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 Internet of Things in Insurance: Medical device monitoring

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, remote metering networks and vehicle image capturing sensors are disruptive technologies that are in the early stages of application and should be tracked closely. Vehicle anti-theft systems, fall detection sensing alarms, and vehicle navigation telematics are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are property surveillance drones and intrusion sensing IoT networks, which are now well established in the industry.  

Innovation S-curve for Internet of Things in the insurance industry 

Medical device monitoring is a key innovation area in Internet of Things 

The Internet of Things (IoT) enables healthcare practitioners to monitor patients outside of the typical clinical setting. IoT-enabled connected devices give healthcare professionals a constant supply of real-time health data, including heart rate, blood pressure, and glucose monitoring. Patients can now follow their health with the use of connected ultrasounds, thermometers, glucose meters, electrocardiograms, and other devices. 

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 50+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of medical device monitoring. 

Key players in medical device monitoring  – 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 medical device monitoring

Company Total patents (2010 - 2021) Premium intelligence on the world's largest companies
Ping An Insurance (Group) Company of China 41 Unlock company profile
Viatris 24 Unlock company profile
Partners Pharmacy 24 Unlock company profile
Koninklijke Philips 23 Unlock company profile
Trupanion 21 Unlock company profile
Cognizant Technology Solutions 21 Unlock company profile
International Business Machines 20 Unlock company profile
Scottish Mortgage Investment Trust 18 Unlock company profile
UnitedHealth Group 16 Unlock company profile
Accenture 15 Unlock company profile
Baxter International 14 Unlock company profile
Allscripts Healthcare Solutions 13 Unlock company profile
WellDoc 12 Unlock company profile
Quality Healthcare Intermediary 12 Unlock company profile
CVS Health 12 Unlock company profile
Healthy io 11 Unlock company profile
Theator 11 Unlock company profile
DAYA Medicals 11 Unlock company profile
Oracle 11 Unlock company profile
State Farm Mutual Automobile Insurance 11 Unlock company profile
Hartford Financial Services Group 11 Unlock company profile
PokitDok 11 Unlock company profile
American Well 11 Unlock company profile
McKesson 10 Unlock company profile
Microsoft 10 Unlock company profile
Palantir Technologies 9 Unlock company profile
Health Hero Network 9 Unlock company profile
Change Healthcare 8 Unlock company profile
FirstEnergy 8 Unlock company profile
Fisher & Paykel Healthcare 8 Unlock company profile
HTH Worldwide 8 Unlock company profile
3M 8 Unlock company profile
F. Hoffmann-La Roche 7 Unlock company profile
Fujifilm Holdings 7 Unlock company profile
Westin Engineering 7 Unlock company profile
Topcon 7 Unlock company profile
Hitachi 6 Unlock company profile
Mastercard 6 Unlock company profile
Express Scripts Insurance Company 6 Unlock company profile
Amino 6 Unlock company profile
New China Life Insurance 6 Unlock company profile
Robert Bosch Stiftung 6 Unlock company profile
MDI Achieve 6 Unlock company profile
Caresyntax 6 Unlock company profile
Instymeds 6 Unlock company profile
Fresenius 5 Unlock company profile
Hi.Q 5 Unlock company profile
Taikang Insurance Group 5 Unlock company profile
VF 5 Unlock company profile
AT&T 5 Unlock company profile

Source: GlobalData Patent Analytics

Viatris is one of the leading patent filers in medicament information system and methods. Their technology enables displaying information on a mobile device's user interface while tracking a medication device. The technique includes the step of displaying an application navigation bar with a how-to button on the user interface of a mobile device with at least one CPU in communication with at least one machine-readable storage medium. Some other key patent filers in medical device monitoring for the insurance industry include Ping An Insurance, Partners Pharmacy, Koninklijke Philips, and Trupanion

In terms of application diversity, Viatris leads the pack, with Theator and Healthy io in second and third positions, respectively. By means of geographic reach, PokitDok holds the top position, followed by VF and Viatris

To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Medical Internet of Things (IoT) in Insurance

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.