Tools commonly used in the Structured Settlement Buyers industry for day-to-day tasks and operations.

• Structured settlement payment calculator
• Financial analysis software
• Legal document review software
• Customer relationship management (CRM) software
• Payment processing software
• Risk assessment tools
• Investment analysis tools
• Market research tools
• Data analytics software
• Contract management software

Common products and services typical of NAICS Code 522310-04, illustrating the main business activities and contributions to the market.

• Structured settlement annuity
• Lottery winnings
• Personal injury settlements
• Medical malpractice settlements
• Workers' compensation settlements
• Wrongful death settlements
• Employment settlements
• Insurance settlements
• Inheritance payouts
• Divorce settlements

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Structured Settlement Consultant (CSSC): A certification provided by the National Structured Settlements Trade Association (NSSTA) that requires passing an exam and meeting certain experience requirements. The CSSC certification is designed for professionals who work with structured settlements, including structured settlement buyers.
• Certified Structured Settlement Specialist (CSSS): A certification provided by the National Association of Settlement Purchasers (NASP) that requires passing an exam and meeting certain experience requirements. The CSSS certification is designed for professionals who work with structured settlements, including structured settlement buyers.
• State Business License: Structured settlement buyers are required to obtain a state business license to operate legally in the US. The requirements for obtaining a business license vary by state. More information can be found on the website of the Secretary of State for each state.
• State Insurance License: In some states, structured settlement buyers are required to obtain an insurance license to operate legally. The requirements for obtaining an insurance license vary by state. More information can be found on the website of the Department of Insurance for each state.
• Federal Trade Commission (FTC) Regulations: The FTC has regulations that apply to structured settlement buyers, including the requirement to provide disclosures to customers and restrictions on advertising.

A concise historical narrative of NAICS Code 522310-04 covering global milestones and recent developments within the United States.

• Structured Settlement Buyers is a sub-industry of NAICS Code 522310, which is related to mortgage and nonmortgage loan brokers. The industry has a relatively short history, with the first structured settlement being created in the 1970s. The industry began to grow in the 1980s, with the introduction of federal tax laws that made structured settlements more attractive to plaintiffs. In the 1990s, the industry saw a significant increase in the number of companies offering structured settlement services. In recent years, the industry has faced increased scrutiny from regulators due to concerns about fraud and deceptive practices. In the United States, the industry has been impacted by changes in federal and state laws, as well as by the economic downturn of the late 2000s.

The anticipated future trajectory of the NAICS 522310-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  Structured Settlement Buyers are expected to experience steady growth in the coming years. The industry is expected to benefit from the increasing number of structured settlements being awarded in the US, as well as the growing number of individuals seeking to sell their structured settlements for a lump sum payment. Additionally, the industry is expected to benefit from the increasing number of insurance companies offering structured settlements as an alternative to lump sum payments. However, the industry may face challenges from regulatory changes and increased competition. Overall, the industry is expected to continue to grow in the coming years.

Recent groundbreaking advancements and milestones in the Structured Settlement Buyers industry, reflecting notable innovations that have reshaped its landscape.

• Increased Use Of Technology: Structured Settlement Buyers are increasingly using technology to streamline their operations and improve their customer experience. This includes the use of online platforms to connect with customers and the use of data analytics to better understand customer needs.
• Expansion Into New Markets: Some Structured Settlement Buyers are expanding into new markets, such as the purchase of annuities and lottery winnings. This allows them to diversify their revenue streams and reach new customers.
• Offering Additional Services: Some Structured Settlement Buyers are offering additional services, such as financial planning and investment advice, to their customers. This allows them to provide more value to their customers and differentiate themselves from competitors.
• Increased Transparency: Some Structured Settlement Buyers are increasing transparency in their operations, such as by providing more information about the purchase process and the fees involved. This helps to build trust with customers and improve the industry's reputation.
• Collaboration with Other Industry Players: Some Structured Settlement Buyers are collaborating with other industry players, such as insurance companies and financial advisors, to provide a more comprehensive service to customers. This allows them to leverage the expertise of other players in the industry and provide a more tailored service to customers.