Commercial Health Insurance Market Scope
Commercial health insurance includes private companies and non-governmental organizations to issue commercial health insurance. The rapid development in technology include solutions and services is driving huge growth in this market. Along with the development in cybersecurity is becoming one major trend in this industry.
There are various companies that are performing in the market, those companies are new geographic regions by adopting major strategic initiatives such as mergers & acquisitions, expansions, investments, new service launches, and many others. There are various key players are entering this market to capture market growth opportunities. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Commercial Health Insurance market throughout the predicted period.
Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), Cardinal Health (United States), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan) and Munich Re Group (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan) and Sumitomo Life Insurance (Japan).
Segmentation Overview
The study have segmented the market of Global Commercial Health Insurance market by Type (Health Maintenance Organization, Preferred Provider Organization, Exclusive Provider Organizations, Point-of-Service Plan, High-Deductible Health Plan and Others), by Application (Public Sector, Private Sector and Stand-Alone Insurers) and Region with country level break-up.
On the basis of geography, the market of Commercial Health Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Development in Technology and Increase in Market Competencies
Market Growth Drivers:
Rapid Development in Health Maintenance Organizations, Preferred Provider Organizations, and Fee-For-Service with Prospective Utilization Review, Growing Number of Individuals with High Income and High Growth in Medical Care Expenses
Challenges:
High Threat of New Entrant
Restraints:
The Slowdown in Economic Conditions and Comparatively Fewer Profit Margins
Opportunities:
The Rise in Consolidation Within the Health Care Industry, Digitization in Accessing Policies and Rapid Increase in Disposable Income
Market Leaders and their Expansionary Development Strategies
On 14th April 2021, AXA announced it is collaborating with Microsoft to build a digital healthcare platform, enabling a virtual healthcare system that is open to all. The partnership will be built on AXA’s global reach, extensive experience in healthcare and insurance, business and technology architecture skills, and Microsoft's deep expertise in cloud-based computing, artificial intelligence, and array of partnerships with clinical partners and third-party vendors.
In Jan 2020, Chinese Authorities announced to enhancing their commercial health insurance product through investing in continuous innovation activities. Through this, they meet the growing demand with the help of the countries’ top banking and insurance regulators.
In accordance with the provisions of Regulation 12(i) of IRDAI (Health Insurance) Regulations 2016 (HIR 2016), all health insurance policies shall ordinarily provide for an entry age of at least up to 65 years. There are also Health Insurance Products that offer Health Insurance Coverage beyond age 65 years. In accordance with the provisions of Regulation 12(ii) of HIR 2016, once a proposal is accepted in respect of a health insurance policy (except Personal Accident and Travel Policies) and a policy is issued which is thereafter renewed periodically without any break, further renewal shall not be denied on the grounds of the age of the Insured. Thus, health insurance policies are lifelong renewable.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Commercial Health Insurance Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.