NAICS Code 524114-01 - Accident & Health Ins (Underwriters)Marketing Level - NAICS 8-Digit
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NAICS Code 524114-01 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524114-01
Parent Code (less specific)
Tools commonly used in the Accident & Health Ins (Underwriters) industry for day-to-day tasks and operations.
- Actuarial software
- Underwriting software
- Risk assessment tools
- Claims management software
- Customer relationship management (CRM) software
- Data analysis tools
- Policy administration software
- Fraud detection software
- Compliance management software
- Electronic signature software
Industry Examples of Accident & Health Ins (Underwriters)
Common products and services typical of NAICS Code 524114-01, illustrating the main business activities and contributions to the market.
- Disability insurance
- Accident insurance
- Critical illness insurance
- Long-term care insurance
- Dental insurance
- Vision insurance
- Travel insurance
- Student health insurance
- Group health insurance
- Personal accident insurance
Certifications, Compliance and Licenses for NAICS Code 524114-01 - Accident & Health Ins (Underwriters)
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Health Insurance License: A license required by all insurance agents and brokers who sell health insurance products. It is issued by the state in which the agent or broker resides. The license ensures that the agent or broker has the necessary knowledge and skills to sell health insurance products. Issued by the state insurance department.
- Certified Health Insurance Specialist (CHIS): A certification that demonstrates expertise in the field of health insurance. It is awarded by the National Association of Health Underwriters (NAHU). The certification requires passing an exam and completing continuing education courses.
- Certified Employee Benefit Specialist (CEBS): A certification that demonstrates expertise in the field of employee benefits. It is awarded by the International Foundation of Employee Benefit Plans (IFEBP). The certification requires passing an exam and completing continuing education courses.
- Health Insurance Portability and Accountability Act (HIPAA) Compliance: A regulation that requires health insurance companies to protect the privacy and security of individuals' health information. It also requires health insurance companies to provide certain rights to individuals regarding their health information. Issued by the US Department of Health and Human Services.
- Affordable Care Act (ACA) Compliance: A regulation that requires health insurance companies to provide certain benefits and protections to individuals. It also requires health insurance companies to meet certain standards for coverage and pricing. Issued by the US Department of Health and Human Services.
A concise historical narrative of NAICS Code 524114-01 covering global milestones and recent developments within the United States.
- The "Accident & Health Ins (Underwriters)" industry has a long history dating back to the 19th century when the first accident insurance policies were introduced in Europe. In the United States, the industry began to take shape in the early 20th century when the first health insurance policies were offered to workers. The industry experienced significant growth in the mid-20th century, with the introduction of Medicare and Medicaid programs. In recent years, the industry has faced challenges due to rising healthcare costs and regulatory changes, but has also seen advancements in technology and data analytics that have improved underwriting and risk management practices.
Future Outlook for Accident & Health Ins (Underwriters)
The anticipated future trajectory of the NAICS 524114-01 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
Growth Prediction: StableThe Accident & Health Ins (Underwriters) industry in the USA is expected to grow in the coming years due to the increasing demand for health insurance. The industry is expected to benefit from the aging population, which will require more health insurance coverage. Additionally, the industry is expected to benefit from the increasing number of people who are self-employed or work for small businesses, who are more likely to purchase individual health insurance plans. However, the industry may face challenges due to the uncertainty surrounding healthcare policy in the USA. Overall, the industry is expected to experience steady growth in the coming years.
Industry Innovations for NAICS Code 524114-01
Recent groundbreaking advancements and milestones in the Accident & Health Ins (Underwriters) industry, reflecting notable innovations that have reshaped its landscape.
- Telemedicine: Many health insurance companies are now offering telemedicine services, which allow patients to consult with doctors remotely. This innovation has made healthcare more accessible and convenient for patients.
- Wearable Technology: Some health insurance companies are now offering discounts to customers who use wearable technology to track their fitness and health. This innovation has encouraged people to take a more proactive approach to their health.
- Personalized Health Plans: Some health insurance companies are now offering personalized health plans that are tailored to each individual's health needs. This innovation has made healthcare more efficient and effective.
- Health Savings Accounts: Many health insurance companies are now offering health savings accounts, which allow customers to save money tax-free for medical expenses. This innovation has made healthcare more affordable for many people.
- Mental Health Coverage: Many health insurance companies are now offering more comprehensive coverage for mental health services. This innovation has helped to reduce the stigma surrounding mental health and has made it easier for people to access the care they need.
NAICS Code 524114-01 - Accident & Health Ins (Underwriters)
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