The insurance industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, personalization, and growing importance of technologies such as artificial intelligence (AI), Internet of Things, and cybersecurity in insurance documentation and data analytics, predictive risk assessment, fraud detection, and smart policy management. In the last three years alone, there have been over 17,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Artificial intelligence in insurance: dynamic insurance pricing. Buy the report here.

However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.

Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.

20+ innovations will shape the insurance industry

According to GlobalData’s Technology Foresights, which plots the S-curve for the insurance industry using innovation intensity models built on over 70,000 patents, there are 20+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, underwriting AI, predictive risk analysis, and insurance documentation AI are disruptive technologies that are in the early stages of application and should be tracked closely. Insurance fraud detection AI, smart policy management, and smart vehicle damage assessment are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas is automated weather forecasting, which is now well established in the industry.

Innovation S-curve for artificial intelligence in the insurance industry

Dynamic insurance pricing is a key innovation area in artificial intelligence

Dynamic insurance pricing using AI refers to the practice of determining insurance premiums based on real-time data and usage patterns. It involves collecting and analyzing data from various sources, such as vehicles and mobile devices, to assess risk and calculate personalized insurance rates. The approach allows insurers to offer more accurate pricing based on an individual's driving behavior and reduces the reliance on traditional risk factors such as age and gender.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 50+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of dynamic insurance pricing.

Key players in dynamic insurance pricing – a disruptive innovation in the insurance industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.  

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’. 

Patent volumes related to dynamic insurance pricing

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
State Farm Mutual Automobile Insurance 447 Unlock Company Profile
The Allstate 250 Unlock Company Profile
INRIX 124 Unlock Company Profile
Alphabet 96 Unlock Company Profile
Intel 54 Unlock Company Profile
Ford Motor 29 Unlock Company Profile
The Hartford Financial Services Group 17 Unlock Company Profile
Zendrive 17 Unlock Company Profile
Swiss Re Asia Pacific 16 Unlock Company Profile
Nio 12 Unlock Company Profile
Uber Technologies 11 Unlock Company Profile
International Business Machines 11 Unlock Company Profile
Xerox 9 Unlock Company Profile
Appy Risk Technologies 9 Unlock Company Profile
Swiss Re 8 Unlock Company Profile
MiTAC 8 Unlock Company Profile
Toshiba 7 Unlock Company Profile
Hyundai Motor 7 Unlock Company Profile
Toyota Motor 7 Unlock Company Profile
Kia 7 Unlock Company Profile
Capital One Financial 6 Unlock Company Profile
Tokio Marine 6 Unlock Company Profile
Cambridge Mobile Telematics 6 Unlock Company Profile
F. Hoffmann-La Roche 6 Unlock Company Profile
LG 6 Unlock Company Profile
Mile Auto 5 Unlock Company Profile
Continental 5 Unlock Company Profile
Pioneer 5 Unlock Company Profile
Jenny Life 4 Unlock Company Profile
Sony Group 4 Unlock Company Profile
Apple 4 Unlock Company Profile
Wells Fargo 3 Unlock Company Profile
Cox Enterprises 3 Unlock Company Profile
USAA 3 Unlock Company Profile
JVCKENWOOD 3 Unlock Company Profile
SoftBank Group 3 Unlock Company Profile
BlackBerry 3 Unlock Company Profile
PayPal 3 Unlock Company Profile
General Motors 3 Unlock Company Profile
Thinkware 3 Unlock Company Profile
SafeAI 2 Unlock Company Profile
AT&T 2 Unlock Company Profile
Carrot General Insurance 2 Unlock Company Profile
KDDI 2 Unlock Company Profile
Telefónica Digital Espana SLU 1 Unlock Company Profile
Liberty Mutual 1 Unlock Company Profile
Trak Global Group 1 Unlock Company Profile
Autotalks 1 Unlock Company Profile
Discovery 1 Unlock Company Profile
Hitachi 1 Unlock Company Profile

Source: GlobalData Patent Analytics

State Farm Mutual Automobile Insurance is one of the leading patent filers in dynamic insurance pricing. The company adopts computer-implemented methods to design policies and adjust insurance rates based on real-time market changes, consumer expectations, and parameters such as vehicle operating conditions and driving behavior patterns. Some of the other key patent filers in the space include Allstate, INRIX, and Alphabet.

In terms of application diversity, Cox Enterprises held the top position, while Sony Group and MiTAC stood in second and third positions, respectively. By means of geographic reach, Alphabet leads the pack, followed by INRIX and Intel.

To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Insurance.

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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.