The global insurance industry experienced a 44% decline in the number of artificial intelligence-related patent applications in Q1 2023 compared with the previous quarter. The total number of artificial intelligence-related grants dropped by 4% in Q1 2023, according to GlobalData’s Patent Analytics. The growing application of Artificial Intelligence will prove to have a transformative impact on the insurance sector. GlobalData’s Artificial Intelligence (AI) Market report helps keep abreast of the latest trends in Artificial Intelligence, market opportunity forecast and the competitive landscape. Buy the report here.

Notably, the number of artificial intelligence-related patent applications in the insurance industry was 124 in Q1 2023, versus 222 in the prior quarter.

The top five companies accounted for 23% of patenting activity

Analysis of patenting activity by companies shows that Ping An Insurance (Group) Company of China filed the most artificial intelligence patents within the insurance industry in Q1 2023. The company filed 12 artificial intelligence-related patents in the quarter, compared with 94 in the previous quarter. It was followed by International Business Machines with 6 artificial intelligence patent filings, State Farm Mutual Automobile Insurance (5 filings), and China Ping An Property and Casualty (3 filings) in Q1 2023.

Patenting activity was driven by China with a 35% share of total patent filings

The largest share of artificial intelligence related patent filings in the insurance industry in Q1 2023 was in China with 35%, followed by the US (20%) and South Korea (6%). The share represented by China was 28% lower than the 63% share it accounted for in Q4 2022.

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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.