The global insurance industry experienced a 4% decline in the number of artificial intelligence-related patent applications in Q3 2023 compared with the previous quarter. The total number of artificial intelligence-related grants rose by 22% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of artificial intelligence-related patent applications in the insurance industry was 293 in Q3 2023, versus 304 in the prior quarter.
The top five companies accounted for 41% of patenting activity
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 2023. The company filed 37 artificial intelligence-related patents in the quarter, compared with 39 in the previous quarter. It was followed by Ping An Insurance (Group) Company of China with 36 artificial intelligence patent filings, Allstate (25 filings), and China Ping An Property and Casualty (15 filings) in Q3 2023.
Patenting activity was driven by the US with a 58% share of total patent filings
The largest share of artificial intelligence related patent filings in the insurance industry in Q3 2023 was in the US with 58%, followed by China (25%) and Japan (3%). The share represented by the US was 3% higher than the 55% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.