Insurtech is reshaping the insurance landscape with innovative patents, enhancing services and operational efficiency. These technological advancements promise comprehensive and secure solutions, fostering customer satisfaction and business growth. Strategic investments further drive industry evolution, securing lucrative deals and positioning companies at the forefront of innovation, thus catalyzing a paradigm shift in the insurance sector. GlobalData’s insurtech market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the insurance industry regarding insurtech. It provides an overview of recent developments in insurtech-related deals, talent acquisition, and patent filings within the insurance industry.
Diverse applications of insurtech in insurance industry
Insurance companies are leveraging new insurtech technologies through recent patents to innovate and improve their businesses. State Farm Mutual Automobile Insurance Co, for example, has patented a system for providing insurance for virtual items in a virtual environment, including backups of these items. This technology allows for the creation of backups for both fungible and non-fungible virtual items, ensuring their protection. Similarly, UnitedHealth Group Inc has patented a monitoring system for auditing and managing health care services, enhancing the efficiency and accuracy of claim edits and status monitoring. These advancements in insurtech technologies will enable insurance companies to offer more comprehensive and secure services to their customers, ultimately improving their overall business operations and customer satisfaction.
The industry experienced an 11% decline in the number of insurtech-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of insurtech-related patent applications in the insurance industry witnessed a drop of 9% compared with Q1 2023.
Strategic deal trends in insurtech in insurance industry
Insurance companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in insurtech. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of insurtech in the insurance industry.
In Q1 2024, the number of insurtech-related deals in the insurance industry grew by 160% compared with Q1 2023. On a quarterly basis, there was 117% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the insurance industry experienced a 37% growth compared with the previous quarter. On an annual basis, job postings also declined by 6%. Notably, business and financial operations occupations, with a share of 16%, emerged as the top insurtech-related job roles within the insurance industry in Q1 2024, with new job postings rising by 5% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 16% in Q1 2024, with new job postings rising by 5% over the previous quarter. The other prominent insurtech roles include management occupations with a 14% share in Q1 2024, and office and administrative support occupations with a 6% share of new job postings.
QBE Insurance Group, Hastings Group, Swiss Re, Charles Taylor, and Allianz are among the top companies leading in insurtech hiring within the insurance industry.
Countries driving adoption of insurtech in insurance industry
The US is the leading country in insurtech adoption within the insurance industry, boasting the highest number of insurtech-related patents, jobs, and deals. Meanwhile, the UK, India, Canada and Germany also maintain significant positions in insurtech adoption within the insurance industry.
In conclusion, while there's been a decline in insurtech-related patent applications, the surge in deals and strategic investments underscores the sector's resilience and growth potential. This trend is also reflected in the increased demand for insurtech-related job roles, indicating a burgeoning workforce aligning with the evolving needs of the insurance industry.
To further understand GlobalData's analysis on insurtech in the insurance industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
