The insurance industry continues to be a hotbed of innovation, with activity driven by growing demand for digitalisation and personalisation. With growing importance of technologies such as telematics, machine learning (ML), big data, deep learning, and data science, insurers are overcoming demographic challenges, low penetration rates, cybercrimes and fraudulent claims. In the last three years alone, there have been over 11,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Cloud in Insurance: Insurance claims processing automation. Buy the report here.

According to GlobalData’s Technology Foresights, which uses over 65,000 patents to analyse innovation intensity for the insurance industry, there are 90 innovation areas that will shape the future of the industry.

Insurance claims processing automation is a key innovation area in cloud

The use of software and technology tools to simplify and automate the processing of insurance claims is referred to as insurance claims processing automation. This includes using artificial intelligence (AI) and ML to analyze claims information such as policy plans, health records, and financial information automatically. Automating insurance claims reduces expenses, simplifies settlements, and cuts processing time while keeping customers updated on the progress. 

Cloud technology is enabling insurers to use centralized capabilities such as computing power and storage to enable flexibility, expandability, and connectivity.

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 230+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of insurance claims processing automation.

Key players in insurance claims processing automation – a disruptive innovation in the insurance industry

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

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

Patent volumes related to insurance claims processing automation

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Ping An Insurance (Group) Company of China 659 Unlock Company Profile
SoftBank Group 368 Unlock Company Profile
State Farm Mutual Automobile Insurance 359 Unlock Company Profile
Hartford Financial Services Group 222 Unlock Company Profile
Allstate 188 Unlock Company Profile
Taikang Insurance Group 117 Unlock Company Profile
Swiss Re Asia Pacific 83 Unlock Company Profile
USAA 66 Unlock Company Profile
International Business Machines 63 Unlock Company Profile
UnitedHealth Group 58 Unlock Company Profile
Toronto-Dominion Bank 56 Unlock Company Profile
Accenture 54 Unlock Company Profile
Visa 50 Unlock Company Profile
Cognizant Technology Solutions 46 Unlock Company Profile
Express Scripts Insurance Company 45 Unlock Company Profile
Memjet Technology 45 Unlock Company Profile
Assurant 43 Unlock Company Profile
Oracle 42 Unlock Company Profile
Hitachi 37 Unlock Company Profile
Intel 36 Unlock Company Profile
Swiss Reinsurance 36 Unlock Company Profile
Moody's 36 Unlock Company Profile
NEC 35 Unlock Company Profile
Bank of America 35 Unlock Company Profile
Mitchell International 34 Unlock Company Profile
LyondellBasell Industries 31 Unlock Company Profile
Rpx 31 Unlock Company Profile
CVS Health 31 Unlock Company Profile
SAP 30 Unlock Company Profile
Samsung Life Insurance 29 Unlock Company Profile
Travelers Companies 29 Unlock Company Profile
McKesson 29 Unlock Company Profile
Ant Group 28 Unlock Company Profile
DAYA Medicals 28 Unlock Company Profile
Cigna 27 Unlock Company Profile
Black Hills IP 27 Unlock Company Profile
CoreLogic 26 Unlock Company Profile
American Well 26 Unlock Company Profile
Greater Than 25 Unlock Company Profile
Tractable 24 Unlock Company Profile
Sony Group 24 Unlock Company Profile
Guidewire Software 24 Unlock Company Profile
Partners Pharmacy 24 Unlock Company Profile
Aon 22 Unlock Company Profile
Trupanion 22 Unlock Company Profile
Leonard Green & Partners 22 Unlock Company Profile
Discovery 22 Unlock Company Profile
Vista Equity Partners 21 Unlock Company Profile
Microsoft 20 Unlock Company Profile
Clearlake Capital Group 20 Unlock Company Profile

Source: GlobalData Patent Analytics

Liberty Mutual is one of the leading patent filers in insurance claims processing automation. The company provides a method for automatically processing a user-supplied claim. The procedure includes obtaining customer identity validation data, gaining access to recent claim evaluation data, calculating predictive impact assessment scores, contrasting the scores with a set of impact assessment limits, and deciding on a reactive response to the claim. Some other key patent filers in insurance claims processing automation include State Farm Mutual Automobile Insurance, Ping An Insurance, SoftBank Group and Hartford Financial Services Group. 

In terms of application diversity, Intel leads the pack, with Tractable and State Farm Mutual Automobile Insurance in the second and third positions, respectively. In terms of geographic reach, Swiss Re holds the top position, followed by Cigna and Sony Group.

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