The global insurance industry experienced a 2% decline in the number of future of work-related patent applications in Q4 2023 compared with the previous quarter. The total number of future of work-related grants dropped by 22% in Q4 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q4 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.
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Notably, the number of future of work-related patent applications in the insurance industry was 195 in Q4 2023, versus 199 in the prior quarter.
The top five companies accounted for 22% 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 Q4 2023. The company filed 18 future of work-related patents in the quarter, compared with 27 in the previous quarter. It was followed by Theator with 8 future of work patent filings, Ping An Insurance (Group) Company of China (8 filings), and Allstate (5 filings) in Q4 2023.
Patenting activity was driven by the US with a 56% share of total patent filings
The largest share of future of work related patent filings in the insurance industry in Q4 2023 was in the US with 56%, followed by China (26%) and Japan (4%). The share represented by the US was 14% higher than the 42% share it accounted for in Q3 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q4 2023, 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.
