Insurance Policy Administration Systems Statistics 2024 – Everything You Need to Know

• Failure to yield the right of way, and failure to stay in the proper lane were cited as third and fourth, with a total of about 7,100 drivers, or almost 14 percent of all drivers in fatal crashes exhibiting these behaviors. ^[3]

Insurance Policy Administration Systems Latest Statistics

• Employment of computer and information systems managers is projected to grow 11 percent from 2020 to 2030, faster than the average for all occupations. ^[4]
• Technological advancements will likely stimulate industry revenue growth Insurance Claims Processing Software in the US industry trends. ^[5]
• attach_money Market Size $16bn business Number of Businesses 878 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[5]
• 37,561 Biggest companies in the Insurance Claims Processing Software industry in the US pie_chart Accenture PLC Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. ^[5]
• Providing automated billing solutions 00.5% increase 0. ^[5]
• In 2011, approximately 95 percent of the Chinese population was covered under one of the three medical insurances. ^[6]
• In 2018, 316.8 million had employee based insurance.5 The base of the employee payroll tax contribution is capped at 300 percent of the average local salary; individual payroll above this level is not taxed. ^[6]
• In most provinces, individual tax rates are about 2 percent. ^[6]
• The total value of private health insurance premiums grew by 28.9 percent per year between 2010 and 2015.6. ^[6]
• In 2015, private health insurance premiums accounted for 5.9 percent of total health. ^[6]
• Prescription drug copayments vary; they were about 50 percent to 80 percent of the cost of the drug in Beijing in 2018, depending on the hospital type. ^[6]
• In 2018, outof pocket spending per capita was CNY 1,186 —representing about 28 percent of total health expenditures.8. ^[6]
• Children and the elderly have no copayments for these services, but other residents have to pay 100 percent of these services outof. ^[6]
• In 2018, 76.7 million people (approximately 5.5% of the population) received such assistance for health insurance enrollment, and 53.6 million people (3.8% of the population). ^[6]
• In 2018, 42 percent of outpatient expenses and 28 percent of inpatient expenses, on average, were for prescription drugs provided to patients in hospitals.12 Outpatient specialist care. ^[6]
• These subsidies represented 8.5 percent of total revenue in 2018.14. ^[6]
• Workers and employers each contribute 6.2 percent of covered earnings and self employed workers contribute 12.4 percent of covered earnings. ^[0]
• Benefits are paid to about 90 percent of the U.S. population aged 65 or older. ^[0]
• Social Security is the major source of income for 66 percent of the beneficiaries. ^[0]
• It contributes 90 percent or more of income for one third of the beneficiaries. ^[0]
• In 2002, only 55 percent of CPS respondents aged 65 or older reported any asset income, down from 69 percent of comparable respondents in 1990. ^[0]
• Respondents refusing to provide SSNs to SIPP interviewers increased from 12 percent to 35 percent between the 1996 and 2004 panels. ^[0]
• Those refusing to provide SSNs in CPS increased from approximately 10 percent in 1994 to almost 23 percent by 2003. ^[0]
• Using this methodology, match rates have increased from about 60 percent in 2001 to 79 percent in 2004. ^[0]
• It consists of approximately 460,000 records—a 1 percent sample of SSA’s MBR—and can be used to study the beneficiary population and the effects of current and proposed legislative and program provisions. ^[0]
• It consists of a 5 percent sample of the master record of SSI applicants and beneficiaries. ^[0]
• The third SSA public use file, released in 2005, uses a 1 percent random sample from the MBR. ^[0]
• In 2016, total health expenditures represented 12.2 percent of Switzerland’s GDP, or CHF 80.7 billion. ^[1]
• 2,3Publicly financed health care accounts for 62.8 percent of health spending, or 7.7 percent of GDP. ^[1]
• Contributions to other social insurance schemes, including military, old age, and disability insurance, made up 10.0 percent of spending in 2016.Mandatory health insurance is offered by competing nonprofit insurers on cantonal exchanges. ^[1]
• In 2016, 65.7 percent of those insured chose an alternative insurance. ^[1]
• Role of private health insurance Voluntary health insurance accounted for 6.7 percent of total expenditures in 2016. ^[1]
• For brand name drugs that have a generic alternative, 20 percent coinsurance is charged instead of 10 percent. ^[1]
• Overall, 27.3 percent of residents in 2016 benefited from individual premium. ^[1]
• In 2017, 42.9 percent of doctors in the outpatient sector were classified as GPs. ^[1]
• While 53.7 percent of physicians were in solo practice, the remainder were in practices with an average of 4.2 physicians.11. ^[1]
• Apart from some managedcare plans in which physician groups are paid through capitation, most GPs are paid according to a national feefor service scale, called TARMED, which was introduced in 2004. ^[1]
• In the outpatient sector, 57.1 percent of doctors in private practices were classified as specialists in 2017; they are mostly. ^[1]
• Hospital care represented one third (35.3%). ^[1]
• Long term inpatient care costs represented 16.1 percent of total health expenditures in 2016. ^[1]
• Of the 1,570 nursing homes in operation in 2016, 27.5 percent were stateoperated and state funded, 27.5 percent were privately operated with public subsidies, and 45 percent were exclusively private.18. ^[1]
• Home care providers represented 1.7 percent of total health expenditures in 2016. ^[1]
• More than half (57.8%). ^[1]
• Government subsidies made up roughly one third of total Spitex spending (29.4%). ^[1]
• In 2016, 31 percent of Spitex providers were subsidized nonprofit organizations, 20 percent were nonsubsidized for profit companies, and 49 percent were individual health care. ^[1]
• Forty percent of physicians and outpatient centers handle their medical records exclusively on paper,26 Hospitals are generally more technologically advanced; some have merged their internal clinical systems with external providers. ^[1]
• Mandatory health insurance premiums accounted for 35.6 percent of total health spending in 2016. ^[1]
• General taxes financed 17.3 percent of total health expenditures in 2016, with cantonal taxes accounting for 15.0 percent, municipal taxes for 1.8 percent, and federal taxes for 0.4 percent. ^[1]
• Contributions to other social insurance schemes, including military, old age, and disability insurance, made up 10.0 percent of spending in 2016. ^[1]
• In 2016, about 54 percent of all insured persons opted for an insurance model with the minimum deductible of CHF 300/0 , and about 46 percent chose a model with a higher deductible and a lower premium.6. ^[1]
• In addition to deductibles, insured persons pay 10 percent coinsurance for all services , with a cap of CHF 700 per year for adults and CHF 350 for children through age 18. ^[1]
• Hospital care represented one third (35.3%). ^[1]
• Hospitals receive at least 55 percent of their funding from cantons.16,17. ^[1]
• In 2016, 31 percent of Spitex providers were subsidized nonprofit organizations, 20 percent were nonsubsidized for profit companies, and 49 percent were individual health care workers.20. ^[1]
• VA released Percent Change in Veteran Population by State from 2000 to 2020The Department of Veterans Affairs provides official estimates and projections of the Veteran population using the Veteran Population Projection Model. ^[7]
• The “Percent Change in Veteran Population” data table shows the change in the Veteran population from 2000 to 2020 by state. ^[7]
• During this period, the average decrease in the Veteran population is 25% at the state level. ^[7]
• Each year, health care payers and providers in the United States spend about $496 billion on billing and insurance related costs, according to Center for American Progress estimates presented in this issue brief. ^[8]
• A 2010 report by the National Academy of Medicine estimated that the United States spends about twice as much as necessary on BIR costs. ^[8]
• That administrative excess currently amounts to $248 billion annually, according to CAP’s calculations. ^[8]
• One study estimated that the aggregate value of challenged claims ranges from $11 billion to $54 billion annually. ^[8]
• Applying the NAM’s percentages of BIR costs to recent projections of national health expenditures from the Centers for Medicare and Medicaid Services , CAP estimates that BIR costs will amount to $496 billion for 2019. ^[8]
• According to CAP’s calculations, this includes $158 billion in overhead for private insurance; $56 billion for administration of public insurance programs; and $282 billion for the BIR costs of hospitals, physicians, and other care providers. ^[8]
• Insurers and employers spend an estimated $4.8 billion annually to assist consumers with low health insurance literacy, according to the consulting firm Accenture. ^[8]
• The NAM report estimated that excess BIR costs amount to $190 billion $245 billion in current dollars or roughly half of total BIR expenditures in a year. ^[8]
• The NAM report estimated that 66 percent of BIR costs for private insurers and 50 percent of BIR costs among providers are excess. ^[8]
• Based on these percentages, $248 billion of the total $496 billion BIR costs in CAP’s updated estimate are excess administrative costs. ^[8]
• They found that 62 percent of the difference between the two countries was attributable to prices and intensity of care, and 38 percent was linked to administrative costs. ^[8]
• Compared with Canada, the United States has 44 percent more administrative staff, and U.S. physicians dedicate about 50 percent more time on administrative tasks. ^[8]
• The BIR costs for traditional Medicare and Medicaid hover around 2 percent to 5 percent, while those for private insurance is about 17 percent. ^[8]
• In 2016, administration accounted for 8.3 percent of total health care expenditures in the United States the largest share among comparable nations. ^[8]
• For example, administrative spending accounts for just 2.7 percent of total health care expenditures in Canada. ^[8]
• Administrative expenditures account for 4.8 percent of total health care expenditures in Germany, 3.9 percent in the Netherlands, 3.8 percent in Switzerland, and 1.6 percent in Japan, according to the OECD. ^[8]
• If the United States could reduce administrative costs down to Canadian levels, it would save 68 percent of current administrative expenditures; reducing to German level administrative costs would save 42 percent of current administrative expenditures. ^[8]
• Relative to the professional revenue associated with each encounter studied, the emergency department visit ranked the highest, with billing costs equal to 25.2 percent of revenue. ^[8]
• Inpatient visits were the lowest, at 8 percent of a general inpatient stay and 3.1 percent for inpatient surgery. ^[8]
• Among other research on provider BIR costs, a 2009 study by Larry Casalino and others estimated that the cost of the time physicians spend on interactions with health plans is about $23 billion to $31 billion per year. ^[8]
• In their comparison of hospital administrative costs among eight Western nations, Himmelstein and co authors found that the United States had the highest levels, at 25.3 percent of total hospital expenditures. ^[8]
• They conclude that in nations where hospital administrators have minimal responsibilities for procuring financing and where the hospital reimbursement system is least complex, administrative costs can be reduced to 12 percent of expenditures. ^[8]
• RAND specified administrative costs at 13 percent and 3 percent in its alternative scenarios. ^[8]
• According to RAND analysis of hospital costs, Maryland hospitals have administrative costs that are 9 percent lower than the national average and not far off from the 13 percent savings. ^[8]
• Despite having more than 3,000 health plans, Japan’s administrative expenditures were a stunningly low 1.6 percent of overall health care costs in 2015, one of the lowest among OECD member nations. ^[8]
• The two singlepayer options they examined would result in even greater administrative savings of between 7.3 percent and 7.8 percent, depending on the rate. ^[8]
• The group estimated that a third scenario, which would establish a centralized claims clearinghouse while allowing multiple payers, could generate savings equal to 3.6 percent of total expenditures. ^[8]
• A recent bill proposed by Sens. Bill Cassidy and Tina Smith would direct the HHS secretary to set goals to cut “unnecessary costs and administrative burdens” throughout the health care system by 50 percent over the next 10 years. ^[8]
• In a separate report, the same authors proposed additional reforms that they estimated could reduce excess administrative costs by $40 billion, or 25 percent of total health care expenditures. ^[8]
• Doing so could save $7 billion in billing costs for physician and other clinical services, according to the authors’ estimates. ^[8]
• ACS includes a 1% sample of the US population and allows for precise state. ^[9]
• Estimates with relative standard errors greater than 30% are not provided. ^[9]
• An estimated 28% of adults in the United States have been diagnosed with hypertension. ^[10]
• According to the Insurance Institute for Highway Safety , the federal government has required auto manufacturers to install driver and passenger airbags for frontal protection in all cars since the 1999 model year. ^[3]
• Seatbelts alone reduce the risk of fatal injury to front seat passenger car occupants by 45 percent. ^[3]
• The fatality reducing effectiveness for frontal airbags is 14 percent when no seatbelt is used and 11 percent when a seatbelt is used in conjunction with airbags. ^[3]
• Among passenger vehicle occupants age five and older, seatbelts saved an estimated 14,955 lives in 2017. ^[3]
• In fatal crashes in 2017, about 83 percent of passenger vehicle occupants who were totally ejected from the vehicle were killed. ^[3]
• NHTSA says that when used seat belts reduce the risk of fatal injury to front seat passenger car occupants by 45 percent and the risk of moderateto critical injury by 50 percent. ^[3]
• For light truck occupants, the risk is reduced by 60 percent and 65 percent, respectively. ^[3]
• Child safety seats NHTSA says that in 2017 the lives of an estimated 325 children under the age of five were saved Motorcycle helmets NHTSA estimates that helmets saved the lives of 1,872 motorcyclists in 2017. ^[3]
• Helmets are estimated to be 37 percent effective in preventing fatal injuries to motorcycle riders and 41 percent for motorcycle passengers. ^[3]
• This increase follows the estimated 7.2 percent increase in crash deaths recorded in 2020, see below. ^[3]
• The 2021 first half increase was the highest number for the first six months period since 2006 and the highest half year percentage increase on record. ^[3]
• NHTSA also noted that crash deaths in the second quarter of 2021 were the highest for a second quarter since 1990 an the highest quarterly percent change, 23 percent, in history. ^[3]
• Early data also show that vehicle miles traveled in the first half of 2021 rose about 13.0 percent, compared with the first half of 2020. ^[3]
• The fatality rate for the first half of 2021 increased to 1.34 fatalities per 100 million VMT, up from the estimated rate of 1.28 fatalities per 100 million VMT in the first half of 2020. ^[3]
• A statistical projection of traffic fatalities for 2020 from NHTSA shows that an estimated 38,680 people died in motor vehicle traf­fic crashes, up 7.2 percent from 36,096 fatalities in 2019. ^[3]
• The increase in fatalities occurred despite vehicle miles traveled falling about 13.2 percent in 2020 from a year prior as stayathome orders due to the COVID 19 pandemic were in effect. ^[3]
• The death rate based on mileage soared 24 percent over the prior year, marking the highest annual increase that the NSC has recorded in 96 years. ^[3]
• In addition, 4,795,000 people were injured in 2020 and the estimated cost of deaths, injuries and property damage totaled $474 billion. ^[3]
• According to the National Highway Traffic Safety Administration , 36,096 people died in motor vehicle crashes in , down 2.0 percent from 36,835 in 2018. ^[3]
• The drop in 2019 was the third consecutive annual decline, which occurred despite a 0.9 percent increase from 2018 in vehicle miles traveled. ^[3]
• Fatalities involving SUVs rose 3.4 percent from 2018 and rose slightly in crashes involving large trucks. ^[3]
• According to the National Highway Traffic Safety Administration, vehicle occupants accounted for 66 percent of traffic deaths in 2018. ^[3]
• Motorcycle riders accounted for another 14 percent, pedal cyclists, other nonoccupants and unknown occupants accounted for the remainder. ^[3]
• Number of deaths Number of deaths Alabama 953 930. ^[3]
• In Fatal Motor Vehicle Crashes By Age, 2019 16 to 20 11,992,727 5.2% 3,892 32.5 21 to 24 14,223,656 6.2. ^[3]
• In 2019, 8,746 drivers who were involved in fatal crashes were speeding. ^[3]
• Ranking second was the influence of alcohol, drugs or medication, affecting 5,164 drivers, or 10 percent of all drivers involved in fatal crashes. ^[3]
• Drivers operating a vehicle in a careless manner were the fifth most likely to be involved in a fatal crash. ^[3]
• Percent Driving too fast for conditions or in excess of posted limit or racing 8,746 7.2% Under the influence of alcohol, drugs, or medication 5,64 0. Failure to yield right of way 3,728 7.3 Failure to keep in proper lane. ^[3]
• Seatbelts were in use 90.4 percent of the time nationwide in 2021, statistically unchanged from 90.3 percent in 2020, according to the National Highway Traffic Safety Administration. ^[3]
• Total 13,066 39.3% Collision with fixed object. ^[3]
• Total 9,512 28.6% Collision with object, not fixed Parked motor vehicle 411. ^[3]
• In 2019 August had the most fatal crashes and February had the least, according to data from the National Highway Traffic Safety Administration. ^[3]
• In 2019, about 50 percent of fatal crashes occurred on Friday, Saturday or Sunday, according to NHTSA. ^[3]
• As a percent of all fatalities that occur on those days, the percent that involve alcohol impaired drivers ranges from about 30 to 40 percent. ^[3]
• Year Deaths Percent impaired Deaths Percent impaired. ^[3]
• Deaths Percent impaired Deaths Percent impaired. ^[3]
• Deaths Percent impaired Deaths Percent. ^[3]
• Motor Vehicle Crash Deaths By Month, 2019 January 2,472 7% 11 February 2,200 7 12 March 2,540. ^[3]
• There were 2,895 distraction affected fatal crashes, accounting for 9 percent of all fatal crashes in the nation. ^[3]
• According to the Insurance Institute for Highway Safety, as of December 2020, talking on a hand held cellphone while driving is banned in 24 states and the District of Columbia. ^[3]
• In 2019, 41 percent of drivers were distracted by their phones during daytime driving, according to data from Cambridge Mobile Telematics , a global phone telematics company. ^[3]
• An earlier study found that texting bans were not shown to reduce crash rates, according to a Highway Loss Data Institute 2010 study of collision claims patterns in California, Louisiana, Minnesota and Washington before and after texting bans went into effect. ^[3]
• Teen girls are twice as likely as teen boys to use cell phones and other electronic devices while driving, according to a March, 2012 study by the AAA Foundation for Traffic Safety. ^[3]
• Percent of total fatal crashes 9% 6% 9% Cellphone in use in distraction. ^[3]
• Number of cellphone distractionaffected fatal crashes 387 390 422 Percent of fatal distraction affected crashes 13% 13% 13%. ^[3]
• Distraction was a factor in 9 percent of fatal crashes reported in 2019. ^[3]
• Cellphone use was a factor in 13 percent of all fatal distraction affected crashes, but in only 1.0 percent of the 33,244 fatal crashes reported in 2019. ^[3]
• It showed that from 2010 to 2019, total traffic fatalities grew 9 percent but pedestrian traffic fatalities rose 44 percent, from 4,302 to 6,205. ^[3]
• Pedestrian traffic fatalities were 13 percent of all traffic fatalities in 2010 and by 2019 that proportion grew to 17 percent. ^[3]
• Most fatalities occur in urban areas, 81 percent in 2018. ^[3]
• In 2019, an estimated 32 percent of fatal pedestrian traffic crashes involved a pedestrian with blood alcohol content of 0.08 grams per deciliter or higher, according to the National Highway Traffic Safety Administration. ^[3]
• In 2019, an estimated 13 percent of fatal pedestrian crashes involved a driver with a BAC of 0.08 or higher. ^[3]
• In 2019, NHTSA reported that 6,205 pedestrians were killed in traffic crashes, down 2.7 percent from the 6,374 pedestrians killed in 2018. ^[3]
• A May 2021 report from the Governors Highway Safety Association shows that in 2020, based on preliminary data, pedestrian fatalities rose 4.8 percent to 6,721 from 6,412 in 2019. ^[3]
• These increases occurred despite the COVID19 pandemic related decline in vehicle miles traveled of 13.2 percent in 2020. ^[3]
• The pedestrian fatality rate, measured by one billion vehicle miles traveled, rose to 2.30 from 1.90 in 2019, a 21 percent increase. ^[3]
• November 17, 2021 Pandemic induced lockdowns led to sharp drops in formal employment in SSA, with likely even greater losses in the large informal economy. ^[2]

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Reference

1. ssa – https://www.ssa.gov/policy/docs/ssb/v69n1/v69n1p75.html.
2. commonwealthfund – https://www.commonwealthfund.org/international-health-policy-center/countries/switzerland.
3. imf – https://www.imf.org/en/Publications/SPROLLs/covid19-special-notes.
4. iii – https://www.iii.org/fact-statistic/facts-statistics-highway-safety.
5. bls – https://www.bls.gov/ooh/management/computer-and-information-systems-managers.htm.
6. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/insurance-claims-processing-software-industry/.
7. commonwealthfund – https://www.commonwealthfund.org/international-health-policy-center/countries/china.
8. va – https://www.va.gov/vetdata/.
9. americanprogress – https://www.americanprogress.org/article/excess-administrative-costs-burden-u-s-health-care-system/.
10. kff – https://www.kff.org/other/state-indicator/total-population/.
11. cdc – https://www.cdc.gov/nchs/index.htm.

How Useful is Insurance Policy Administration Systems

One of the key advantages of insurance policy administration systems is their ability to automate and standardize processes. By centralizing policy information in a single platform, insurers can ensure data consistency and eliminate manual errors. This not only reduces the risk of costly mistakes but also improves operational efficiency by saving time and resources.

Additionally, insurance policy administration systems provide insurers with real-time access to policy data, allowing them to respond to customer inquiries quickly and accurately. This real-time access to information enables insurers to offer better customer service, leading to increased customer satisfaction and loyalty.

Furthermore, insurance policy administration systems help insurers maintain compliance with ever-changing regulatory requirements. These systems are designed to ensure that policies are in compliance with current regulations, reducing the risk of fines and penalties for non-compliance.

Another benefit of insurance policy administration systems is their ability to support product innovation. These systems can be tailored to meet the specific needs of insurers, allowing them to introduce new products quickly and efficiently. By providing insurers with the flexibility to adapt to market changes and customer demands, these systems enable insurers to remain competitive in the fast-paced insurance industry.

Moreover, insurance policy administration systems provide insurers with comprehensive reporting and analytics capabilities. These systems can generate detailed reports on key performance indicators, allowing insurers to identify trends, track outcomes, and make data-driven decisions. This insight into their operations enables insurers to continuously improve their processes and drive business growth.

In conclusion, insurance policy administration systems are an invaluable tool for insurance companies looking to streamline their operations, enhance customer service, maintain compliance, support product innovation, and make data-driven decisions. While the initial investment in these systems may seem daunting, the long-term benefits far outweigh the costs. Insurers that choose to invest in insurance policy administration systems stand to gain a competitive edge in the marketplace, achieve operational excellence, and ultimately, drive sustainable growth and success for their business.

In Conclusion

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