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 Internet of Things in insurance: AV risk analysis. 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.
AV risk analysis is a key innovation area in Internet of Things
Autonomous vehicle (AV) risk analysis refers to the use of technology and methods to assess and allocate fault for accidents involving autonomous or semi-autonomous vehicles. This may include the use of sensor data from the vehicle, as well as historical data and statistical models, to determine driver behavior, vehicle conditions, and environmental factors that may have contributed to the accident. The information gathered may also be used to process claims, adjust insurance policies, and improve the safety and performance of AVs.
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 30+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of AV risk analysis.
Key players in AV risk analysis – 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 AV risk analysis
Source: GlobalData Patent Analytics
State Farm Mutual Automobile Insurance is one of the top patent filers in AV risk analysis. Some of the patents filed by the company are related to systems and methods of monitoring use, assessing software version, and determining risk of autonomous and semiautonomous vehicles by analyzing vehicle operating data collected from a plurality of sensors. INRIX, Cox Enterprises, and Alphabet are some of the other key patent filers in AV risk analysis.
In terms of application diversity, OPTIMUM held the top position, while Cox Enterprises and Flex stood in second and third positions, respectively. By means of geographic reach, Alphabet leads the pack, followed by INRIX and Flex.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Internet of Things in Insurance.