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 Innovation in insurance: vehicle repair estimation. Buy the report here.

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.

Vehicle repair estimation is a key innovation area in insurance

Vehicle repair estimation refers to the process of predicting the cost of repair for a damaged vehicle. The estimation can be done either manually or using software programs that employ image processing, machine learning, and other data analysis techniques to identify external and internal damage to different parts of the vehicle and calculate the repair cost based on a parts database. Vehicle repair estimation helps insurance companies estimate the cost of repair accurately and quickly.

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 180+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of vehicle repair estimation.

Key players in vehicle repair estimation – 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 vehicle repair estimation

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Cox Enterprises 113 Unlock Company Profile
International Business Machines 97 Unlock Company Profile
Expanse Bioinformatics 77 Unlock Company Profile
Tractable 73 Unlock Company Profile
Flex 56 Unlock Company Profile
Alibaba Group 45 Unlock Company Profile
23andMe 34 Unlock Company Profile
Advanced New Technologies 27 Unlock Company Profile
Ping An Insurance (Group) 27 Unlock Company Profile
Lear 26 Unlock Company Profile
Leidos 26 Unlock Company Profile
Accenture 26 Unlock Company Profile
The Hartford Financial Services Group 25 Unlock Company Profile
Global Payments 25 Unlock Company Profile
State Farm Mutual Automobile Insurance 24 Unlock Company Profile
Swiss Re Asia Pacific 23 Unlock Company Profile
Aioi Nissay Dowa Insurance Services USA 22 Unlock Company Profile
Didi Global 21 Unlock Company Profile
The Allstate 20 Unlock Company Profile
UnitedHealth Group 18 Unlock Company Profile
Johnson Controls International 18 Unlock Company Profile
Expanse Networks 17 Unlock Company Profile
Qomplx 16 Unlock Company Profile
Mitchell International 16 Unlock Company Profile
KBC Group 16 Unlock Company Profile
Terumo 15 Unlock Company Profile
DataRobot 15 Unlock Company Profile
Capital One Financial 14 Unlock Company Profile
CollectiveHealth 14 Unlock Company Profile
The Progressive 14 Unlock Company Profile
Cerebri AI 14 Unlock Company Profile
Samsung Group 13 Unlock Company Profile
American International Group (AIG) 13 Unlock Company Profile
The Mather Group 13 Unlock Company Profile
Alivia Capital 12 Unlock Company Profile
Xtract360 12 Unlock Company Profile
Swiss Re 12 Unlock Company Profile
SAP 11 Unlock Company Profile
Massachusetts Mutual Life Insurance Company 11 Unlock Company Profile
OptumHealth Care Solutions 10 Unlock Company Profile
Clarify Health Solutions 10 Unlock Company Profile
Liberty Mutual 9 Unlock Company Profile
Hitachi 9 Unlock Company Profile
Royal Bank of Canada 9 Unlock Company Profile
Visa 9 Unlock Company Profile
Ant Group 9 Unlock Company Profile
Marathon Petroleum 8 Unlock Company Profile
Aliphcom 8 Unlock Company Profile
UIEvolution 7 Unlock Company Profile
One Concern 7 Unlock Company Profile

Source: GlobalData Patent Analytics

Cox Enterprises is one of the leading patent filers in vehicle repair estimation. Cox Automotive, a subsidiary of Cox Enterprises, provides car sales, exchange, marketing, and service solutions to maximize the value for dealers, manufacturers, and car shoppers. Autotrader, Clutch Technologies, Dealer.com, Dealertrack, Kelley Blue Book, Manheim, NextGear Capital, VinSolutions, vAuto, and Xtime are some of the leading brands owned by the company.

Some other key patent filers in the vehicle repair estimation space include International Business Machines (IBM), Expanse Bioinformatics, and Tractable.

In terms of application diversity, Cox Enterprises held the top position, while Flex and Terumo stood in second and third positions, respectively. By means of geographic reach, Expanse Bioinformatics leads the pack, followed by Tractable and Flex.

To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on 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.