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Insurance industry ranked 4th in new business applications growth

Investments in technological and operational efficiencies adopted during the pandemic attracted entrepreneurs to the insurance industry.

By Alan Godfrey | May 13, 2022 at 02:00 AM
One of the trends affecting the insurance industry and the formation of new businesses is cloud storage. More and more insurance company systems are shifting to the cloud, which enables insurers to be nimbler in their approach to customer service and launch new products. A company entering the industry at this time can use cloud storage to develop exponentially and quickly establish a foothold in the insurance ecosystem. (Credit: wavebreakmedia/Shutterstock.com) One of the trends affecting the insurance industry and the formation of new businesses is cloud storage. More and more insurance company systems are shifting to the cloud, which enables insurers to be nimbler in their approach to customer service and launch new products. A company entering the industry at this time can use cloud storage to develop exponentially and quickly establish a foothold in the insurance ecosystem. (Credit: wavebreakmedia/Shutterstock.com)

While many industries experienced a drop in new business growth in 2021, the insurance sector experienced significant improvement. According to the annual State of Swyft Industry Report, after ranking 18th in growth in 2020, the insurance industry saw a 24.37% increase in year-over-year applications.

The industry report conducted by Swyft Filings examines data from new business applications filed across the U.S. The 2021 report found that the insurance industry ranked fourth in growth out of all major industry sectors.

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