The global insurance industry experienced a 60% drop in company filings mentions of artificial intelligence in Q3 2023 compared with the previous quarter, with the highest share accounted for by Fubon Financial with 13% year-on-year decrease, according to GlobalData’s analysis of over 63 insurance company filings. GlobalData’s Insurance: Filings Trends & Signals Q3 2023 report delves into earnings call transcripts and quarterly reports within the insurance industry, extracting trends, signals, and comparative data to help businesses assess their performance, identify competitive intelligence, evaluate risks, and gain a comprehensive understanding of key industry events. Buy the report here.
Notably, artificial intelligence was one of the most frequently referenced themes in Q3 2023, ranking highest in terms of mentions, ahead of cryptocurrencies and sports betting, according to GlobalData.
Of the top leading companies in the insurance industry, Fubon Financial had the greatest increase in references for artificial intelligence in Q3 2023, compared with the previous quarter. GlobalData identified 21 artificial intelligence-related sentences in the company's filings - 2% of all sentences - and a decrease of 13% in Q3 2023 compared with Q3 2022. Travelers’s mentions of artificial intelligence dropped by 13% to 21 and SBI Life Insurance’s by 11% to 17 and Cathay Financial’s by 45% to 12 and Prudential’s by 47% to 10.
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 2023 was 92.
For further understanding of GlobalData's Insurance: Filings Trends & Signals Q3 2023, buy the report here.