The global insurance industry experienced a 37% drop in new job postings related to artificial intelligence in Q1 2023 compared with the previous quarter, according to GlobalData’s Job Analytics. This compares to a 28% decrease versus Q1 2022. The growing application of Artificial Intelligence will prove to have a transformative impact on the insurance sector. GlobalData’s Artificial Intelligence (AI) Market report helps keep abreast of the latest trends in Artificial Intelligence, market opportunity forecast and the competitive landscape. Buy the report here.
Notably, Computer and Mathematical Occupations jobs accounted for a 46% share of the global insurance industry’s artificial intelligence-related total new job postings in Q1 2023, down 34% over the prior quarter.
Computer and Mathematical Occupations drive artificial intelligence-related hiring activity
Computer and Mathematical Occupations, with a share of 46%, emerged as the top artificial intelligence-related job roles within the insurance industry in Q1 2023, with new job postings drop by 34% quarter-on-quarter. Management Occupations came in second with a share of 12% in Q1 2023, with new job postings dropping by 41% over the previous quarter.
The other prominent artificial intelligence roles include Business and Financial Operations Occupations with a 5% share in Q1 2023, Architecture and Engineering Occupations with a 2% share of new job postings.
Top five companies in insurance industry accounted for 28% of hiring activity
The top companies, in terms of number of new job postings tracked by GlobalData, as of Q1 2023 were UnitedHealth Group, Chubb, Cambia Health Solutions, Cigna Group, and Allianz Versicherungs-AG. Together they accounted for a combined share of 28% of all artificial intelligence-related new jobs in the insurance industry.
UnitedHealth Group posted 303 artificial intelligence-related new jobs in Q1 2023, Chubb 215 jobs, Cambia Health Solutions 151 jobs, Cigna Group 115 jobs, and Allianz Versicherungs-AG 110 jobs, according to GlobalData’s Job Analytics.
Hiring activity was driven by the US with a 58.09% share of total new job postings, Q1 2023
The largest share of artificial intelligence-related new job postings in the insurance industry in Q1 2023 was in the US with 58.09% followed by India (7.55%) and the UK (6.99%). The share represented by the US was one percentage point higher than the 56.97% share it accounted for in Q4 2022.
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GlobalData’s Jobs Analytics uses machine learning to uncover key insights from tracking daily job postings for thousands of companies globally. Proprietary analysis is used to group jobs into key thematic areas and granular sectors across the world’s largest industries. classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
