In the evolving landscape of the insurance industry, companies are harnessing innovative insurtech patents to optimize processes and enhance customer experiences. Despite a decline in deals and job postings, strategic investments underscore the industry’s commitment to advancing through technological innovations in the dynamic field of insurtech. GlobalData’s insurtech market report provides comprehensive analysis of the insurtech market. Buy the report here.

This article presents a quarterly round-up of the latest trends in the insurance industry regarding insurtech. It provides an overview of recent developments in insurtech-related deals, talent acquisition, and patent filings within the insurance industry.

Diverse applications of insurtech in insurance industry

Insurance companies are leveraging new insurtech technologies through recent patents to innovate and improve their businesses. Kyruus Inc's patent focuses on calculating health care treatment statistics to help consumers make informed decisions. Willis Towers Watson PLC's patent involves developing a machine learning system through layered gradient boosting for data processing. MedImpact Holdings, Inc. has a patent for a system that processes retail clinic claims efficiently. State Farm Mutual Automobile Insurance Co's patents include using location-based triggering for homebuyers and a system for post-accident information gathering for insurance claims. These technologies will benefit the acquirer by streamlining processes, improving data analysis, enhancing customer experience, and ultimately optimizing insurance services in the evolving insurtech landscape.

The industry experienced a 4% growth in the number of insurtech-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of insurtech-related patent applications in the insurance industry witnessed a drop of 18% compared with Q4 2022.

Strategic deal trends in insurtech in insurance industry

Insurance companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in insurtech. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of insurtech in the insurance industry.

In Q4 2023, the number of insurtech-related deals in the insurance industry declined by 73% compared with Q4 2022. On a quarterly basis, there was 33% drop in the number of deals in Q4 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q4 2023, the insurance industry experienced a 4% drop compared with the previous quarter. On an annual basis, job postings also declined by 38%. Notably, business and financial operations occupations, with a share of 22%, emerged as the top insurtech-related job roles within the insurance industry in Q4 2023, with new job postings rising by 35% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 20% in Q4 2023, with new job postings dropping by 22% over the previous quarter. The other prominent insurtech roles include management occupations with a 13% share in Q4 2023, and office and administrative support occupations with a 7% share of new job postings.

QBE Insurance Group, Swiss Re, Hastings Group, esure Group, and Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft (Munich Re) are among the top companies leading in insurtech hiring within the insurance industry.

Countries driving adoption of insurtech in insurance industry

The US is the leading country in insurtech adoption within the insurance industry, boasting the highest number of insurtech-related patents, jobs, and deals. Meanwhile, the UK, India, South Africa and China also maintain significant positions in insurtech adoption within the insurance industry.

In conclusion, despite a decline in patent applications and deals, the insurtech landscape continues to evolve, with strategic investments reflecting the industry's commitment to technological innovation. The shift towards optimizing processes and enhancing customer experiences through innovative technologies remains a focal point for insurance companies globally.

To further understand GlobalData's analysis on insurtech in the insurance industry, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. 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.