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: remote patient monitoring. 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.
Remote patient monitoring is a key innovation area in Internet of Things
Remote patient monitoring is a medical practice that allows healthcare providers to monitor patients outside of traditional clinical settings, by using technology such as wearables and telehealth systems. The data collected remotely can include vital signs, physical activity, medication adherence, and other health-related metrics. Remote patient monitoring helps health insurance providers with fraud prevention, enhanced customer understanding, and proactive risk management.
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 60+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of remote patient monitoring.
Key players in remote patient monitoring – 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 remote patient monitoring
Source: GlobalData Patent Analytics
Among the companies innovating in remote patient monitoring, Omron is one of the leading patent filers. VitalSight is the company’s first remote patient monitoring program designed for early detection and effective treatment of patients with hypertension and cardiovascular diseases, from the comfort of their homes. As part of the program, patients are delivered a kit comprising an Omron digital blood pressure monitor, a digital body weight scale, and a cellular connected data hub that can be integrated directly with the clinician’s electronic medical record (EMR) system or through the Omron Doctor Dashboard for regular heart health monitoring and proactive care.
Robert Bosch Stiftung, Canary Medical, and Healthy io are some of the other key patent filers in the remote patient monitoring space.
In terms of application diversity, INRIX held the top position, while State Farm Mutual Automobile Insurance and Appy Risk Technologies stood in second and third positions, respectively. By means of geographic reach, INRIX leads the pack, followed by State Farm Mutual Automobile Insurance and Healthy io.
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.