The insurance industry continues to be a hotbed of innovation. Activity is driven by growing demand for digitalization and personalization. With the 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 Innovation in Insurance: Medical event scoring. Buy the report here.
Smarter leaders trust GlobalData
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.
Medical event scoring is a key innovation area in insurance
Medical event scoring is the process of determining the severity of a patient’s medical situation using predefined criteria or scoring systems. It involves assigning a numerical score based on a patient’s vitals, laboratory findings, and symptoms.
AI-based scoring systems for medical events can assist doctors in identifying patients who are at high risk and triggering early interventions to avert complications. When a patient’s state changes, these systems can also send real-time alerts to doctors, allowing for quick action.
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 50+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of medical event scoring.
Key players in medical event scoring – a disruptive innovation in the insurance industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to medical event scoring
| Company | Total patents (2010 - 2022) | Premium intelligence on the world's largest companies |
| J Fitness | 60 | Unlock Company Profile |
| Expanse Bioinformatics | 52 | Unlock Company Profile |
| Omron | 47 | Unlock Company Profile |
| Oracle | 36 | Unlock Company Profile |
| Microsoft | 33 | Unlock Company Profile |
| Theator | 27 | Unlock Company Profile |
| Parkland Center for Clinical Innovation | 25 | Unlock Company Profile |
| CVS Health | 22 | Unlock Company Profile |
| UnitedHealth Group | 22 | Unlock Company Profile |
| Hi.Q | 21 | Unlock Company Profile |
| Hartford Financial Services Group | 19 | Unlock Company Profile |
| Swiss Re Asia Pacific | 19 | Unlock Company Profile |
| Allstate | 18 | Unlock Company Profile |
| Ping An Insurance (Group) Company of China | 17 | Unlock Company Profile |
| SomaLogic | 17 | Unlock Company Profile |
| hc1.com | 16 | Unlock Company Profile |
| Taikang Insurance Group | 16 | Unlock Company Profile |
| DAYA Medicals | 15 | Unlock Company Profile |
| State Farm Mutual Automobile Insurance | 12 | Unlock Company Profile |
| SoftBank Group | 12 | Unlock Company Profile |
| Intersections | 12 | Unlock Company Profile |
| Humana | 11 | Unlock Company Profile |
| OptumHealth Care Solutions | 11 | Unlock Company Profile |
| Moody's | 11 | Unlock Company Profile |
| Express Scripts Insurance Company | 11 | Unlock Company Profile |
| International Business Machines | 10 | Unlock Company Profile |
| Swiss Reinsurance | 10 | Unlock Company Profile |
| Terumo | 9 | Unlock Company Profile |
| Advanced Medical Solutions Group | 9 | Unlock Company Profile |
| Quality Standards | 9 | Unlock Company Profile |
| Fujifilm Holdings | 8 | Unlock Company Profile |
| Bank of America | 8 | Unlock Company Profile |
| Healthcare Interactive | 7 | Unlock Company Profile |
| Koninklijke Philips | 7 | Unlock Company Profile |
| Quality Healthcare Intermediary | 7 | Unlock Company Profile |
| Rite Aid | 7 | Unlock Company Profile |
| Clarify Health Solutions | 6 | Unlock Company Profile |
| Massachusetts Mutual Life Insurance Company | 6 | Unlock Company Profile |
| Amino | 6 | Unlock Company Profile |
| dacadoo | 6 | Unlock Company Profile |
| 3M | 6 | Unlock Company Profile |
| Furukawa | 6 | Unlock Company Profile |
| USAA | 6 | Unlock Company Profile |
| Cochlear | 6 | Unlock Company Profile |
| Salesforce | 5 | Unlock Company Profile |
| PulseData | 5 | Unlock Company Profile |
| Verisk Analytics | 5 | Unlock Company Profile |
| Sony Group | 5 | Unlock Company Profile |
| Swiss Re | 5 | Unlock Company Profile |
| Accenture | 5 | Unlock Company Profile |
Source: GlobalData Patent Analytics
Oracle is one of the leading patent filers in medical event scoring technology. The company’s technique evaluates the readmission risks of patients admitted to a healthcare facility, determined using a general readmission risk algorithm. It may be possible to identify patients who are more likely to require a readmission and place them on a worklist for readmission prevention, making it simpler to manage their risk. Some other key patent filers in medical event scoring include J Fitness, Expanse Bioinformatics, Omron, Microsoft and Theator.
In terms of application diversity, SomaLogic leads the pack, with J Fitness and The Hartford Financial Services Group in the second and third positions, respectively. By means of geographic reach, Furukawa holds the top position, followed by Swiss Re and DAYA Medicals.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Insurance.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
