The insurance industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, personalization, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity in insurance documentation and data analytics, predictive risk assessment, fraud detection, and smart policy management. In the last three years alone, there have been over 9,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Internet of Things in insurance: dynamic risk assessment. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 75,000 patents to analyze innovation intensity for the insurance industry, there are 25+ innovation areas that will shape the future of the industry.
Dynamic risk assessment is a key innovation area in Internet of Things
Dynamic risk assessment is the process of continuously evaluating and analyzing risks in real-time or near real-time, considering changing conditions, data, and variables. It involves the use of advanced algorithms, AI, and machine learning techniques to dynamically assess risks that affect insurance policies and make informed decisions to mitigate or manage them.
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 500+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of dynamic risk assessment.
Key players in dynamic risk assessment – a disruptive innovation in the insurance industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to dynamic risk assessment
Source: GlobalData Patent Analytics
State Farm Mutual Automobile Insurance is one of the leading patent filers in dynamic risk assessment. Some of the patents filed by the company are related to methods and systems of automatically determining driving patterns and identifying and assessing vehicle risks by analyzing the real-time vehicle environment information and telematics data with the use of machine learning algorithms. Alibaba Group, Ping An Insurance (Group) Company of China, and Cox Enterprises are some of the other leading patent filers in the dynamic risk assessment space.
In terms of application diversity, Cox Enterprises held the top position, while Flex and INRIX stood in second and third positions, respectively. By means of geographic reach, INRIX leads the pack, followed by Kofax and Flex.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Internet of Things 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.
