The global insurance industry experienced a 36% decline in the number of future of work-related patent applications in Q1 2024 compared with the previous quarter. The total number of future of work-related grants dropped by 26% 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.

Notably, the number of future of work-related patent applications in the insurance industry was 145 in Q1 2024, versus 227 in the prior quarter.

The top five companies accounted for 33% 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 Q1 2024. The company filed 25 future of work-related patents in the quarter, compared with 21 in the previous quarter. It was followed by China Life Insurance with 7 future of work patent filings, Allstate (7 filings), and Ping An Insurance (Group) Company of China (5 filings) in Q1 2024.

Patenting activity was driven by the US with a 75% share of total patent filings

The largest share of future of work related patent filings in the insurance industry in Q1 2024 was in the US with 75%, followed by China (34%) and Japan (5%). The share represented by the US was 38% higher than the 37% share it accounted for in Q4 2023.

For further understanding of GlobalData's Insurance: Patents Trends Q1 2024, buy the databook here.

This content was updated on 18 April 2024

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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.