NAICS Code 524298-09 - Insurance-Plan Administrators

Marketing Level - NAICS 8-Digit

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Total Companies

168

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NAICS Code 524298-09 Description (8-Digit)

Insurance-Plan Administrators is a subdivision of the NAICS Code 524298 that involves companies that provide administrative services to insurance plans. These companies are responsible for managing and processing insurance claims, as well as providing customer service to policyholders. Insurance-Plan Administrators work with a variety of insurance plans, including health, life, and property insurance.

Hierarchy Navigation for NAICS Code 524298-09

Tools

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

  • Claims processing software
  • Customer relationship management (CRM) software
  • Electronic data interchange (EDI) software
  • Health insurance administration software
  • Life insurance administration software
  • Property insurance administration software
  • Risk management software
  • Underwriting software
  • Billing and payment processing software
  • Document management software

Industry Examples of Insurance-Plan Administrators

Common products and services typical of NAICS Code 524298-09, illustrating the main business activities and contributions to the market.

  • Health insurance claims processing
  • Life insurance policy administration
  • Property insurance claims management
  • Third-party insurance plan administration
  • Insurance claims adjudication
  • Insurance customer service
  • Insurance policy enrollment
  • Insurance premium billing
  • Insurance risk assessment
  • Insurance underwriting

Certifications, Compliance and Licenses for NAICS Code 524298-09 - Insurance-Plan Administrators

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

  • Certified Insurance Counselor (CIC): The CIC designation is a professional certification for insurance professionals who specialize in risk management and insurance. It is awarded by the National Alliance for Insurance Education and Research. The certification requires passing five exams and completing an annual continuing education requirement.
  • Chartered Property Casualty Underwriter (CPCU): The CPCU designation is a professional certification for insurance professionals who specialize in property and casualty insurance. It is awarded by the American Institute of CPCU. The certification requires passing eight exams and completing an annual continuing education requirement.
  • Associate In Risk Management (ARM): The ARM designation is a professional certification for insurance professionals who specialize in risk management. It is awarded by the Insurance Institute of America. The certification requires passing three exams and completing an annual continuing education requirement.
  • Certified Employee Benefit Specialist (CEBS): The CEBS designation is a professional certification for insurance professionals who specialize in employee benefits. It is awarded by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. The certification requires passing eight exams and completing an annual continuing education requirement.
  • Registered Health Underwriter (RHU): The RHU designation is a professional certification for insurance professionals who specialize in health insurance. It is awarded by the American College of Financial Services. The certification requires passing three exams and completing an annual continuing education requirement.

History

A concise historical narrative of NAICS Code 524298-09 covering global milestones and recent developments within the United States.

  • The Insurance-Plan Administrators industry has a long history dating back to the early 20th century when the first insurance plans were introduced. The industry has since grown and evolved, with notable advancements such as the introduction of group insurance plans in the 1920s and the development of computerized systems for managing insurance plans in the 1960s. In recent years, the industry has seen a shift towards more personalized and flexible insurance plans, with the use of technology to streamline processes and improve customer experience. In the United States, the industry has faced challenges such as increased regulation and competition, but has continued to adapt and innovate to meet changing consumer needs and preferences.

Future Outlook for Insurance-Plan Administrators

The anticipated future trajectory of the NAICS 524298-09 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Stable

    The insurance-plan administrators industry is expected to grow in the coming years due to the increasing demand for healthcare services and the need for efficient management of insurance plans. The industry is also expected to benefit from the growing trend of outsourcing administrative services to third-party providers. However, the industry may face challenges due to the changing regulatory environment and the increasing competition from other service providers. Overall, the industry is expected to experience steady growth in the near future.

Industry Innovations for NAICS Code 524298-09

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

  • Implementation of advanced technology solutions to improve the efficiency of administrative services.
  • Development of new insurance products and services to meet the changing needs of customers.
  • Expansion of services to new markets and regions to increase revenue and market share.
  • Adoption of data analytics and artificial intelligence to improve decision-making and risk management.
  • Collaboration with healthcare providers to offer integrated healthcare and insurance services.

NAICS Code 524298-09 - Insurance-Plan Administrators

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