NAICS Code 524210-13 - Insurance Buying & TransferringMarketing Level - NAICS 8-Digit
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NAICS Code 524210-13 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524210-13
Parent Code (less specific)
Tools commonly used in the Insurance Buying & Transferring industry for day-to-day tasks and operations.
- Insurance rating software
- Customer relationship management (CRM) software
- Insurance policy management software
- Claims management software
- Underwriting software
- Risk assessment tools
- Insurance quote comparison tools
- Electronic signature software
- Data analytics tools
- Compliance management software
Industry Examples of Insurance Buying & Transferring
Common products and services typical of NAICS Code 524210-13, illustrating the main business activities and contributions to the market.
- Property and casualty insurance brokers
- Life insurance brokers
- Health insurance brokers
- Disability insurance brokers
- Reinsurance brokers
- Insurance risk management consultants
- Insurance claims adjusters
- Insurance appraisers
- Insurance investigators
- Insurance loss control consultants
Certifications, Compliance and Licenses for NAICS Code 524210-13 - Insurance Buying & Transferring
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Property and Casualty Insurance License: This license is required for individuals who sell insurance policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. The license is issued by the state insurance department. [National Association of Insurance Commissioners]
- Life and Health Insurance License: This license is required for individuals who sell insurance policies that provide coverage for medical expenses, disability, and death. The license is issued by the state insurance department. [National Association of Insurance Commissioners]
- Certified Insurance Counselor (CIC): This certification is awarded to insurance professionals who complete a rigorous training program that covers various aspects of insurance, including risk management, insurance policy analysis, and insurance agency management. The program is offered by the National Alliance for Insurance Education & Research. [National Alliance for Insurance Education & Research]
- Chartered Property Casualty Underwriter (CPCU): This certification is awarded to insurance professionals who complete a comprehensive program that covers various aspects of property and casualty insurance, including risk management, insurance policy analysis, and insurance agency management. The program is offered by the American Institute for CPCU. [American Institute for CPCU]
- Certified Risk Manager (CRM): This certification is awarded to insurance professionals who complete a program that covers various aspects of risk management, including identifying, assessing, and managing risks. The program is offered by the National Alliance for Insurance Education & Research. [National Alliance for Insurance Education & Research]
A concise historical narrative of NAICS Code 524210-13 covering global milestones and recent developments within the United States.
- The Insurance Buying & Transferring industry has a long history dating back to the 17th century when the first insurance company was established in London. The industry has since grown and evolved, with notable advancements such as the introduction of standardized policies and the use of technology to streamline processes. In the United States, the industry saw significant growth in the 20th century, with the establishment of large insurance companies and the introduction of new insurance products such as health and life insurance. More recently, the industry has faced challenges such as increased competition and regulatory changes, but has also seen advancements in technology and data analytics that have improved efficiency and customer experience.
Future Outlook for Insurance Buying & Transferring
The anticipated future trajectory of the NAICS 524210-13 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 Buying & Transferring industry in the USA is positive. The industry is expected to grow due to the increasing demand for insurance products and services. The rise in the number of natural disasters and the increasing awareness of the importance of insurance coverage are some of the factors that are expected to drive the growth of the industry. The industry is also expected to benefit from the increasing use of technology, which is making it easier for consumers to purchase insurance products online. However, the industry is also facing challenges such as increased competition and regulatory changes, which could impact its growth in the future.
Industry Innovations for NAICS Code 524210-13
Recent groundbreaking advancements and milestones in the Insurance Buying & Transferring industry, reflecting notable innovations that have reshaped its landscape.
- Insurtech Platforms: These platforms are using technology to make it easier for consumers to purchase insurance products online. They are also providing consumers with more personalized insurance products and services.
- Mobile Apps: Insurance companies are developing mobile apps that allow consumers to manage their insurance policies and file claims from their smartphones.
- Artificial Intelligence: Insurance companies are using AI to improve their underwriting processes and to detect fraud.
- Cyber Insurance: With the increasing threat of cyber attacks, insurance companies are developing new products to help businesses protect themselves against cyber threats.
- Usage-Based Insurance: Insurance companies are offering usage-based insurance products that allow consumers to pay for insurance based on their actual usage of a product or service.
NAICS Code 524210-13 - Insurance Buying & Transferring
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