The healthcare insurance services market has been undergoing diversification, innovation and consolidation.
The insurance services industry is highly fragmented, with several small-scale players alongside large outsourcing firms that dominate the market. However, market forces have been driven by continually rising healthcare costs, regulatory changes to the health insurance industry, and, subsequently, a more consumer-driven health insurance business model. These trends have forced market players to diversify, innovate, and consolidate in order to remain competitive now and in the future.
Insurance services companies are seeking to diversify their product portfolio in order to offer health insurance companies a comprehensive, end-to-end solution. TriZetto, an insurance services industry leader, has made seven acquisitions between 2011 and 2013 in a variety of areas such as payer-provider connectivity, business process outsourcing, compliance readiness and claims management.