The global insurance industry experienced a 6% decline in the number of artificial intelligence-related patent applications in Q1 2024 compared with the previous quarter. The total number of artificial intelligence-related grants dropped by 18% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of artificial intelligence-related patent applications in the insurance industry was 333 in Q1 2024, versus 353 in the prior quarter.
The top five companies accounted for 40% 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 2024. The company filed 57 artificial intelligence-related patents in the quarter, compared with 78 in the previous quarter. It was followed by State Farm Mutual Automobile Insurance with 46 artificial intelligence patent filings, Allstate (12 filings), and China Life Insurance (9 filings) in Q1 2024.
Patenting activity was driven by the US with a 54% share of total patent filings
The largest share of artificial intelligence related patent filings in the insurance industry in Q1 2024 was in the US with 54%, followed by China (26%) and Canada (0.9%). The share represented by the US was 2% higher than the 52% share it accounted for in Q4 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q1 2024, buy the databook here.
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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.
