The insurance industry continues to be a hotbed of innovation. Activity is driven by growing demand for digitalization and personalization. With the 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 pricing 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 pricing automation is a key innovation area in insurance

An insurance pricing model determines the amount a customer pays in premiums, which determines the insurer’s revenue and profitability. Insurance pricing automation results in tailored products and lower prices, as well as more versatile and customized insurance services, such as premiums that automatically adjust in accordance with client health and accidents, as well as on-demand pay-as-you-go insurance. AI-based technology also simplifies customer interactions with insurance providers, which increases the likelihood that more people will buy insurance.

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

Key players in insurance pricing automation – 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’.

Patent volumes related to insurance pricing automation

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
State Farm Mutual Automobile Insurance 235 Unlock Company Profile
SoftBank Group 182 Unlock Company Profile
Ping An Insurance (Group) Company of China 163 Unlock Company Profile
Memjet Technology 159 Unlock Company Profile
Hartford Financial Services Group 99 Unlock Company Profile
Rpx 90 Unlock Company Profile
Allstate 84 Unlock Company Profile
American Express 82 Unlock Company Profile
CME Group 80 Unlock Company Profile
USAA 76 Unlock Company Profile
PayPal Holdings 68 Unlock Company Profile
Bank of America 58 Unlock Company Profile
Toronto-Dominion Bank 56 Unlock Company Profile
Expanse Bioinformatics 52 Unlock Company Profile
Swiss Reinsurance 48 Unlock Company Profile
Visa 43 Unlock Company Profile
Taikang Insurance Group 40 Unlock Company Profile
Experian 37 Unlock Company Profile
Prudential Financial 37 Unlock Company Profile
Swiss Re Asia Pacific 34 Unlock Company Profile
Accenture 32 Unlock Company Profile
Ant Group 31 Unlock Company Profile
Moody's 31 Unlock Company Profile
Discovery 30 Unlock Company Profile
Island Intellectual Property 29 Unlock Company Profile
Equifax 28 Unlock Company Profile
JPMorgan Chase 28 Unlock Company Profile
SAP 27 Unlock Company Profile
Intuit 26 Unlock Company Profile
Discovery Holdings 26 Unlock Company Profile
Goldman Sachs Group 25 Unlock Company Profile
International Business Machines 24 Unlock Company Profile
CoreLogic 24 Unlock Company Profile
Cognizant Technology Solutions 24 Unlock Company Profile
Virtu Financial 24 Unlock Company Profile
China Investment 23 Unlock Company Profile
Addepar 21 Unlock Company Profile
Guidewire Software 20 Unlock Company Profile
Aon 20 Unlock Company Profile
Clearlake Capital Group 20 Unlock Company Profile
Alera Group 19 Unlock Company Profile
UnitedHealth Group 18 Unlock Company Profile
Marsh & McLennan Companies 18 Unlock Company Profile
LyondellBasell Industries 17 Unlock Company Profile
NEC 17 Unlock Company Profile
Uber Technologies 17 Unlock Company Profile
DXC Technology 16 Unlock Company Profile
Mastercard 16 Unlock Company Profile
Ameriprise Financial 15 Unlock Company Profile
Sumitomo Mitsui Financial Group 15 Unlock Company Profile

Source: GlobalData Patent Analytics

State Farm Mutual Automobile Insurance is a leading patent filer in insurance pricing automation systems. Their solution involves using a mobile device to provide data to a remote computer, enabling automatic motor insurance pricing. The method includes collecting vehicle operation data through a mobile device while the device is in use in an operating vehicle and transmitting the collected data. This data is then received by a remote computer or server, stored in a database, and used by a rating engine to calculate the cost of a vehicle insurance policy, based on the gathered data, which helps to provide personalized insurance coverage to customers. Some other key patent filers in insurance pricing automation are SoftBank Group, Ping An Insurance, Memjet Technology, Hartford Financial Services Group and Rpx.

In terms of application diversity, Expanse Bioinformatics leads the pack, with Memjet Technology and State Farm Mutual Automobile Insurance in the second and third positions, respectively. By means of geographic reach, Discovery holds the top position, followed by NEC and Swiss Re

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