Aetna, UnitedHealth, Humana, Cigna, Anthem, Oscar Health, and Clover Health are giants within the US insurance market. But this isn’t the sole thing they need in common. Another commonality is that they’ve all developed an app. But is an insurance app just a whim that your company can do without? Or does an app have the potential to unravel real-life problems?
An insurance app offers a convenient way for patrons to:
Get insurance and receive coverage while letting you avoid excess paperwork.
Find an idea that meets their needs.
Find a doctor in their insurance network.
Today, an app for an insurance business may be a must, not a luxury. Read on to find out about the health and medical insurance market, must-have features for an app, and top insurance apps.
An overview of the health and medical insurance market
Understanding your market potential may be a key component of creating strategic decisions about marketing also as development and distribution. We’ve analyzed a bunch of reports and statistics and picked up key points on the insurance industry. Here’s what we’ve found:
The largest contributor to the expansion of the insurance market is medical insurance. (Source: Allied Market Research)
The us has the world’s largest health and medical insurance market, which is projected to grow at a CAGR of 8.1% through 2024. (Source: Mordor Intelligence)
Total revenue for the US health and medical insurance market in 2019 is estimated at $1 trillion. Overall, the annual rate of growth of this market was about 7% from 2014 to 2019. (Source: IBISWorld)
The number of uninsured people within the US decreased from 48.6 million in 2010 to 30.4 million in 2018. (Source: Statista)
In 2018, the most important US insurers were UnitedHealth Group, Anthem, Humana, Health Care Service CorporationScience Articles, and Centene Corporation. (Source: Statista)