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 9,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Blockchain in insurance: medical transactions blockchainBuy the report here.

According to GlobalData’s Technology Foresights, which uses over 75,000 patents to analyze innovation intensity for the insurance industry, there are 25+ innovation areas that will shape the future of the industry.

Medical transactions blockchain is a key innovation area in blockchain

Medical transactions blockchain refers to the use of blockchain technology to securely and transparently record and manage medical transactions. It involves creating a decentralized, immutable ledger that can store and verify medical data, such as patient records, prescription orders, lab results, and insurance claims. This enables secure sharing and verification of medical information between healthcare providers and insurance payers, while improving data integrity, reducing fraud risks, and enhancing patient privacy and control over their own medical 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 245+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of medical transactions blockchain.

Key players in medical transactions blockchain – 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 medical transactions blockchain

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
State Farm Mutual Automobile Insurance 208 Unlock Company Profile
Ping An Insurance (Group) 150 Unlock Company Profile
Cox Enterprises 115 Unlock Company Profile
The Toronto-Dominion Bank 85 Unlock Company Profile
Alibaba Group 58 Unlock Company Profile
Flex 56 Unlock Company Profile
Taikang Insurance Group 46 Unlock Company Profile
Ant Group 45 Unlock Company Profile
Apogee Technology 44 Unlock Company Profile
eBay 36 Unlock Company Profile
Sony Group 34 Unlock Company Profile
Security First 33 Unlock Company Profile
Catch Media 30 Unlock Company Profile
Leeo 28 Unlock Company Profile
Alphabet 28 Unlock Company Profile
China Investment 27 Unlock Company Profile
Accenture 26 Unlock Company Profile
Advanced New Technologies 24 Unlock Company Profile
Mastercard 24 Unlock Company Profile
Patientory 22 Unlock Company Profile
International Business Machines 22 Unlock Company Profile
The Allstate 22 Unlock Company Profile
KBC Group 21 Unlock Company Profile
Swiss Re Asia Pacific 21 Unlock Company Profile
Tencent 20 Unlock Company Profile
Paperclip 19 Unlock Company Profile
Omron 17 Unlock Company Profile
Beijing Youquan Zhihui Information Technology 16 Unlock Company Profile
Microsoft 15 Unlock Company Profile
Staton Techiya 15 Unlock Company Profile
FirstEnergy 14 Unlock Company Profile
NEC 13 Unlock Company Profile
YouGetItBack 13 Unlock Company Profile
Palantir Technologies 13 Unlock Company Profile
UnitedHealth Group 13 Unlock Company Profile
USAA 13 Unlock Company Profile
Taikang Pension Insurance 12 Unlock Company Profile
Lookout 12 Unlock Company Profile
Furukawa 12 Unlock Company Profile
Visa 12 Unlock Company Profile
Dell Technologies 11 Unlock Company Profile
China UnionPay 11 Unlock Company Profile
LyondellBasell Industries 11 Unlock Company Profile
Qomplx 11 Unlock Company Profile
PokitDok 10 Unlock Company Profile
CVS Health 10 Unlock Company Profile
Pioneer 10 Unlock Company Profile
Prudential Financial 9 Unlock Company Profile
Intel 9 Unlock Company Profile
Quanta Computer 8 Unlock Company Profile

Source: GlobalData Patent Analytics

Ping An Insurance (Group) Company of China is one of the leading patent filers in medical transactions blockchain. The company uses blockchain technology to store, access and verify electronic medical records in a secure and efficient manner and support a smart healthcare ecosystem that integrates all stakeholders, including government, patients, healthcare providers, medical professionals, and insurance payers.

Ping An’s medical database contains more than one billion medical records enumerating medications, treatment histories, and demographic information.

State Farm Mutual Automobile Insurance, Cox Enterprises, and Toronto-Dominion Bank are some of the other leading patent filers in medical transactions blockchain.

In terms of application diversity, Omron held the top position, while State Farm Mutual Automobile Insurance and YouGetItBack stood in second and third positions, respectively. By means of geographic reach, Flex leads the pack, followed by Apogee Technology and Toronto-Dominion Bank.

To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Blockchain 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.