The global insurance industry experienced a 31% decline in the number of ecommerce-related patent applications in Q3 2023 compared with the previous quarter. The total number of ecommerce-related grants rose by 3% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Insurance: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of ecommerce-related patent applications in the insurance industry was 134 in Q3 2023, versus 194 in the prior quarter.
The top five companies accounted for 38% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most ecommerce patents within the insurance industry in Q3 2023. The company filed 23 ecommerce-related patents in the quarter, compared with 24 in the previous quarter. It was followed by Allstate with 17 ecommerce patent filings, Toyota Motor (4 filings), and Hartford Financial Services Group (4 filings) in Q3 2023.
Patenting activity was driven by the US with a 65% share of total patent filings
The largest share of ecommerce related patent filings in the insurance industry in Q3 2023 was in the US with 65%, followed by South Korea (9%) and China (6%). The share represented by the US was 0.02% lower than the 65% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.