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 Virtual and augmented reality in insurance: digital twins in insurance. 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.
Digital twins in insurance is a key innovation area in virtual and augmented reality
Digital twins in insurance refer to the use of virtual models that replicate real-world physical assets, processes, or systems in the insurance industry. By creating digital twins, insurers can analyze and assess risks, monitor asset conditions, and streamline claim processes. These digital replicas enable insurers to gain a comprehensive understanding of their insured assets and make data-driven decisions to mitigate risks and enhance efficiency in insurance policy 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 30+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of digital twins in insurance.
Key players in digital twins in insurance – 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 digital twins
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|State Farm Mutual Automobile Insurance||291||Unlock Company Profile|
|Ping An Insurance (Group)||18||Unlock Company Profile|
|Cerebri AI||14||Unlock Company Profile|
|Donan Engineering||13||Unlock Company Profile|
|Moody's||9||Unlock Company Profile|
|One Concern||7||Unlock Company Profile|
|Alivia Capital||7||Unlock Company Profile|
|Beijing Qiyu Technology||7||Unlock Company Profile|
|CoreLogic||7||Unlock Company Profile|
|Beijing Youquan Zhihui Information Technology||6||Unlock Company Profile|
|International Business Machines||5||Unlock Company Profile|
|Dalian Roiland Technology||4||Unlock Company Profile|
|Koninklijke Philips||4||Unlock Company Profile|
|BedaBox||4||Unlock Company Profile|
|Qomplx||3||Unlock Company Profile|
|SAP||3||Unlock Company Profile|
|Cathay Financial||2||Unlock Company Profile|
|CiBO Technologies||2||Unlock Company Profile|
|Accenture||2||Unlock Company Profile|
|Tencent||2||Unlock Company Profile|
|The Allstate||2||Unlock Company Profile|
|China Ping An Property and Casualty||1||Unlock Company Profile|
|HOVER||1||Unlock Company Profile|
|China Automotive Technology And Research Center||1||Unlock Company Profile|
|General Motors||1||Unlock Company Profile|
|China Investment||1||Unlock Company Profile|
|PowerChina Northwest Engineering||1||Unlock Company Profile|
|USAA||1||Unlock Company Profile|
|Toyota Motor||1||Unlock Company Profile|
|Verisk Analytics||1||Unlock Company Profile|
|Zebra Network Technology||1||Unlock Company Profile|
Source: GlobalData Patent Analytics
State Farm Mutual Automobile Insurance (State Farm) is one of the leading patent filers in digital twins in insurance. State Farm Ventures, a wholly-owned subsidiary of State Farm, is one of the investors in leading computer vision startup Nexar, which uses a huge network of dash cameras to collect and contextualize trillions of images using AI and create a digital twin of US roads and their surroundings.
The AI digital twin platform provides cities, transportation departments, and automotive and insurance companies with a constant stream of real-time updates regarding work zones, road signs, road markings, potholes, and other elements related to road safety.
Ping An Insurance (Group), Cerebri AI, and Donan Engineering are some of the other leading patent filers in digital twins in insurance.
In terms of application diversity, State Farm Mutual Automobile Insurance held the top position, while HOVER and BedaBox stood in second and third positions, respectively. By means of geographic reach, State Farm Mutual Automobile Insurance leads the pack, followed by Donan Engineering and Cerebri AI.
To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Augmented Reality (AR) in Insurance.