The global insurance industry experienced a 39% drop in company filings mentions of insurtech in Q2 2023 compared with the previous quarter, with the highest share accounted for by ICICI Prudential Life Insurance with 22% year-on-year decrease, according to GlobalData’s analysis of over 57 insurance company filings. GlobalData’s Insurtech – Thematic Research report explains the effect of the insurtech theme on the wider insurance industry, highlighting the leading AI disruptors and collaborators and key trends in the market. Buy the report here.
Notably, insurtech was one of the most frequently referenced themes in Q2 2023, ranking highest in terms of mentions, ahead of Covid-19 and industrial automation, according to GlobalData.
Of the top leading companies in the insurance industry, ICICI Prudential Life Insurance had the greatest increase in references for insurtech in Q2 2023, compared with the previous quarter. GlobalData identified 14 insurtech-related sentences in the company's filings - 0.2% of all sentences - and a decrease of 22% in Q2 2023 compared with Q2 2022. China Life Insurance’s mentions of insurtech rose by 20% to 6 and People's Insurance Company (Group) of China’s by 150% to 5 and PICC Property and Casualty’s by 100% to 4 and Sun Life Financial’s by 50% 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 insurtech in Q2 2023 was 109.
For further understanding of GlobalData's Insurtech - Thematic Research buy the report here.