NAICS Code 524210-04 - Insurance-Health & AccidentMarketing Level - NAICS 8-Digit
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NAICS Code 524210-04 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524210-04
Parent Code (less specific)
Tools commonly used in the Insurance-Health & Accident industry for day-to-day tasks and operations.
- Actuarial software
- Claims management software
- Underwriting software
- Risk assessment tools
- Customer relationship management (CRM) software
- Policy administration software
- Electronic signature software
- Fraud detection software
- Data analytics tools
- Compliance management software
Industry Examples of Insurance-Health & Accident
Common products and services typical of NAICS Code 524210-04, illustrating the main business activities and contributions to the market.
- Health insurance
- Accident insurance
- Disability insurance
- Critical illness insurance
- Long-term care insurance
- Dental insurance
- Vision insurance
- Medicare supplement insurance
- Travel health insurance
- Student health insurance
Certifications, Compliance and Licenses for NAICS Code 524210-04 - Insurance-Health & Accident
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Health Insurance Associate (HIA): This certification is offered by America's Health Insurance Plans (AHIP) and is designed for professionals who work in the health insurance industry. It covers topics such as health insurance products, regulations, and ethics. The certification is recognized by many employers in the industry.
- Certified Health Insurance Specialist (CHIS): This certification is offered by the National Association of Health Underwriters (NAHU) and is designed for professionals who work in the health insurance industry. It covers topics such as health insurance products, regulations, and ethics. The certification is recognized by many employers in the industry.
- Health Insurance Portability and Accountability Act (HIPAA) Compliance: HIPAA is a federal law that regulates the privacy and security of health information. Compliance with HIPAA is required for all entities that handle protected health information, including health insurance companies.
- Affordable Care Act (ACA) Compliance: The ACA is a federal law that regulates the health insurance industry. Compliance with the ACA is required for all health insurance companies that offer plans on the individual and small group markets.
- Centers for Medicare & Medicaid Services (CMS) Compliance: CMS is a federal agency that regulates the Medicare and Medicaid programs. Compliance with CMS regulations is required for all health insurance companies that offer plans in these programs.
A concise historical narrative of NAICS Code 524210-04 covering global milestones and recent developments within the United States.
- The "Insurance-Health & Accident" industry has a long and complex history worldwide. The earliest forms of health insurance can be traced back to ancient China, where workers would pool their resources to cover medical expenses. In the United States, the first health insurance policy was sold in 1850 by the Franklin Health Assurance Company of Massachusetts. The industry continued to grow throughout the 20th century, with the introduction of Medicare and Medicaid in the 1960s and the Affordable Care Act in 2010. Recent advancements in technology have also had a significant impact on the industry, with the rise of telemedicine and wearable health devices. In the United States, the "Insurance-Health & Accident" industry has undergone significant changes in recent history. The passage of the Affordable Care Act in 2010 led to a surge in demand for health insurance, as millions of previously uninsured Americans gained coverage. The industry has also seen increased consolidation, with larger insurance companies acquiring smaller ones to gain market share. In addition, the rise of digital health startups has disrupted traditional insurance models, with companies like Oscar Health and Clover Health offering innovative approaches to healthcare coverage.
Future Outlook for Insurance-Health & Accident
The anticipated future trajectory of the NAICS 524210-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
Growth Prediction: StableThe future outlook for the Insurance-Health & Accident industry in the USA is positive due to the increasing demand for healthcare services and the growing aging population. The industry is expected to grow due to the rising healthcare costs and the need for health insurance. The COVID-19 pandemic has also increased the demand for health insurance, which is expected to continue in the future. The industry is also expected to benefit from the increasing use of technology, such as telemedicine, which is expected to reduce healthcare costs and improve access to healthcare services. However, the industry may face challenges due to the changing regulatory environment and the increasing competition from new entrants. Overall, the industry is expected to grow in the future due to the increasing demand for healthcare services and the growing aging population.
Industry Innovations for NAICS Code 524210-04
Recent groundbreaking advancements and milestones in the Insurance-Health & Accident industry, reflecting notable innovations that have reshaped its landscape.
- Health insurance companies are using artificial intelligence (AI) and machine learning to improve the accuracy of claims processing and reduce fraud.
- Some health insurance companies are offering wellness programs to their customers to encourage healthy behaviors and reduce healthcare costs.
- Health insurance companies are partnering with healthcare providers to offer value-based care, which focuses on improving patient outcomes and reducing healthcare costs.
- Some health insurance companies are offering virtual care services, such as telemedicine, to improve access to healthcare services and reduce healthcare costs.
- Health insurance companies are using data analytics to identify high-risk patients and provide them with targeted interventions to improve their health outcomes.
NAICS Code 524210-04 - Insurance-Health & Accident
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