The global insurance industry experienced a 54% rise in company filings mentions of artificial intelligence in Q1 2023 compared with the previous quarter, with the highest share accounted for by Ping An Insurance (Group) Company of China with 72% year-on-year decrease, according to GlobalData’s analysis of over 87 insurance company filings. The growing application of artificial intelligence will prove to have a transformative impact on the insurance sector. GlobalData’s Artificial Intelligence (AI) Market Size, Share, Trends, Analysis and Forecast report helps keep abreast of the latest trends in artificial intelligence, market opportunity forecast and the competitive landscape. Buy the report here.
Notably, artificial intelligence was one of the most frequently referenced themes in Q1 2023, ranking highest in terms of mentions, ahead of Covid-19 and cybersecurity, according to GlobalData.
Of the 50 leading companies in the insurance industry, Ping An Insurance (Group) Company of China had the greatest increase in references for artificial intelligence in Q1 2023, compared with the previous quarter. GlobalData identified 38 artificial intelligence-related sentences in the company's filings, an increase of 400% in Q1 2023 compared with Q4 2022. Fairfax Financial’s mentions of artificial intelligence rose by 100% to 5 and Hartford Financial Services Group’s by 100% to 4 and SBI Life Insurance’s by 100% to 4 and Sompo’s by 100% to 3.
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 Q1 2023 was 93.
To further understand GlobalData's analysis on Artificial Intelligence (AI) Market Size, Share, Trends Analysis, and Segment Forecast 2021-2026, buy the report here.