Tools commonly used in the Insurance-Burial industry for day-to-day tasks and operations.

• Funeral expense calculator
• Actuarial tables
• Underwriting software
• Policy administration software
• Claims management software
• Customer relationship management (CRM) software
• Risk management software
• Financial planning software
• Compliance management software
• Marketing automation software

Common products and services typical of NAICS Code 524130-04, illustrating the main business activities and contributions to the market.

• Funeral insurance
• Burial insurance
• Final expense insurance
• Preneed funeral insurance
• End-of-life insurance
• Final arrangements insurance
• Cremation insurance
• Memorial insurance
• Death benefit insurance
• Funeral prepayment plans

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

• Funeral Director License: A license required by the state to practice as a funeral director. The requirements for this license vary by state. National Funeral Directors Association provides information on state requirements.
• Preneed Funeral Contract License: A license required by the state to sell preneed funeral contracts. The requirements for this license vary by state. National Funeral Directors Association provides information on state requirements.
• Insurance License: A license required by the state to sell insurance policies. The requirements for this license vary by state. National Association of Insurance Commissioners provides information on state requirements.
• National Board Examination Certification: A certification required to become a licensed funeral director or embalmer. The certification is provided by the International Conference of Funeral Service Examining Boards.
• Certified Preplanning Consultant: A certification provided by the National Funeral Directors Association to individuals who complete a training program on preneed funeral planning.

A concise historical narrative of NAICS Code 524130-04 covering global milestones and recent developments within the United States.

• The "Insurance-Burial" industry has a long history dating back to ancient times when burial societies were formed to help members cover the cost of funerals. In the United States, the industry began to take shape in the mid-19th century when fraternal organizations started offering burial insurance to their members. In the early 20th century, commercial insurance companies began to offer burial insurance policies, and by the 1950s, the industry had become well-established. In recent years, the industry has seen a shift towards pre-need funeral planning, where individuals can prepay for their funeral expenses and make arrangements in advance. This has been facilitated by the growth of online platforms that allow consumers to compare prices and services from different funeral homes.

The anticipated future trajectory of the NAICS 524130-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Insurance-Burial industry in the USA is positive. The industry is expected to grow due to the increasing aging population and the rising cost of funerals. The demand for burial insurance is expected to increase as people want to ensure that their funeral expenses are covered. The industry is also expected to benefit from the increasing awareness of the importance of funeral planning. However, the industry may face challenges due to the increasing competition from other insurance products and the changing preferences of consumers towards cremation. Overall, the industry is expected to grow steadily in the coming years.

Recent groundbreaking advancements and milestones in the Insurance-Burial industry, reflecting notable innovations that have reshaped its landscape.

• Online Platforms: Many companies in the Insurance-Burial industry have developed online platforms that allow customers to purchase policies and manage their accounts online. This has made it easier for customers to access burial insurance and has increased the efficiency of the industry.
• Customized Policies: Some companies in the industry have started offering customized policies that cater to the specific needs of customers. This has made the policies more attractive to customers and has increased the competitiveness of the industry.
• Partnership with Funeral Homes: Some companies in the industry have partnered with funeral homes to offer bundled services that include both burial insurance and funeral services. This has made it easier for customers to plan their funerals and has increased the revenue of the industry.
• Mobile Apps: Some companies in the industry have developed mobile apps that allow customers to manage their policies and access information about the industry. This has increased the convenience of the industry and has made it more accessible to younger customers.
• Social Media Marketing: Some companies in the industry have started using social media platforms to market their products and services. This has increased the visibility of the industry and has attracted younger customers who are more active on social media.