The insurance industry continues to be a hotbed of innovation. Activity is driven by growing demand for digitalisation and personalisation. With growing importance of technologies such as telematics, machine learning, 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 Innovation in Insurance: Insurance claims handling platforms. Buy the report here.
Smarter leaders trust GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
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 handling platforms is a key innovation area in insurance
Insurance claims management systems are employed by insurance companies and agencies to assist agents in handling their clients’ claims. It primarily facilitates the data and knowledge required for analysing claims through the use of a consolidated record system.
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 90+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of insurance claims handling platforms.
Key players in insurance claims handling platforms – a disruptive innovation in the insurance industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Clearlake Capital Group is one of the leading patent filers in systems and methods for mobile image capture and processing. When processing an insurance claim, their technology assesses if a document is pertinent to the claim and, if it is, sends the image data and the information extracted to a remote server for claims processing. The picture capturing and processing methods also make it easier to file insurance claims and/or medical records by providing a variety of extra features that can be utilised separately or together. Some other key patent filers in the industry include State Farm Mutual Automobile Insurance, SoftBank Group, Ping An Insurance, INRIX, and Allstate.
In terms of application diversity, Flex tops the list, with INRIX and Clearlake Capital Group in the second and third positions, respectively. By means of geographic reach, Discovery Holdings holds the top position, followed by Owl Cameras and Alphabet.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Insurance.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
