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 Blockchain in insurance: medical transactions blockchain. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 70,000 patents to analyze innovation intensity for the insurance industry, there are 20+ 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 170+ 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
Source: GlobalData Patent Analytics
Ping An Insurance (Group) 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.
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.