14
Figure 3. Asia Pacific Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2022-2032 16
Figure 4. Asia Pacific Insurance BPO Services Market, 2022-2032, $ mn 19
Figure 5. Impact of COVID-19 on Business 23
Figure 6. Primary Drivers and Impact Factors of Asia Pacific Insurance BPO Services Market 29
Figure 7. GDP per capita in the World, 1990-2020, $ thousand 32
Figure 8. Forecast of World Middle-class Population by Region, 2015-2030, million 32
Figure 9. Primary Restraints and Impact Factors of Asia Pacific Insurance BPO Services Market 33
Figure 10. Investment Opportunity Analysis 37
Figure 11. Porter’s Fiver Forces Analysis of Asia Pacific Insurance BPO Services Market 40
Figure 12. Breakdown of Asia Pacific Insurance BPO Services Market by Service Type, 2022-2032, % of Revenue 45
Figure 13. Asia Pacific Addressable Market Cap in 2023-2032 by Service Type, Value ($ mn) and Share (%) 45
Figure 14. Asia Pacific Insurance BPO Services Market by Service Type: Human Resource Outsourcing Services, 2022-2032, $ mn 46
Figure 15. Asia Pacific Insurance BPO Services Market by Service Type: IT Services, 2022-2032, $ mn 47
Figure 16. Asia Pacific Insurance BPO Services Market by Service Type: Underwriting Services, 2022-2032, $ mn 48
Figure 17. Asia Pacific Insurance BPO Services Market by Service Type: Customer Care Services, 2022-2032, $ mn 49
Figure 18. Asia Pacific Insurance BPO Services Market by Service Type: Finance and Accounting Services, 2022-2032, $ mn 50
Figure 19. Breakdown of Asia Pacific Insurance BPO Services Market by Insurance Type, 2022-2032, % of Sales Revenue 52
Figure 20. Asia Pacific Addressable Market Cap in 2023-2032 by Insurance Type, Value ($ mn) and Share (%) 52
Figure 21. Asia Pacific Insurance BPO Services Market by Insurance Type: Life and Annuity Insurance, 2022-2032, $ mn 53
Figure 22. Asia Pacific Insurance BPO Services Market by Insurance Type: Property and Casualty Insurance, 2022-2032, $ mn 54
Figure 23. Breakdown of Asia Pacific Insurance BPO Services Market by Operation, 2022-2032, % of Sales Revenue 56
Figure 24. Asia Pacific Addressable Market Cap in 2023-2032 by Operation, Value ($ mn) and Share (%) 56
Figure 25. Asia Pacific Insurance BPO Services Market by Operation: Claims Management, 2022-2032, $ mn 57
Figure 26. Asia Pacific Insurance BPO Services Market by Operation: Administration, 2022-2032, $ mn 58
Figure 27. Asia Pacific Insurance BPO Services Market by Operation: Asset Management, 2022-2032, $ mn 59
Figure 28. Asia Pacific Insurance BPO Services Market by Operation: Development, 2022-2032, $ mn 60
Figure 29. Asia Pacific Insurance BPO Services Market by Operation: Marketing, 2022-2032, $ mn 61
Figure 30. Asia Pacific Insurance BPO Services Market by Operation: Other Operations, 2022-2032, $ mn 62
Figure 31. Breakdown of Asia Pacific Insurance BPO Services Market by Deployment Type, 2022-2032, % of Revenue 64
Figure 32. Asia Pacific Addressable Market Cap in 2023-2032 by Deployment Type, Value ($ mn) and Share (%) 64
Figure 33. Asia Pacific Insurance BPO Services Market by Deployment Type: On-Premises, 2022-2032, $ mn 65
Figure 34. Asia Pacific Insurance BPO Services Market by Deployment Type: Cloud-based, 2022-2032, $ mn 66
Figure 35. Breakdown of Asia Pacific Insurance BPO Services Market by Application, 2022-2032, % of Revenue 68
Figure 36. Asia Pacific Addressable Market Cap in 2023-2032 by Application, Value ($ mn) and Share (%) 68
Figure 37. Asia Pacific Insurance BPO Services Market by Application: BFSI, 2022-2032, $ mn 69
Figure 38. Asia Pacific Insurance BPO Services Market by Application: Healthcare, 2022-2032, $ mn 70
Figure 39. Asia Pacific Insurance BPO Services Market by Application: Manufacturing, 2022-2032, $ mn 71
Figure 40. Asia Pacific Insurance BPO Services Market by Application: Retail, 2022-2032, $ mn 72
Figure 41. Asia Pacific Insurance BPO Services Market by Application: IT & Telecom, 2022-2032, $ mn 73
Figure 42. Asia Pacific Insurance BPO Services Market by Application: Other Applications, 2022-2032, $ mn 74
Figure 43. Breakdown of Asia Pacific Insurance BPO Services Market by Organization Size, 2022-2032, % of Revenue 75
Figure 44. Asia Pacific Addressable Market Cap in 2023-2032 by Organization Size, Value ($ mn) and Share (%) 76
Figure 45. Asia Pacific Insurance BPO Services Market by Organization Size: SMEs, 2022-2032, $ mn 77
Figure 46. Asia Pacific Insurance BPO Services Market by Organization Size: Large Enterprises, 2022-2032, $ mn 78
Figure 47. Breakdown of APAC Insurance BPO Services Market by Country, 2022 and 2032, % of Revenue 80
Figure 48. Contribution to APAC 2023-2032 Cumulative Market by Country, Value ($ mn) and Share (%) 81
Figure 49. Insurance BPO Services Market in Japan, 2022-2032, $ mn 83
Figure 50. Insurance BPO Services Market in China, 2022-2032, $ mn 85
Figure 51. Insurance BPO Services Market in Australia, 2022-2032, $ mn 87
Figure 52. Insurance BPO Services Market in India, 2022-2032, $ mn 89
Figure 53. Insurance BPO Services Market in South Korea, 2022-2032, $ mn 91
Figure 54. Insurance BPO Services Market in Rest of APAC, 2022-2032, $ mn 93
Figure 55. Growth Stage of Asia Pacific Insurance BPO Services Industry over the Forecast Period 95
Research methodology is mainly referring to the practical how of any offered piece of research. More specifically, it’s all about how a researcher systematically designs a study in order to assure extremely valid as well as reliable results that ultimately address the targets and objectives of the research.
In any formal research including academic journal, article, dissertation and so on, there will be a special section on a research methodology that mainly describes what, by whom, how to gather as well as how to evaluate the data are provided.
This research methodology has been segmented into following types:
Primary Research:
It is said to be original information that the researchers collect for the crucial purposes of answering the research questions of readers with the help of surveys, observations and experiments.
Secondary Research:
The secondary research is the data that has already been collected by various other researchers in the form of government analysis or scientific studies.
Qualitative Research:
It is descriptive and subjective method irrespective of facts. Both observation and description are essential in this type of research methodology. Its main vision is to analyze knowledge, attitudes, behaviours as well as opinions of people related to the topic of any research. This method has been operated through grounded research, case study and actionable research.
Quantitative Research:
It contains several laboratory experiments, basic surveys, mathematical calculations, simulations and so on. The possible measurement, quantity or amount is considered to be a major factor in the quantitative research methodology.
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