Key vendors to focus on the adoption of innovative technologies through the forecast period
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global health insurance market in their latest research report. This report also lists three other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
Competitive vendor landscape
The global market for health insurance is characterized by the presence of healthcare providers, who are trying to improve healthcare infrastructure. Top healthcare providers are adopting innovative technologies such as underwriting rules engine. Such technologies help customers make easy decisions pertaining to the purchase of different healthcare coverage policies. These new technologies also find application in helping customers opt for online buying solutions and also in counter policy issuance.
According to Abhay Sinha, a lead analyst at Technavio, “In some developing countries, the government is providing the poor public healthcare due to funding shortfalls and poor infrastructure facilities. As a result, many private healthcare providers are entering the market with higher funding mechanisms.”
Top five vendors in the health insurance market space
Zurich Insurance Group
Zurich Insurance Group offers a wide range of general insurance and life insurance products and services. It offers service to individuals, small-business, mid-size, and large-size businesses, including multinational companies. The company has three business segments – General Insurance, Global Life, and Farmers.
Key products: Healthcare professional liability, General liability insurance, Group personal accident, Basic and voluntary AD&D, Business travel accident, Occupational accident for truckers, Group life and long term disability insurance, Group health plans, Student and participant accident, Managed care excess solutions, Medical stop loss solutions, and Specialty health solutions
United Healthcare
United Healthcare offers healthcare benefits to people that varies from individuals and employers, varying from sole proprietorships to large multi-state, national and international organizations. It also offers healthcare benefits to Medicare beneficiaries and retirees. It manages the healthcare benefit program on behalf of state Medicaid and community programs.
Key products: All savers (small employer group plans), Tiered benefit plans, UnitedHealthcare CORE, UnitedHealthcare charter, Consumer-driven healthcare, Individual policies, Medicaid, Skilled nursing facilities, Medicare, UnitedHealthcare compass, and UnitedHealthcare navigate.
Aviva
Aviva has a strong business presence in 16 markets in the UK, Europe, Asia, and Canada. The UK and Ireland have the largest units of their business. The company has focused on expense efficiency and improving financial flexibility of their existing business force. Its core objective is to improve the solvency capital position to deliver more cash within the group.
Key products: Aviva health secure, Child health essentials, International health insurance, Private health insurance, Cancer essentials, Health cash plan, and Diagnostics insurance.
AXA
AXA operates in 59 countries worldwide and serves over 103 million customers. It is engaged in wealth protection, retirement planning, life protection, and project funding. In wealth management, the company offers a range of product for individuals and advisors alike.
Key products: Expatriate healthcare solutions, International health insurance, International group health insurance, and Islands health plan.
Allianz
Allianz provides financial products and services globally. The company provides assets management products and services, including equity and fixed income funds, alternative to third-party investors, as well as for its own insurance operations. The company operates through business segments which include life/health, property/casualty, and asset management.
Key products: Family plan, Couple plan, Individual Plan, and Value-added Services.
A more detailed analysis is available in the Technavio report, Global Health Insurance Market 2017-2021.
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