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.
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 - 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
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.