The global insurance industry experienced a 59% drop in company filings mentions of artificial intelligence in Q3 2022 compared with the previous quarter, with the highest share accounted for by Travelers Companies, according to GlobalData’s analysis of over 50 insurance company filings.
Notably, artificial intelligence was one of the most frequently referenced themes in Q3 2022, ranking highest in terms of mentions, ahead of environment and social, according to GlobalData’s whitepaper on Artificial Intelligence in Insurance – Filings Trends in Q3 2022.
Of the 50 leading companies in the insurance industry, Travelers Companies had the greatest increase in references for artificial intelligence in Q3 2022, compared with the previous quarter. GlobalData identified 25 artificial intelligence-related sentences in the company's filings - 50% of all sentences - and an increase of 100% in Q3 2022 compared with Q2 2022. Prudential’s mentions of artificial intelligence rose by 100% to 19 and SBI Life Insurance’s by 100% to 19.
GlobalData’s Company Filings Analytics also applies sentiment weight to reference sentences, based on whether the sentences are positive, negative, or neutral. Starting at 100 in 2020, an index over 100 is more positive. The overall index for artificial intelligence in Q3 2022 was 94.