LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global health insurance market report. This research report also lists four other prominent vendors that are expected to impact the market during the forecast period.
Currently, the low interest rate environment is helping insurance companies negotiate debt financing deals. In this context, private equity buyers are finalizing commercial agreements with insurance companies. Private equity participation is spurred by the fact that insurance businesses are not asset-intensive and consequently, they do not hold capital for long periods.
As the insurance industry is facing a massive pricing cycle, insurance companies are trying to expand into new markets and offer new or higher-priced services. Such actions are designed to help these companies capitalize on the growth factor, diversifying risk, and improving insurance industry valuations during the forecast period.
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Competitive vendor landscape
Healthcare providers are trying to improve healthcare infrastructure, which will help in the creation of innovative health insurance products. The health insurance sector is at the matured stage, thereby supporting the increasing demand of the larger population. Top healthcare providers are adopting innovative technology, like underwriting rules engine. These technologies are helping customers make easy decisions on buying different healthcare coverage policies. These new technologies are also used to help customers opt for online buying solutions and also in counter policy issuance.
In few developing countries, the government is providing the poor public healthcare, due to funding shortfalls and poor infrastructure facilities. Therefore, many private healthcare providers are entering the market with higher funding mechanisms. With various domestic and international partnerships, there would be more infusion of capital in the health insurance sector. This would help in the distribution of health insurance products by targeting the untapped market, thereby increasing financial productivity during the forecast period.
“Many countries have imposed stringent capital requirements on banking institutions. These norms are discouraging organizations from starting insurance services. These regulations are expected to become more stringent during the forecast period, thus affecting insurance firms' operations, such as capital requirements, commission rates, and geographical operations,” says Amit Sharma, a lead research analyst from Technavio.
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Top five health insurance market vendors
Zurich Insurance Group
Zurich Insurance Group is the global multi-line insurer serving customers globally in more than 170 countries. It offers a wide range of general insurance and life insurance products and services. It offers service to individuals, small-business, mid-size, and large-size businesses, including multinational companies. Zurich Insurance Group offers property and casualty insurance and services and risk insights. General insurance has acquired business operating profit of USD 2.9 billion in 2015, which was 37% lower compared to 2014. This was due to the occurrence of explosions in the port of Tianjin in August 2015, and the floods in the UK and Ireland in December 2015.
United Healthcare
United Healthcare is a US-based healthcare insurance company. It is operating under the control of UnitedHealth Group Company. United Healthcare offers healthcare benefits to people that varies from individuals and employers, varying from sole proprietorships to large multi-state, national and international organizations. It also offers healthcare benefits to Medicare beneficiaries and retirees. It manages the healthcare benefit program on behalf of state Medicaid and community programs. The United Healthcare Group had generated gross revenue of USD 131.3 billion in 2015.
Aviva
Aviva is a UK-based insurance company. It has a strong business presence in 16 markets in the UK, Europe, Asia, and Canada. The UK and Ireland have the largest units of their business. The company has focused on expense efficiency and improving financial flexibility of their existing business force. Its core objective is to improve the solvency capital position to deliver more cash within the group. In December 2014, Aviva announced the acquisition of Friends Life Group to accelerate the turnaround and ability to deliver the investment thesis.
AXA
AXA is among the world's largest insurance groups. The company operates in 59 countries worldwide and serves over 103 million customers. It is engaged in wealth protection, retirement planning, life protection, and project funding. In wealth management, the company offers a range of product for individuals and advisors alike. For advisors, the company offers products such as the Elevate platform, a client investment management platform, and other funds and investment products. Similarly, for individuals, the company offers products such as AXA Advanced, AXA Exclusive, and AXA Extra for high net worth customers.
Allianz
Allianz provides assets management products and services, including equity and fixed income funds, alternative to third-party investors, as well as for its own insurance operations. As of December, 2014, the company reported total assets under management of USD 2.39 trillion and around 5,000 employees globally. This segment operates through two investment management subsidiary companies, namely Allianz Global Investors and PIMCO. The company has operations in over 70 countries across the world.
The other prominent vendors are:
- Aetna Foundation
- AIA Insurance Group
- Blue Cross Blue Shield
- Kaiser foundation
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