Are you looking to add Health Insurance Platforms to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Health Insurance Platforms statistics of 2024.
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On this page, you’ll learn about the following:
Best Health Insurance Platforms Statistics
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- Investments Life/annuity and P/C insurers are key players in capital markets, with $9.7 trillion in cash and invested assets in 2020, according to S&P Global Market Intelligence. [0]
- From 2011 to 2020 independent insurance agents’ share of the individual life insurance market remained at 49 percent. [0]
- 45% of healthcare marketers report phone calls have higher conversion rates with larger order value compared to other forms of engagement. [1]
- 81% of healthcare marketers believe inbound calls and phone conversations are a key component of their organizationâs digital. [1]
- 77% of healthcare marketers say insights from inbound calls and call experiences may reveal costly blind spots in our organization. [1]
- 41% of healthcare marketers have provided or expect to provide enhanced patient experiences as a result of scaling conversation intelligence across the enterprise. [1]
- 41% of healthcare marketers have improved or expect to improve patient acquisition and retention as a result of scaling conversation intelligence across the enterprise. [1]
Health Insurance Platforms Software Statistics
- Employment of software developers, quality assurance analysts, and testers is projected to grow 22 percent from 2020 to 2030, much faster than the average for all occupations. [2]
Health Insurance Platforms Latest Statistics
- During 2018, the percentage of people without health insurance at the time of interview ranged from 2.8% in Massachusetts to 17.7% in Texas. [3]
- Real median household income in the United States increased 0.8% between 2017 and 2018. [3]
- Seven states had poverty rates less than 10.0%. [3]
- Six states and the District of Columbia had an uninsured rate less than or equal to 5.0%; six states had an uninsured rate of 12.0% or more. [3]
- The remainder of states had uninsured rates between 5.0 and 11.9% in 2018. [3]
- Between 2017 and 2018, the percentage of people without health insurance coverage at the time of interview decreased in three states. [3]
- The magnitude of decreases were 1.8 percentage points in Wyoming, 0.5 percentage points in South Carolina, and 0.3 percentage points in New York. [3]
- Boston had the lowest uninsured rate (2.9%) among the 25 most populous metropolitan areas, while Houston had the highest uninsured rate (18.6%). [3]
- All comparisons made in the reports have been tested and found to be statistically significant at the 90% confidence level, unless otherwise noted. [3]
- Additional information, including the hourly and annual 10th, 25th, 75th, and 90th percentile wages, is available in the downloadable XLS files NAICS. [4]
- Insurers pay out up to 10% of their claims cost on fraudulent claims annually. [5]
- According to the FBI, over $40 billion a year is lost through fraud across all non. [5]
- All of this happens even though 95% of insurance companies use anti. [5]
- According to public and private health insurance fraud statistics, the US healthcare system wasted between $81 billion and $270 billion on fraud in 2011. [5]
- Based on the information provided by the National Health Care Anti Fraud Association, $2.27 trillion was spent on healthcare in 2011, and fraudulent claims accounted for 3 to 10% of the total amount. [5]
- Healthcare fraud accounted for 7.3% of these offenses in the fiscal year 2018. [5]
- 506 healthcare fraudsters federally sentenced in 2014 and the United States Sentencing Commission estimates that medical fraud has decreased by 16% since then. [5]
- Most of the medical offenders were white (38.7%), male (65.2%), and US citizens (87.1%). [5]
- In fiscal year 2017, this entityâs feefor service expenditure was an estimated $381 billion and combined. [5]
- federal and state spending for Medicaid feefor service was an estimated $320 billion. [5]
- Improper payments, defined as payments for services not sufficiently documented, accounted for more than 10% of total expenditures. [5]
- An online survey found that 40% of Americans stated lower annual driving mileage, and 27% of them decided to omit a driver from the report. [5]
- Other interesting car insurance fraud statistics show us that about 10% gave an incorrect ZIP code to specify where the vehicle would be stored. [5]
- Also, almost 30% of American households replace vehicles every year. [5]
- In other words, auto injury claim fraud and abuse accounted for between 13% and 17% of total payments for auto injury coverages. [5]
- In 2012, insurance fraud statistics showed that the highest rates of exaggerated or downright false claims in the scope of personal injury protection were peculiar to Florida (31%), New York (24%), Massachusetts (22%), and Minnesota (22%). [5]
- Approximately 68% of consumers think that most common insurance frauds keep happening because people believe that they can get away with the offenses without hurting anyone. [5]
- Approximately 20% of life insurance claims are denied during the contestability period. [5]
- The percentage of denied claims is even higher than 20% when only policies issued to younger insureds are taken into account. [5]
- Apart from that, approximately 50% are worried about shoddy workmanship. [5]
- Based on FBI data, arson offenses decreased by 5.4% in the first six months of 2015, when compared with the first six months of 2014. [5]
- The state bureau was also able to expand its geographic reach, arresting suspected offenders in 93% of North Carolinaâs counties. [5]
- According to the United States Sentencing Commission, exactly 73.4% of those convicted were slapped with prison sentences in 2018. [5]
- On the other hand, 1.6% were convicted for an offense carrying a mandatory minimum penalty and 14.3% of those offenders were relieved of that penalty. [5]
- 61% of insurance companies associate the increases in fraud with difficult economic times. [5]
- In a survey conducted by FICO in 2012, insurers predicted that the increasing cost of insurance frauds will have the biggest impact on personal property, workersâ compensation and auto insurance. [5]
- In terms of fraud by different lines of insurance, 67% of insurance companies anticipate an increase in personal property fraud, 65% suppose that the number of workersâ compensation scams will increase, and 60% foresee a rise in personal auto schemes. [5]
- In a survey conducted by the Property Casualty Insurers Association of America and FICO in 2012, 45% of 143 US insurers stated that fraud constitutes between 5 and 10% of their claims costs. [5]
- However, US insurance fraud statistics also show that for nearly one third of insurance companies fraud costs were up to 20% in the same year. [5]
- Fraud statistics reveal that more than half (61%). [5]
- According to insurance fraud stats from the Property Casualty Insurers Association of America, at least 10% of payouts made by insurers are based on fraudulent claims. [5]
- Insurance fraud statistics for the fiscal year 2018, found that among 73.4% of the health insurance offenders who were sentenced for insurance fraud, the penalty was prison. [5]
- Fortunately, according to Connie Galietti, JD, director of legal and professional affairs in APAâs Office of Legal and Regulatory Affairs, most major commercial insurers appear to be supportive of the explosion in telepsychology services prompted by COVID. [6]
- In 2020, 54 percent of all people in the United States were covered by some type of life insurance, according to LIMRA’s 2020 Insurance Barometer Study. [0]
- The proportion of consumers who preferred internet/online sales grew from 17 percent in 2011 to 29 percent in 2020. [0]
- LIMRA says there was a âneeds gapâ of 16 percent in 2020, which translates to 41 million consumers who say they need life coverage, but do not have it. [0]
- Net income after taxes for the life/annuity insurance industry fell 50.5 percent in 2020 to $22.2 billion from $44.7 billion in 2019, according to S&P Global Market Intelligence. [0]
- Contributing to the decline in net income after taxes was a 36.2 percent decline in net income before capital gains and a capital loss of $10.7 billion. [0]
- Premiums and annuity considerations fell 7.9 percent in 2020, following substantial growth in 2019, as annuity premiums and deposits, the largest sector for revenue, fell 13.3 percent. [0]
- Expenses fell slightly in 2020, down 2.1 percent. [0]
- Capital and surplus rose to $440.0 billion in 2020, up 4.3 percent from $421.7 billion in 2019, according to S&P Global Market Intelligence. [0]
- The emphasis has shifted to the underwriting of annuities, which accounted for 48 percent of life/annuity direct premiums written in 2020. [0]
- Accident and health insurance, which includes distinctive products apart from traditional health insurance, accounts for 27 percent of direct premiums written. [0]
- Traditional life insurance products such as universal life and term life for individuals, and group life, remain an important part of the business, making up the remaining 25 percent of direct premiums written. [0]
- Revenue Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 5.3% Annuity premiums and deposits 318.5 287.2 269.7. [0]
- Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7. [0]
- Total expenses $766.6 $759.4 $839.7 $842.8 $825.2. [0]
- $44.7 $22.1 50.5% Pre tax operating income 67.1 63.0 46.0. [0]
- Annuities are the largest life product line as measured by direct premiums written and accounted for 48 percent of direct premiums written by life insurers in 2020. [0]
- Accident and health insurance accounted for 27 percent of direct premiums written. [0]
- Life insurance accounted for the remaining 25 percent of direct premiums written. [0]
- Ordinary individual annuities $207,806,482 28.4% $217,475,954 28.6% $206,547,542 26.9%. [0]
- 19.5 163,115,551 21.3 Total $353,976,949 48.4% $365,542,038 48.1%. [0]
- $369,663,09 48.% Accident and health Group 133,644,3 18.3. [0]
- 0.1 889,583 0.1 725,330 0.1 Total $196,419,079 26.8% $204,463,380 26.9% $209,782,698 27.3% Life Ordinary life 142,275,804 19.4 149,042,367 19.6. [0]
- Total $181,687,790 24.8% $189,675,343 25.0% $188,007,363 24.5%. [0]
- Total, all lines $72,088,51 100.0% $759,685,85 100.0% $767,58,257 100.0%. [0]
- In 2020 life insurers, excluding separate accounts, invested 70 percent of their assets in bonds and 3 percent in corporate stocks. [0]
- Life insurers invested 13 percent of their assets in mortgage loans on real estate that take seven years or longer to mature. [0]
- Amount Percent of total investments Investment type 2018 2019 2020. [0]
- 2019 2020 Bonds $2,989.1 $3,087.8 $3,272.1 72.48% 71.11% 70.24%. [0]
- Total cash and invested assets $4,124.1 $4,342.5 $4,658.6 100.00% 100.00% 100.00%. [0]
- MetLife Inc. $97,860,893 11.3% 2 Equitable Holdings 83,179,735 9.6 3 Prudential Financial Inc. 59,387,003 6.9 4. [0]
- 1 Northwestern Mutual Life Insurance Co. $11,287,564 8.4% 2 New York Life Insurance Group. [0]
- The direct response channel grew over the same ten years, from 4 percent to 7 percent. [0]
- Affiliated agents have lost some ground, falling from 40 percent to 38 percent, as shown in the chart below. [0]
- The 2020 Insurance Barometer Study found that in 2016, 51 percent of respondents to the poll preferred in. [0]
- By 2020 that proportion fell to 41 percent. [0]
- Most of the 10 percent decline was attributed to the increase in the number of life insurance customers who preferred to purchase the insurance online. [0]
- That number grew from 21 percent in 2016 to 29 percent in 2020. [0]
- About one third of poll respondents said they go online to a company website when researching an insurance brand. [0]
- Only 12 percent said they would not use an online search. [0]
- Worksite sales of life and health insurance totaled $7.46 billion in 2020, down 15.5 percent from 2019. [0]
- 5% of all Google searches are health. [1]
- In most major healthcare verticals, over 60% of consumers run a search before scheduling an appointment. [1]
- 94% of healthcare patients use online reviews to evaluate providers. [1]
- 84% of consumers trust reviews as much as personal recommendations. [1]
- 81% of consumers are unsatisfied with their healthcare experience. [1]
- 43% of Millennials are likely to switch practices in the next few years. [1]
- Healthcare companiesâ global advertising expenditure is projected to increase by 4.3% in 2021. [1]
- In the U.S., healthcare advertising spending is expected to increase by 18% in 2021. [1]
- At that time, healthcare digital advertising spend will account for 46% of all healthcare ad spend. [1]
- 88% of healthcare appointments are scheduled by phone. [1]
- 2.4% of healthcare appointments are scheduled online. [1]
- Callers convert 30% faster than web leads. [1]
- Caller retention rate is 28% higher than web lead retention rate. [1]
- 33% of healthcare providers report having increased phone conversion rates by 25% or more in the past 12 months. [1]
- 80% of customers say the experience a company provides is as important as its products and services. [1]
- 65% of consumers have cut ties with a brand over a single poor customer service experience. [1]
- 32% of consumers say phone calls are the most frustrating customer service channel. [1]
- The total cost of insurance fraud is estimated to be more than $40 billion per year. [7]
- Of the $80 billion in government funding appropriated for reconstruction, it is estimated that Insurance Fraud may have accounted for as much as $6 billion. [7]
- In the United States, healthcare accounts for almost 18% of GDP 2. [8]
- Venture funding in digital health has grown by an average of 32% yearover year since 2011 and approached $6 billion in 2017. [8]
- Our experience suggests that achievable administrative cost savings in effort intensive areas could range from 15% to 40%, depending on the nature of work being automated and the extent to which technology is already being used. [8]
- Indeed, it is highly likely that the next wave of digital innovation will prove even more valuable for payers. [8]
- Our research suggests, however, that only 4% to 5% of digital talent applies to posted job openings. [8]
- Ecosystems will account for 30 percent of global revenues by 2025 Extensive use of digital technologies in everyday life has become the new normal. [9]
- These 12 ecosystems will account for $60 trillion in revenues by 2025, or roughly 30 percent of all global revenues. [9]
- Discovery’s analysis of three years’ worth of platform data found that performance tracking reduced health risks by 22 percent. [9]
- Currently, 99.72 percent of Yu’eBao investors are individuals, who use the Alipay mobile app to deposit savings into Yu’eBao. [9]
I know you want to use Health Insurance Platforms, thus we made this list of best Health Insurance Platforms. We also wrote about how to learn Health Insurance Platforms and how to install Health Insurance Platforms. Recently we wrote how to uninstall Health Insurance Platforms for newbie users. Donât forgot to check latest Health Insurance Platformsstatistics of 2024.
Reference
- iii – https://www.iii.org/fact-statistic/facts-statistics-life-insurance.
- invoca – https://www.invoca.com/blog/healthcare-marketing-statistics.
- bls – https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm.
- census – https://www.census.gov/newsroom/press-releases/2019/acs-1year.html.
- bls – https://www.bls.gov/oes/current/naics5_524114.htm.
- fortunly – https://fortunly.com/statistics/insurance-fraud-statistics/.
- apa – https://www.apa.org/monitor/2021/01/trends-online-therapy.
- fbi – https://www.fbi.gov/stats-services/publications/insurance-fraud.
- mckinsey – https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/digital-is-reshaping-us-health-insurance-winners-are-moving-fast.
- mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/insurance-beyond-digital-the-rise-of-ecosystems-and-platforms.
How Useful is Health Insurance Platforms
One of the most significant benefits of health insurance platforms is their ability to streamline the process of accessing care. With just a few clicks, individuals can schedule appointments, refill prescriptions, and even consult with healthcare providers remotely. This convenience is especially invaluable for those with busy schedules or limited access to traditional healthcare facilities.
Moreover, health insurance platforms can also help individuals make more informed decisions about their health. By providing access to a wealth of information about various medical conditions, treatment options, and preventative care measures, these platforms empower users to take control of their well-being. This can help individuals better understand their healthcare needs and make more proactive choices regarding their health.
Additionally, health insurance platforms can be tremendously beneficial when it comes to financial planning for healthcare expenses. By allowing users to track their healthcare spending, compare costs across different providers, and manage their insurance coverage, these platforms can help individuals make more informed decisions about their healthcare expenditures. This can be particularly helpful for those on a limited budget or facing high out-of-pocket costs.
Furthermore, the technological advancements offered by health insurance platforms can also improve the overall quality of care that individuals receive. By digitizing medical records, enabling real-time communication between patients and providers, and facilitating the coordination of care across different healthcare settings, these platforms can enhance the efficiency and effectiveness of healthcare delivery. This can ultimately lead to better outcomes for patients and a more seamless healthcare experience.
However, while health insurance platforms offer a range of benefits, they are not without their limitations. For instance, some individuals may struggle to navigate the complexities of these platforms, especially those who are not tech-savvy or have limited access to the internet. Additionally, the proliferation of health insurance platforms can sometimes lead to fragmentation in care, making it challenging for individuals to coordinate their healthcare across different providers and settings.
Despite these potential drawbacks, the overall utility of health insurance platforms cannot be understated. In an increasingly digital and consumer-driven healthcare landscape, these platforms play a vital role in empowering individuals to take control of their health and make more informed decisions about their care. By providing convenient access to a range of services, facilitating communication between patients and providers, and enhancing the overall quality of care, health insurance platforms have the potential to revolutionize the way healthcare is delivered and experienced.
In Conclusion
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