Medicare Supplement Insurance Market and Technology Survey

by Michael Fitzgerald, May 21, 2009
Industry Trends
North America

Abstract

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."

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

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