The global insurance industry experienced a 23% decline in the number of future of work-related patent applications in Q3 2023 compared with the previous quarter. The total number of future of work-related grants rose by 13% 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 future of work-related patent applications in the insurance industry was 122 in Q3 2023, versus 158 in the prior quarter.
The top five companies accounted for 30% of patenting activity
Analysis of patenting activity by companies shows that State Farm Mutual Automobile Insurance filed the most future of work patents within the insurance industry in Q3 2023. The company filed 22 future of work-related patents in the quarter, compared with 20 in the previous quarter. It was followed by Ant Group with 5 future of work patent filings, Allstate (4 filings), and Tata Sons (3 filings) in Q3 2023.
Patenting activity was driven by the US with a 52% share of total patent filings
The largest share of future of work related patent filings in the insurance industry in Q3 2023 was in the US with 52%, followed by China (27%) and Australia (2%). The share represented by the US was 0.26% lower than the 52% share it accounted for in Q2 2023.
For further understanding of GlobalData's Insurance: Patents Trends Q3 2023, buy the databook here.