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, 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.
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 stabilising 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.
90 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 65,000 patents, there are 90 innovation areas that will shape the future of the industry.
Within the emerging innovation stage, property maintenance sensor networks and automated data annotation are disruptive technologies that are in the early stages of application and should be tracked closely. Fall detection sensing alarms, vehicle motion estimation, and building design risk analysis are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are trip metering-based insurance and real-time fault monitoring systems, which are now well established in the industry.
Innovation S-curve for the insurance 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 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 handling platforms
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|State Farm Mutual Automobile Insurance||268||Unlock Company Profile|
|SoftBank Group||188||Unlock Company Profile|
|Ping An Insurance (Group) Company of China||96||Unlock Company Profile|
|Clearlake Capital Group||96||Unlock Company Profile|
|INRIX||83||Unlock Company Profile|
|Allstate||63||Unlock Company Profile|
|Hartford Financial Services Group||57||Unlock Company Profile|
|Flex||49||Unlock Company Profile|
|USAA||44||Unlock Company Profile|
|Toronto-Dominion Bank||42||Unlock Company Profile|
|Swiss Re Asia Pacific||34||Unlock Company Profile|
|Discovery Holdings||32||Unlock Company Profile|
|Black Hills IP||27||Unlock Company Profile|
|International Business Machines||21||Unlock Company Profile|
|Uber Technologies||20||Unlock Company Profile|
|Leeo||20||Unlock Company Profile|
|Didi Global||18||Unlock Company Profile|
|Viavi Solutions||18||Unlock Company Profile|
|Sonos||18||Unlock Company Profile|
|Samsung Life Insurance||17||Unlock Company Profile|
|CoreLogic||17||Unlock Company Profile|
|Booking Holdings||15||Unlock Company Profile|
|Aon||14||Unlock Company Profile|
|VeriFone||14||Unlock Company Profile|
|RELX||14||Unlock Company Profile|
|Hyundai Motor Group||13||Unlock Company Profile|
|Greater Than||13||Unlock Company Profile|
|Eagle View Technologies||13||Unlock Company Profile|
|Sony Group||12||Unlock Company Profile|
|MS&AD Insurance Group Holdings||12||Unlock Company Profile|
|Hitachi||11||Unlock Company Profile|
|Taikang Insurance Group||11||Unlock Company Profile|
|Accenture||11||Unlock Company Profile|
|Toshiba||11||Unlock Company Profile|
|Swiss Reinsurance||11||Unlock Company Profile|
|Pictometry International||11||Unlock Company Profile|
|EagleView Technologies||11||Unlock Company Profile|
|Panasonic||10||Unlock Company Profile|
|Owl Cameras||10||Unlock Company Profile|
|Sensata Technologies Holding||10||Unlock Company Profile|
|American International Group (AIG)||10||Unlock Company Profile|
|Alphabet||10||Unlock Company Profile|
|Berkshire Hathaway||10||Unlock Company Profile|
|MetLife||10||Unlock Company Profile|
|Swiss Re||10||Unlock Company Profile|
|Huawei Investment & Holding||10||Unlock Company Profile|
|Crawford Group||10||Unlock Company Profile|
|Yembo||9||Unlock Company Profile|
|Samsung Group||9||Unlock Company Profile|
|Bank of America||9||Unlock Company Profile|
Source: GlobalData Patent Analytics
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.