Insurance business process outsourcing is expected to increase 67 percent by 2013 on a global basis, primarily from growth outside of North America and the United Kingdom, according to a Celent, a Boston-based financial research and consulting firm.
In a recent report, "Insurance Business Process Outsourcing: A Global View," both North America and Europe will continue to make up a large part of the global business process outsourcing (BPO) revenue stream. However, there are signs of growing interest in other regions, according to the report.
Celent said it estimates the global insurance BPO market for core insurance processes at $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 less than 11 percent.
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