The global insurance industry experienced a 29% decline in the number of artificial intelligence-related patent applications in Q3 2022 compared with the previous quarter. The total number of artificial intelligence-related grants rose by 10% in Q3 2022, according to GlobalData’s whitepaper on Artificial Intelligence in Insurance – Patenting Activity in Q3 2022.
Notably, the number of artificial intelligence-related patent applications in the insurance industry was 188 in Q3 2022, versus 266 in the prior quarter.
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most artificial intelligence patents within the insurance industry in Q3 2022. The company filed 12 artificial intelligence-related patents in the quarter, compared with 10 in the previous quarter. It was followed by International Business Machines with 6 artificial intelligence patent filings, Allstate (4 filings), and Tractable (4 filings) in Q3 2022.
The largest share of artificial intelligence related patent filings in the insurance industry in Q3 2022 was in the US with 62%, followed by China (20%) and South Korea (3%). The share represented by the US was 14% higher than the 48% share it accounted for in Q2 2022.