The insurance industry continues to be a hotbed of innovation. Activity is driven by growing demand for digitalization and personalization. With 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 9,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Cybersecurity in insurance: cyber attack risk analysis. 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.
Cyber-attack risk analysis is a key innovation area in cybersecurity
Reviewing the risks connected to a specific activity or event is referred to as risk analysis and is one of the phases in the whole risk management process for cybersecurity. Information technology, projects, security concerns, and any other situation where risks may be evaluated on a quantitative and qualitative basis are all subject to risk analysis.
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 100+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of cyber-attack risk analysis.
Key players in cyber-attack risk analysis – 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’.
State Farm Mutual Automobile Insurance is the leading patent filer in cyberattack risk analysis. The process includes receiving data indicating precautions against unauthorized electronic access to some or all of a vehicle's electronic systems. The procedure comprises calculating the vehicle's risk rating, which is one of the insurance policy parameters. Some other key patent filers in the cyber-attack risk analysis industry include Cox Enterprises, The Toronto-Dominion Bank, Alibaba Group and eBay.
In terms of application diversity, Cox Enterprises leads the pack, with Flex and Security First in second and third positions, respectively. By means of geographic reach, eBay holds the top position, followed by Flex and The Toronto-Dominion Bank.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Cybersecurity 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.
