Medicare Supplement Insurance Market and Technology Survey
Medicare Supplement (Med Supp) is a US$19.3 billion business that is expected to grow, at a minimum, to US$21.3 billion by the year 2013. The technology to support this expansion, however, is not generally in place today. Opportunities exists for carries to gain expense and service advantages if they apply automation to this line of business.
A new report, Medicare Supplement Insurance Market and Technology Survey, explores how technology solutions currently in use for other lines of insurance can be used in the Med Supp sales and administration process. Companies that act now to implement improved automation tools will be positioned to take advantage of the expected growth and complexity in this line. Service and technology vendors who innovate will deliver valued solutions and gain clients. Solutions discussed include straight-through processing, electronic applications, and electronic signatures.
"This report provides a benchmark for current market participants,” says Mike Fitzgerald, senior analyst with Celent’s insurance practice and author of the report. "It also provides an opportunity for new entrants to evaluate their prospects for success in entering a dynamic and growing segment."