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

• Actuarial software
• Statistical analysis software
• Data visualization tools
• Risk management software
• Underwriting software
• Financial analysis tools
• Rating agency software
• Insurance policy management software
• Claims management software
• Fraud detection software

Common products and services typical of NAICS Code 524298-10, illustrating the main business activities and contributions to the market.

• Auto insurance rates
• Homeowners insurance rates
• Life insurance rates
• Health insurance rates
• Commercial property insurance rates
• Liability insurance rates
• Workers' compensation insurance rates
• Marine insurance rates
• Aviation insurance rates
• Crop insurance rates

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

• Certified Insurance Data Manager (CIDM): This certification is offered by the Insurance Data Management Association (IDMA) and is designed for professionals who work with insurance data. The certification covers topics such as data quality, data governance, and data analytics. The CIDM certification is recognized by many insurance companies and is a valuable credential for professionals in the insurance industry.
• Chartered Property Casualty Underwriter (CPCU): This certification is offered by the American Institute of CPCU (Chartered Property Casualty Underwriters) and is designed for professionals who work in the property and casualty insurance industry. The certification covers topics such as risk management, insurance policy analysis, and insurance operations. The CPCU certification is recognized by many insurance companies and is a valuable credential for professionals in the insurance industry.
• Associate In Insurance Data Analytics (AIDA): This certification is offered by the Insurance Institute of America (IIA) and is designed for professionals who work with insurance data. The certification covers topics such as data analytics, data visualization, and data management. The AIDA certification is recognized by many insurance companies and is a valuable credential for professionals in the insurance industry.
• Associate In Insurance Services (AIS): This certification is offered by the Insurance Institute of America (IIA) and is designed for professionals who work in insurance services. The certification covers topics such as insurance policy analysis, insurance operations, and customer service. The AIS certification is recognized by many insurance companies and is a valuable credential for professionals in the insurance industry.
• Certified Insurance Counselor (CIC): This certification is offered by the National Alliance for Insurance Education & Research and is designed for professionals who work in insurance sales and service. The certification covers topics such as insurance policy analysis, risk management, and customer service. The CIC certification is recognized by many insurance companies and is a valuable credential for professionals in the insurance industry.

A concise historical narrative of NAICS Code 524298-10 covering global milestones and recent developments within the United States.

• Insurance-rating bureaus have been around since the early 1900s, with the first bureau being established in 1906. These bureaus were created to provide insurance companies with information about the risks associated with insuring certain individuals or businesses. In the early days, the bureaus collected data on a wide range of topics, including fire hazards, building codes, and crime rates. Over time, the focus of the bureaus shifted to more specific areas, such as auto insurance and workers' compensation. In recent years, the industry has seen a shift towards the use of technology to collect and analyze data, as well as an increased focus on providing customized risk assessments to clients. In the United States, the insurance-rating bureau industry has a long and storied history. The first bureau in the US was established in 1911, and by the 1920s, there were more than 20 bureaus operating in the country. These bureaus played a critical role in the development of the insurance industry, providing insurers with the information they needed to make informed decisions about risk. In the 1970s and 1980s, the industry underwent significant changes, with many bureaus merging or going out of business. Today, the industry is dominated by a few large players, and the focus has shifted to providing more customized risk assessments to clients.

The anticipated future trajectory of the NAICS 524298-10 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-Rating Bureaus industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for insurance products and services. The rise in the number of insurance policies and the need for accurate and reliable information on insurance rates and risks are expected to drive the growth of the industry. Additionally, the increasing use of technology and data analytics is expected to create new opportunities for the industry. However, the industry may face challenges such as regulatory changes and increased competition from new entrants. Overall, the industry is expected to continue to grow and evolve in the coming years.

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

• Verisk Analytics launched a new product called "InsurTech Express" in 2020, which is a platform that provides data and analytics to help insurers and reinsurers evaluate insurtech startups.
• In 2019, A.M. Best launched a new rating methodology for insurance companies that incorporates innovation and technology.
• In 2018, Moody's Analytics launched a new tool called "Cyber Risk Score" that helps insurers assess the cyber risk of their policyholders.
• In 2017, Verisk Analytics acquired Sequel Business Solutions, a software provider for the insurance industry, to expand its offerings in the insurance software market.
• In 2016, A.M. Best launched a new rating methodology for insurance companies that incorporates the use of predictive analytics.