The global insurance industry experienced a 1% decline in the number of internet of things-related patent applications in Q3 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 21% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 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.
Notably, the number of internet of things-related patent applications in the insurance industry was 66 in Q3 2023, versus 67 in the prior quarter.
The top five companies accounted for 45% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most internet of things patents within the insurance industry in Q3 2023. The company filed 14 internet of things-related patents in the quarter, compared with 14 in the previous quarter. It was followed by Allstate with 8 internet of things patent filings, UnitedHealth Group (3 filings), and Mitsubishi Electric (3 filings) in Q3 2023.
Patenting activity was driven by the US with an 89% share of total patent filings
The largest share of internet of things related patent filings in the insurance industry in Q3 2023 was in the US with 89%, followed by China (3%) and Canada (2%). The share represented by the US was 16% higher than the 73% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.