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: insurance documentation AI. 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
Insurance documentation AI is a key innovation area in artificial intelligence
Insurance documentation AI refers to the use of artificial intelligence technologies and techniques to automate and enhance the processes involved in insurance documentation. It involves the application of machine learning, natural language processing, and computer vision to efficiently and accurately generate, analyze, and manage insurance-related forms, documents, and data.
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 70 companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of insurance documentation AI.
Key players in insurance documentation AI – 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 insurance documentation AI
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|Ping An Insurance (Group)||116||Unlock Company Profile|
|Tractable||47||Unlock Company Profile|
|The Hartford Financial Services Group||45||Unlock Company Profile|
|Paperclip||13||Unlock Company Profile|
|Aon||12||Unlock Company Profile|
|International Business Machines||11||Unlock Company Profile|
|Taikang Insurance Group||11||Unlock Company Profile|
|KBC Group||11||Unlock Company Profile|
|LyondellBasell Industries||10||Unlock Company Profile|
|Addepar||10||Unlock Company Profile|
|Accenture||9||Unlock Company Profile|
|China Ping An Property and Casualty||9||Unlock Company Profile|
|Baidu||7||Unlock Company Profile|
|The Allstate||7||Unlock Company Profile|
|Fivecast||6||Unlock Company Profile|
|The Progressive||6||Unlock Company Profile|
|Leonard Green & Partners||6||Unlock Company Profile|
|Berkshire Hathaway||6||Unlock Company Profile|
|China Investment||6||Unlock Company Profile|
|The People's Insurance (Group)||5||Unlock Company Profile|
|The Parkland Center for Clinical Innovation||5||Unlock Company Profile|
|Alibaba Group||5||Unlock Company Profile|
|Capital One Financial||5||Unlock Company Profile|
|Ant Group||5||Unlock Company Profile|
|Zhong An Online P&C Insurance||4||Unlock Company Profile|
|The Travelers||4||Unlock Company Profile|
|Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re)||4||Unlock Company Profile|
|Ping An Healthcare And Technology||3||Unlock Company Profile|
|MedImpact||3||Unlock Company Profile|
|Microsoft||3||Unlock Company Profile|
|Cincinnati Financial||3||Unlock Company Profile|
|First American Financial||3||Unlock Company Profile|
|Vouch||3||Unlock Company Profile|
|FP Alpha,||2||Unlock Company Profile|
|Inspur Financial Information Technology||2||Unlock Company Profile|
|DataInfoCom USA||2||Unlock Company Profile|
|Beijing Youquan Zhihui Information Technology||2||Unlock Company Profile|
|Hippo||2||Unlock Company Profile|
|AppOne||2||Unlock Company Profile|
|Lufax||2||Unlock Company Profile|
|China Life Insurance (Group)||2||Unlock Company Profile|
|Benchmark Digital Partners||2||Unlock Company Profile|
|Samsung Life Insurance||2||Unlock Company Profile|
|Sunshine Insurance Group||2||Unlock Company Profile|
|Tencent||2||Unlock Company Profile|
|Bank of America||2||Unlock Company Profile|
|SAP||2||Unlock Company Profile|
|Royal Bank of Canada||2||Unlock Company Profile|
|Verisk Analytics||2||Unlock Company Profile|
|Palantir Technologies||2||Unlock Company Profile|
Source: GlobalData Patent Analytics
Ping An Insurance (Group) is one of the leading patent filers in insurance documentation AI. The company filed patents for AI-based methods and systems of text classification, document reading, data processing, insurance policy generation, agreement evaluation, and damage assessment. Some of the other key patent filers in the insurance documentation AI space include Tractable, Hartford Financial Services, and Paperclip.
In terms of application diversity, Capital One Financial held the top position, while Tractable and Bank of America stood in second and third positions, respectively. By means of geographic reach, Tractable leads the pack, followed by Paperclip and Addepar.
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.