The insurance industry continues to be a hotbed of innovation, with activity 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 Mobile Health in Insurance: Medical device monitoring. 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.

Medical device monitoring is a key innovation area in mobile health

Medical device monitoring includes monitoring a medical device’s performance on a periodic or ongoing basis. A medical device’s performance that includes the accuracy of results, and its ability to benefit the patient as designed are all monitored by the monitoring program. Medical device monitoring measures are frequently built into the device to guarantee escalation and periodic maintenance, thereby, limiting its malfunctioning.

With an increase in the use of mobile health devices, the risk of malfunction and its impact on the insurance industry is gaining traction. Insurance companies evaluate risks and offer coverage for medical equipment. They determine the amount of coverage for the device, which can vary based on the risks involved.

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 - 2022) 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

USAA is one of the leading patent filers in device monitoring technology. A monitor device is installed to track the performance of a system or an appliance. The device has sensors that assess the system's features and data storage that keeps parameter data received from a distant service. The monitor device has software that assesses whether the system's current working state falls within the parameters of the typical state as indicated by the parameter data by comparing the current sensor data to the parameter data. If the present state is abnormal, a notification can be sent, and the monitoring device can take additional steps to resolve the issue or reduce potential harm. If a network connection is not present, it can also function independently. Some other key patent filers in medical device monitoring include Viatris, Ping An Insurance, Partners Pharmacy, and Koninklijke Philips.

In terms of application diversity, Viatris leads the pack, with Theator and Healthy io in the 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 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.