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’.

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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