The global insurance industry experienced a 34% decline in the number of future of work-related patent applications in Q3 2024 compared with the previous quarter. The total number of future of work-related grants dropped by 18% in Q3 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of future of work-related patent applications in the insurance industry was 123 in Q3 2024, versus 185 in the prior quarter.
The top five companies accounted for 26% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most future of work patents within the insurance industry in Q3 2024. The company filed 22 future of work-related patents in the quarter, compared with 26 in the previous quarter. It was followed by Allstate with 5 future of work patent filings, Verisk Analytics (2 filings), and Swiss Re Asia Pacific (2 filings) in Q3 2024.
Patenting activity was driven by the US with a 49% share of total patent filings
The largest share of future of work related patent filings in the insurance industry in Q3 2024 was in the US with 49%, followed by China (15%) and Japan (10%). The share represented by the US was 7% higher than the 42% share it accounted for in Q2 2024.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2024, buy the databook 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’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.
