In this article, we will take a look at the 15 best dental insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Dental Insurance Companies Heading into 2024.
The Role of Artificial Intelligence in the Global Insurance Industry
According to a report by EY, the global insurance industry has been gaining traction. Artificial intelligence supported with a clear ethical framework can help achieve high levels of transparency across the industry, which is an important factor driving the growth of the industry. As per the EY CEO Outlook Pulse Global Survey, 60% of CEOs suggested they are optimistic about using artificial intelligence tools for mundane and monotonous tasks, hinting towards restructuring standard insurance processes. You can also check out states with the most expensive health insurance.
Moreover, 43% of the CEOs highlight that AI's ability to predict trends and demands may help optimize insurance solutions. While 37% of CEOs stressed the important role of AI in enhancing customer experience, 31% of insurance executives in Europe held privacy as their biggest concern, followed by 26% of executives naming discrimination as an alarming concern. While the benefits of artificial intelligence are immense, some insurance companies have reservations about integrating AI thoroughly into their systems.
Prominent Names in the Dental Insurance Industry
UnitedHealth Group Incorporated (NYSE:UNH), Elevance Health, Inc. (NYSE:ELV), and Allianz SE (OTC:ALIZY) are some of the most prominent names in the dental insurance market.
UnitedHealth Group Incorporated (NYSE:UNH) is a leading healthcare and insurance company based in Minnesota, United States. The company provides coverage for preventive, basic, and major dental care, among other healthcare coverage solutions. The company is making strides in becoming a well-known healthcare insurance provider across the United States. On October 24, UnitedHealth Group Incorporated (NYSE:UNH) announced Individual and Family ACA Marketplace Plans for 2024. The group will provide affordable healthcare coverage across 26 states in the US. These benefits will expand the company's footprint to 60% of the eligible population. Consumers may enroll till January 15, 2024, to access a wide range of affordable health coverage. In 2023, almost 90% of the company's consumers received a subsidy to lower their cost of healthcare.
UnitedHealth Group Incorporated's (NYSE:UNH) large consumer base explains why analysts are positive on the stock. On November 30, Truist Securities analyst David Macdonald reiterated a Buy rating on UnitedHealth Group Incorporated (NYSE:UNH) and maintained his price target of $610. Over the past 3 months, 16 Wall Street analysts have recommended to Buy the stock. UnitedHealth Group Incorporated (NYSE:UNH) has an average price target of $596 and a high forecast of $660.
Elevance Health, Inc. (NYSE:ELV) is a leading health insurance provider in the United States. The company covers all kinds of health needs for its consumers including dental insurance. The company is not only committed to providing top-notch insurance services, but it also investing in improving medical training from the grassroots. On November 1, Elevance Health, Inc. (NYSE:ELV) announced the allocation of $1.42 million to establish Intellectual Developmental Disabilities (IDD) training in medical schools across the country, via the National Inclusive Curriculum for Health Education—Medical (NICHE – Medical). 73% of medical students graduate with no training on how to care for patients with IDD.
On October 18, Elevance Health, Inc. (NYSE:ELV) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $8.99, beating estimates by $0.53. The company also posted revenue worth $42.48 billion during the quarter, up 7.21% year over year.
Allianz SE (OTC:ALIZY) is an insurance and asset management company based in Munich, Germany. The company offers a wide range of health insurance services covering in-patient, outpatient, maternity, daycare, dental, optical, and repatriation benefits. On October 12, Allianz SE (OTC:ALIZY) announced that the company is set to acquire Tua Assicurazioni from Assicurazioni Generali S.p.A for EUR 280 million. Tua Assicurazioni owns a successful property and casualty insurance portfolio with gross written premiums worth EUR 280 million, as of 2022. The deal is expected to close in early 2024. This strategic move will enable Allianz SE (OTC:ALIZY) to establish a strong presence in the Italian market.
Let's take a look at the 15 best dental insurance companies heading into 2024. You can also check out some of the best health insurance stocks to buy.
15 Best Dental Insurance Companies Heading into 2024
15 Best Dental Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best dental insurance companies heading into 2024. We sifted through 7 industry reports, including Grand View Research, Precedence Research, Straits Research, Mordor Intelligence, IMARC, Allied Market Research, and Astute Analytics. This thorough process enabled us to compile a list of the 20 best dental insurance companies heading into 2024. We then sourced the market cap for publicly listed companies or the latest annual revenue for private companies to identify the 15 best dental insurance companies heading into 2024. We sourced market caps from Yahoo Finance, and annual revenue from official company reports. For some private companies, we were unable to source the reported annual revenue. For such companies, we sourced the estimated annual revenue figure from Zoominfo. Such instances can be identified with the subhead "estimated annual revenue."
It is to be noted that some private companies do not disclose their data publicly, therefore, the estimated annual figures may not be entirely accurate but a close depiction of the true revenue.
The list of the 15 best dental insurance companies heading into 2024 is in ascending order of the market capitalization as of December 8, 2023, or annual revenue for the latest year available.
15 Best Dental Insurance Companies Heading into 2024
15. Delta Dental
Estimated Annual Revenue: $63.1 Million
Delta Dental by Delta Dental Plans Association ranks as one of the best dental insurance companies heading into 2024. Based in the United States, the company is engaged in the provision of dental insurance to individuals and families. Key dental insurance plans by the company include Delta Dental PPO, Delta Dental Premier, Delta Dental Pro Plus Premier, Delta Dental Patient Direct, and DeltaCare.
14. HDFC ERGO General Insurance Company Limited
Estimated Annual Revenue: $1.2 Billion
HDFC ERGO General Insurance Company Limited has an estimated annual revenue of $1.2 billion according to Zoominfo. The company ranks among the best dental insurance companies heading into 2024. The group covers health insurance, retail insurance, travel insurance, home insurance, and personal accidents, to name a few. While the company does not have definitive plans, it offers preventive dental care treatment, basic dental treatments, and major dental treatments.
13. Ameritas
Annual Revenue (2022): $2.6 Billion
Ameritas ranks among the best dental insurance companies heading into 2024. The company offers life insurance, retirement plans, annuities, and investments. The company also offers a range of dental insurance plans. Ameritas allows customers to choose their dentist, enabling people to cut down on out-of-pocket expenses. Primary coverage includes preventive dental care, basic dental care, and major dental care. In 2022, the company generated an annual revenue of $2.6 billion.
12. The Guardian Life Insurance Company of America
Annual Revenue (2022): $12.73 Billion
The Guardian Life Insurance Company of America ranks as one of the best dental insurance companies heading into 2023. The company offers life insurance, disability insurance, dental insurance, and other forms of health insurance. With plans ranging from diamond to starter, the company provides coverage of preventive care dental treatments, basic care treatments, major care services, implants and dentures, orthodontia, and teeth whitening. The Guardian Life Insurance Company of America had an annual revenue of $12.73 billion in 2022.
Market Capitalization as of December 8, 2023: $17.81 Billion
Principal Financial Group, Inc. (NASDAQ:PFG) ranks as one of the best dental insurance companies heading into 2024. Headquartered in Iowa, the company engages in the provision of insurance services focused on the health and well-being of consumers and organizations. The company offers routine exams and preventive care treatment under its dental insurance line. Moreover, customers also enjoy the convenience of a mobile app to keep track of updates. Principal Financial Group, Inc. (NASDAQ:PFG) has a market cap of $17.81 billion as of December 8, 2023.
10. United Concordia
Annual Revenue (2022): $26.00 Billion
United Concordia by Highmark Health is among the best dental insurance companies heading into 2024. The dental insurance company provides a range of affordable dental insurance plans supported by friendly and fast support services. The company also allows consumers to pick an in-network dentist and save immense out-of-pocket costs. Highmark Health had an annual revenue worth $26 billion in 2022.
Market Capitalization as of December 8, 2023: $47.44 Billion
MetLife, Inc. (NYSE:MET) ranks as one of the best dental insurance companies heading into 2024. The company is based in New York and provides insurance, annuities, and employee benefit services to customers across 60 countries. The company provides extensive dental insurance coverage including routine visits, major services like crowns, and family packages for kids. MetLife, Inc. (NYSE:MET) has a market cap of $47.44 billion as of December 8, 2023.
Market Capitalization as of December 8, 2023: $47.96 billion
Aflac Incorporated (NYSE:AFL), with a market cap of $47.96 billion as of December 8, 2023, ranks as one of the best dental insurance companies heading into 2024. Based in Georgia, the company is one of the largest supplemental insurance providers in the United States. Individuals and families can avail the company's dental insurance services. Prominent features by Aflac Incorporated (NYSE:AFL) include coverage for periodic checkups and cleanings, x-rays, fillings, and crowns to name a few.
7. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.8 Billion
Nationwide Mutual Insurance Company ranks as one of the best dental insurance companies heading into 2024. The company offers insurance across the car, motorcycle, home, pet, farm, life, commercial, and health lines. Under the Multiflex network, the company offers dental insurance services. The plan covers individuals and family members and offers preventative, basic, and major dental services with premium payment options. Nationwide Mutual Insurance Company reported annual revenue worth $56.8 billion in 2022.
Market Capitalization as of December 8, 2023: $75.09 Billion
The Cigna Group (NYSE:CI) is a healthcare and insurance company based in Connecticut, United States. The company provides insurance services across medical, dental, disability, life, and accident insurance. The company offers affordable individual and group dental plans. The company offers a range of dental insurance plans in three main packages including low-deductible plans, high annual maximum plans, and bundled plans. The Cigna Group (NYSE:CI) has a market cap of $75.09 as of December 8, 2023.
