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.

Medical event scoring is a key innovation area in insurance

Medical event scoring is the process of determining the severity of a patient’s medical situation using predefined criteria or scoring systems. It involves assigning a numerical score based on a patient’s vitals, laboratory findings, and symptoms. 

AI-based scoring systems for medical events can assist doctors in identifying patients who are at high risk and triggering early interventions to avert complications. When a patient’s state changes, these systems can also send real-time alerts to doctors, allowing for quick action.

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 event scoring.

Key players in medical event scoring – 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’.

Oracle is one of the leading patent filers in medical event scoring technology. The company’s technique evaluates the readmission risks of patients admitted to a healthcare facility, determined using a general readmission risk algorithm. It may be possible to identify patients who are more likely to require a readmission and place them on a worklist for readmission prevention, making it simpler to manage their risk. Some other key patent filers in medical event scoring include J Fitness, Expanse Bioinformatics, Omron, Microsoft and Theator.

In terms of application diversity, SomaLogic leads the pack, with J Fitness and The Hartford Financial Services Group in the second and third positions, respectively. By means of geographic reach, Furukawa holds the top position, followed by Swiss Re and DAYA Medicals. 

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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