4 signals that indicate growth in the Insurance sector in 2023


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.

  1. Awareness

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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.  

2. Innovation

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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.

3. Digitization

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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

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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.