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 insuranceBuy 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.

Premium Insights


The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.


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.