The insurance sector is still a growing sector. The insurance sector which was recording a growth of 28% in 2017 recorded a growth of 38% in 2022. In fact, it shall continue to grow according to several factors in the coming few years. Here are four signals that indicate the same.
Life insurance became a priority for many during the pandemic. This resulted in a whopping increase of life insurance premiums by 6.94% in 2022 alone. In fact, insurance companies saw a sudden spike in the sales of term plans. This clearly indicates this sector's growth in the near future.
Personalization and integration of IDP in document-heavy processes signal innovation in the sector. To add to this, many insurance tech companies are now building insurance as a service product. This indicates possible growth and customer acquisition in the insurance sector over the coming years.
Many market leaders in the insurance sector are entering their digital transformation journey. Especially automation in document-centric processes clearly indicates that the companies are overburdened with a high inflow of new customers.
4. Special focus on health insurance products
The proliferation of data and connected devices makes it easier for insurance companies to play an active role in shaping customer health.
With this intelligence, insurance companies can provide well-timed, personalized reminders or notifications about disease management, doctor appointments, etc.