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Innovations in Insurance Sector

Keeping a pulse on activities around innovations in Insurance sector is the key ingredient in informing strategies and making key business decisions. Corroborating signals from various business activities and further deducing key performance indicators, creates a 360° view around who’s and what’s of sector relevant innovations.

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Patents

Patents
2,430
17.00% MoM

The trendline shows the granted patent activity by month for this industry. The count represents the number of patents that were granted in the last completed 12 months.

Innovations Applied for IP Protection Recently

Innovations applied for IP protection tracks new noteworthy patent applications published recently in the Insurance sector including ground-breaking technologies and the company’s technological and strategic shift towards adoption of new technologies.

Gigawarp Technologies Nologies llC has been granted a patent for an intelligent decisioning software that automatically triages, routes and assigns thousands of claims in seconds. Disclosed embodiments incorporate real-time dynamically updated geographic data into the claims assignment process. In accordance with the geographic data and other data related to particular claims, the resources, which include adjusters, can be assigned to claims in close proximity to their real-time location, and the dynamic nature of the geographic data means that claims are assigned to adjusters as received. An adjuster already in proximity to a location of incoming new claims can have claims added and removed based on real-time geographic data and as claims are filed.

A method and system for capturing physiological information with wearable technology devices, transmitting that information to a data hub, and sharing that information with certain service providers who can use that data to determine availability and pricing of the services and who are authorized to receive the data collected from certain wearable device users. Health insurance and life insurance providers, for example, are almost certainly better served by performing their requisite risk analyses using inherently unbiased data of the type captured by reliable wearable devices and transmitted to them electronically, than they are by performing those analyses using what may be less reliable.

CloudCover has been granted a patent for the invention of a cybersecurity insurance platform that utilizes a blockchain underwriting real-time process. The patent is the first to combine cybersecurity insurance and blockchain. A cyber risk event relating to transfer of data to a first party is identified using a first smart contract module. Cyber risk control of the cyber risk event is enabled using a second smart contract module. Cyber risk associated with the cyber risk control is transferred using a third smart contract module. The first smart contract, the second smart contract and the third smart contract are integrated into a multi-tier decentralized interaction that is recorded in a blockchain token utilizing a decentralized append only distributed ledger and a consensus algorithm for agreement to change requests on the distributed ledger. A premium associated cyber risk transfer is paid. Once the first party confirms receipt of the data, proof of premium is released into an insuring entities account.

Latest Venture Financing
  • Acrisure LLC
    SeriesB $725M
  • Urban Jungle Services Ltd
    SeriesA $20.68M
  • Jetty Insurance Agency LLC
    Undisclosed
  • SureIn GmbH
    $1M
  • Lassie AB
    SeriesA $11.59M
  • Acrisure LLC
    SeriesB $725M
  • Urban Jungle Services Ltd
    SeriesA $20.68M
  • Jetty Insurance Agency LLC
    Undisclosed
  • SureIn GmbH
    $1M
  • Lassie AB
    SeriesA $11.59M

Case Studies Involving Key Innovations

Spotlight

Ping An Insurance (Group) Company of China Ltd, AXA SA and Allianz SE are amongst the top companies who are fastest in embracing disruption caused by emerging themes and creating value

GlobalData  captures news, deals, filings, jobs, patents, and social media signals etc. and gathers the activities around innovation-led initiatives supported in the respective organisations. Our analysis suggests that Ping An Insurance (Group) Company of China Ltd has been most upfront in adopting emerging technologies amongst its peers.

Big Data, Artificial Intelligence and Cloud are the themes attracting most investment in the last five years

Data from March 2017 onwards

Note: GlobalData captures various data sets such as deals, filings, jobs, patents. Each data set score is combined (𝑥𝑠𝑐𝑎𝑙𝑒𝑑) to provide an overall weighted-average exposure score. The scores are then used to show the colors on the heat map and represent the level of exposure in which a darker shade represents higher levels of exposure while a lighter shade represents lower levels of exposure. Each cell in any respective column indicates the relative Company Investment Intensity of the ten tech themes compared across the list of companies for that theme.

Themes Deal Value(US$m)
Big Data 40,112.8
Artificial Intelligence 14,084.6
Cloud 12,059.7
Internet of Things 8,758.1
Cybersecurity 1,588.3
Blockchain 599.5
Virtual and Augmented Reality 130.4

Reinsurance is driving the growth in Insurance space

The sectorial representation of the Insurance industry based on growth in patenting activity and number of deals show, Reinsurance as the emerging sector. Having less patent records, Commercial Insurance, marks presence as the innovation sector with highest growth in patenting activity and deal size.

Commercial Insurance and Accident & Healthcare are the leading sectors with more than 40 deals in last five years

Data from March 2017 onwards

Note: Bubble size represents the number of deals for that sector during the past five years.

Sectors No of Deals
Commercial Insurance 81
Accident & Healthcare 40
Motor 23
Property 20
Reinsurance 13
Underwriting 6
Individual Disability Insurance 4
Medical Insurance 4
E-Commerce 2
Fire and Allied Perils 2
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