Aetna, UnitedHealth, Humana, Cigna, Anthem, Oscar Health, and Clover Health are giants in the US health insurance market. But this isn’t the only thing they have 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 solve real-life problems?
An insurance app offers a convenient way for customers to:
- Get insurance and receive coverage while letting you avoid excess paperwork.
- Find a plan that meets their needs.
- Find a doctor in their insurance network.
Today, an app for an insurance business is a must, not a luxury. Read on to learn 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 is a key component of making strategic decisions about marketing as well as product development and distribution. We’ve analyzed a bunch of reports and statistics and collected key points on the health insurance industry. Here’s what we’ve found:
- The largest contributor to the growth of the health insurance market is medical insurance. (Source: Allied Market Research)
- The United States 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 growth rate of this market was about 7% from 2014 to 2019. (Source: IBISWorld)
- The number of uninsured people in the US decreased from 48.6 million in 2010 to 30.4 million in 2018. (Source: Statista)
- In 2018, the biggest US insurers were UnitedHealth Group, Anthem, Humana, Health Care Service Corporation, and Centene Corporation. (Source: Statista)
Read more - Medical insurance app development
