The global insurance industry experienced a 54% decline in the number of future of work-related patent applications in Q2 2023 compared with the previous quarter. The total number of future of work-related grants dropped by 16% in Q2 2023, according to GlobalData’s Patent Analytics. GlobalData’s Future of Work – Thematic Research report explains how the theme future of work is impacting the workforce across different sectors, it presents key technology, macroeconomic and regulatory trends, market size and growth forecasts for technologies that will play a key role in the theme. Buy the report here.
Notably, the number of future of work-related patent applications in the insurance industry was 70 in Q2 2023, versus 153 in the prior quarter.
The top five companies accounted for 37% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most future of work patents within the insurance industry in Q2 2023. The company filed 15 future of work-related patents in the quarter, compared with 27 in the previous quarter. It was followed by Allstate with 4 future of work patent filings, Mitsubishi Electric (4 filings), and Strong Force Iot Portfolio 2016 (2 filings) in Q2 2023.
Patenting activity was driven by the US with an 83% share of total patent filings
The largest share of future of work related patent filings in the insurance industry in Q2 2023 was in the US with 83%, followed by China (9%) and Japan (3%). The share represented by the US was 14% higher than the 69% share it accounted for in Q1 2023.
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