The insurance industry continues to be a hotbed of innovation, with activity driven by growing demand for digitalisation and personalisation. With growing importance of technologies such as telematics, machine learning, big data, deep learning, and data science, insurers are overcoming demographic challenges, low penetration rates, cybercrimes and fraudulent claims. In the last three years alone, there have been over 11,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Cloud in Insurance: Insurance application database management systems. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 65,000 patents to analyse innovation intensity for the insurance industry, there are 90 innovation areas that will shape the future of the industry.
Insurance application database management systems is a key innovation area in cloud
An insurance application database management system that is cloud-operated simplifies daily insurance record-keeping work, eliminating the need for manual systems. Cloud enables remote access, enabling multiple users to update and review information at once. A centralised database is used to manage the data of an entire insurance office. For instance, insurers use application database management systems to track workforce, claims, user policies, premium payments, and more.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 70+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of insurance application database management systems.
Key players in insurance application database management systems – a disruptive innovation in the insurance industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to insurance application database management systems
| Company | Total patents (2010 - 2022) | Premium intelligence on the world's largest companies |
| Ping An Insurance (Group) Company of China | 493 | Unlock Company Profile |
| SoftBank Group | 217 | Unlock Company Profile |
| State Farm Mutual Automobile Insurance | 152 | Unlock Company Profile |
| Taikang Insurance Group | 117 | Unlock Company Profile |
| INRIX | 83 | Unlock Company Profile |
| Allstate | 82 | Unlock Company Profile |
| Hartford Financial Services Group | 61 | Unlock Company Profile |
| J Fitness | 60 | Unlock Company Profile |
| Expanse Bioinformatics | 52 | Unlock Company Profile |
| Flex | 49 | Unlock Company Profile |
| LyondellBasell Industries | 45 | Unlock Company Profile |
| Ant Group | 38 | Unlock Company Profile |
| International Business Machines | 38 | Unlock Company Profile |
| Pictometry International | 37 | Unlock Company Profile |
| Apogee Technology | 31 | Unlock Company Profile |
| China Life Insurance (Group) Company | 27 | Unlock Company Profile |
| Travelers Companies | 24 | Unlock Company Profile |
| Tractable | 23 | Unlock Company Profile |
| KBC Group | 23 | Unlock Company Profile |
| Accenture | 22 | Unlock Company Profile |
| Black Hills IP | 22 | Unlock Company Profile |
| Clearlake Capital Group | 20 | Unlock Company Profile |
| eBay | 15 | Unlock Company Profile |
| China Investment | 14 | Unlock Company Profile |
| Swiss Re Asia Pacific | 13 | Unlock Company Profile |
| American Well | 13 | Unlock Company Profile |
| Sony Group | 13 | Unlock Company Profile |
| Hitachi | 12 | Unlock Company Profile |
| Vista Equity Partners | 12 | Unlock Company Profile |
| Healthy io | 11 | Unlock Company Profile |
| Theator | 11 | Unlock Company Profile |
| USAA | 11 | Unlock Company Profile |
| Lufax Holding | 10 | Unlock Company Profile |
| Taikang Pension Insurance | 10 | Unlock Company Profile |
| Owl Cameras | 10 | Unlock Company Profile |
| Sensata Technologies Holding | 10 | Unlock Company Profile |
| UnitedHealth Group | 10 | Unlock Company Profile |
| Yembo | 9 | Unlock Company Profile |
| Guidewire Software | 9 | Unlock Company Profile |
| PICC Property and Casualty | 9 | Unlock Company Profile |
| Huawei Investment & Holding | 9 | Unlock Company Profile |
| Donan Engineering | 9 | Unlock Company Profile |
| DXC Technology | 9 | Unlock Company Profile |
| Baidu | 8 | Unlock Company Profile |
| Sunshine Insurance Group | 8 | Unlock Company Profile |
| LunaPBC | 8 | Unlock Company Profile |
| Microsoft | 8 | Unlock Company Profile |
| Emerson Electric | 8 | Unlock Company Profile |
| Moody's | 8 | Unlock Company Profile |
| Dell Technologies | 7 | Unlock Company Profile |
Source: GlobalData Patent Analytics
Ping An Insurance is one of the leading patent filers in insurance application database management system. Their multi-dimensional data account checking method includes sending first data from at least one data provider to a common platform; having the common platform record the first data; having a data extractor extract second data from the common platform; and having a monitoring side perform an account check to see if both the data are identical. The multi-dimensional data account checking method and system can guarantee the accuracy and consistency of the synchronous data, can guarantee prompt handling of abnormal data generated, and can guarantee that incorrect data cannot enter other flows and result in errors. Some other key patent filers in the industry include SoftBank Group, State Farm Mutual, Taikang Insurance Group, INRIX, and Allstate.
In terms of application diversity, Theator leads the pack, with INRIX and Healthy io in the second and third positions, respectively. By means of geographic reach, Owl Cameras holds the top position, followed by Sony Group and KBC Group.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Cloud Computing in Insurance.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. 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.
