In line with hot global insurance outsourcing market, actuarial outsourcing (they are calling it actuarial process outsourcing or APO) is gathering mosses in India. KPOs in India are all out to woo actuaries with lucrative packages. According to a TOI report, it is estimated that Indian insurance outsourcing industry's revenue will rise from $790 million in 2007 to about $2 billion by 2010. As the market will mature, analysts feel, Indian IT companies which till now only have been doing back office insurance services will try to get contracts of complex actuarial valuations work.
Though there is no such study or research has been done on the scope of Actuarial outsourcing in India or offshore countries (you can expect some in near future or pretty soon), Mohit Thukral, senior VP of Genpact feels tha
t "The global insurance KPO market is estimated to be around $430 million in 2007 and India's share is expected to be about 70% at about $300 million by 2010,"
Sanjiv Kapur, Senior VP Head, Patni BPO says, "Various sources of market research predict the KPO industry to be anywhere between $10 billion to $17 billion by the year 2010. Going by the indication and the response we are seeing from the global market, India has the potential to become actuarial back office of the world."
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