Tech Frontiers – The Insurance Edition

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Published: October 23, 2024 Report Code: GDDT-FT-M037-ST

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Tech Frontiers – The Insurance Edition Report Overview

Tech Frontiers: The Insurance Edition’ offers an in-depth exploration of these technological developments. The report focuses on high-impact innovations identified through GlobalData’s proprietary Technology Foresights tool, such as automated premium discounting, insurance data analytics, and underwriting AI for insurance applications.

Key Innovations in Insurance ·       Automated Premium Discounting

·       Insurance Data Analytics

·       Dynamic Risk Assessment

·       Underwriting AI

·       Smart Vehicle Damage Assessment

·       Property Assessment Drones
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High-impact Innovations in Insurance

A few of the high-impact innovations in insurance are automated premium discounting, insurance data analytics, dynamic risk assessment, underwriting AI, smart vehicle damage assessment, and property assessment drones among others.

Automated Premium Discounting: Automated premium discounting uses artificial intelligence (AI) and digital platforms to analyze products and identify protection mechanisms. It generates protection capsules for digital wallets, aiding in payment, financial account, and protection management, while optimizing prescription requests and predicting customer needs. Health and insurance sector, financial sector, and call center businesses are its primary application areas. Additionally, the increase in patent filings reflects a rise in automated premium discounting innovations. The US leads in patent filings, followed by China, with key themes centered on digitalization, e-commerce, and fintech.

Major leaders in the insurance sector for automated premium discounting are State Farm Mutual Automobile Insurance Co, Ping An Insurance (Group) Company of China Ltd, and the Allstate Corp among others.

Key Leaders in Automated Premium Discounting

Key Leaders in Automated Premium Discounting

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Insurance Data Analytics: Insurance data analytics involves collecting and analyzing risk-related data to gain insights and make informed decisions. With advanced technologies, insurance companies can assess risks, improve underwriting, detect fraud, and optimize claims management from large datasets. Risk identification and assessment, underwriting and pricing, and claims management and fraud detection are a few application areas of insurance data analytics. Patent filings in insurance data analytics significantly increased from 2015 to 2023. The US dominates the number of patent filings, followed by China.

A few of the key leaders in insurance data analytics are Ping An Insurance (Group) Company of China Ltd, State Farm Mutual Automobile Insurance Co, and The Allstate Corp.

Key Leaders in Insurance Data Analytics

Key Leaders in Insurance Data Analytics

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Dynamic Risk Assessment: Dynamic risk assessment continuously evaluates risks in real time using advanced algorithms, AI, and ML. It adapts to changing conditions and data, enabling informed decisions to mitigate or manage risks effectively. Internet of Vehicles (IoV), traffic management, and novice driver training are a few application areas of dynamic risk assessment. Patent filings related to dynamic risk assessment significantly increased from 2015 to 2023, indicating a growing interest in insurance innovations for dynamic risk assessment. The US leads in patent distribution, followed by China and South Korea. A few of the key leaders in dynamic risk assessment are State Farm Mutual Automobile Insurance Co, Toyota Motor Corp, and Alibaba Group Holding Ltd.

Key Leaders in Dynamic Risk Assessment

Key Leaders in Dynamic Risk Assessment

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Underwriting AI: Underwriting AI uses AI to analyze data, assess risks, and determine insurance premiums. Insurance underwriting, risk assessment, and pricing and premium calculation are the application areas of underwriting AI. Patent filings in underwriting AI grew from 2015 to 2023. The US and China are the leading geographies in underwriting AI patent filings.

A few of the key leaders in underwriting AI are Ping An Insurance (Group) Company of China Ltd, State Farm Mutual Automobile Insurance Co, and China Ping An Property and Casualty Co., Ltd.

Key Leaders in Underwriting AI

Key Leaders in Underwriting AI

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Scope

  • Sector innovation radar chart identifies key disruptive forces within the insurance sector

  • High-impact innovations are ranked in the insurance sector by their projected impact and include their supplementary patent details

  • Innovations deep-dive gives an overview and highlights patent indicators, key enterprise and startup/university innovators, leaderboards, and market buzz of select innovations

  • Methodology details on how the innovations and companies are listed into select categories

Key Highlights

  • Sector innovation radar chart identifying key disruptive forces within the insurance sector; High-impact innovations in the insurance sector that includes supplementary patent details, deep-dive of nine innovations that include their overview, patent indicators, key enterprise and startup/university innovators, leaderboards, and market buzz and the methodology.

Reasons to Buy

  • GlobalData’s FutureTech Series Reports are aimed at capturing futuristic technologies that have the potential to disrupt tomorrow. These technologies are constantly changing, adapting, and progressing to enable a paradigm shift in our daily lives. The awareness, knowledge, and expertise of these topics help transform business models and strategic thinking with an in-depth understanding of megatrends that can directly influence patenting, collaboration, acquisition, and investment decisions.

23andMe Holding Co
ABAX
Advanced New Technologies
AF Group
AgentSync
Aideo Technologies
Alberta Motor Association Insurance
Alibaba Group Holding
Allianz
Alphabet
Alviere
Ant Group Co Ltd
Aviva
AXA
b.well Connected Health
Baidu
BedaBox
Beijing Forestry University
Beijing Institute of Technology
Beijing Normal University
Beijing Youquan Zhihui Information Technology Co
BitSight Technologies
By Miles
Calvinrisk
CAMCOM
Canary Medical
Capital One Financial Corp
Carpe Data
Cerebri AI
China Agricultural University
China Institute of Water Resources and Hydropower Research
China Ping An Property and Casualty
Clara Analytics
Clarify Health Solutions
Clearpath Robotics
Click-Ins
ClikAI
CollectiveHealth
Concept Reply
Consensus Point
CoreLogic
CyberFortress Insurance Services US
Dedrone
Descartes Labs
Dronotec
Drover
Duck Creek Technologies
eBay
Ebix
Edifecs
Eir
Electric Sheep Robotics
esurance
EverPeak Insurance
ExamOne
EXL
Expanse Bioinformatics
Federato
Foresight Analytics
Friss
General Motors Co
Generali
GradientAI
Greater Than
Harbin Institute of Technology
HDVI
Health Fidelity
Hefei University of Technology
Hi.Q
Hiscox
HOVER
Humanising Autonomy
Hummingdrone
Hunan University
Hyundai Motor Co
INRIX
Intel Corp
IntelligentAI
International Business Machines Corp
Jooycar
Koios Intelligence
Kookmin University Cooperative
Lear
Leeo
Lemon Healthcare
Liberty Insurance
Loveland Innovations
LunaPBC
LyondellBasell Industries ,Majesco
Mastercard
McKenzie Health System
Metail
Metromile
Micron Technology
Milliman MedInsight
Nayya Health
NetraDyne
NIP Group
NVIDIA
Nym
Panasonic
Percepto
Ping An Insurance (Group) Company of China Ltd
POPS! Diabetes Care Inc
Porsche
PreAct Technologies
Prism Corporate Broking
Qomplx
Quality Healthcare Intermediary
Quest diagnostics
Redkik
RideCell
RightSure
ROM Technologies
Roots Automation
Rosetta Risk Management
S&P
SCOR
Shandong University
Simplifai
Skydio
Snap-on
Sonatus
Sony Group Corp
SOS Lab Co Ltd
State Farm Mutual Automobile Insurance Co
State Grid Corporation of China
Stillwater Insurance
Sunshine Insurance Group Corporation Ltd
Swiss Re Ltd
Taikang Insurance Group
Tekion Corp
Tempus Labs
Tencent
Thatcham Research
The Allstate Corp
The Cigna Group
The Hartford Financial Services Group
The Toronto-Dominion Bank
The Travelers Companies
Theator
Thoughtful
Tongdun Technology
Toyota
Tractable
TruckPay
underwriter
United Parcel Service
UnitedHealth Group
University of Texas System
USAA
Verisk Analytics
Verizon Communications
West Bend Insurance
Xceedance
Xidian University
Yembo Inc
Zendrive
ZestyAI
Zhejiang University

Table of Contents

Table of Contents

1. Sector Innovation Radar: Radar chart identifying key disruptive forces within the insurance sector

2. High-impact Innovations: Ranked high-impact innovations in the insurance that include supplementary patent details

3. Innovations Deep-dive: Overview, patent indicators, key enterprise and startup/university innovators, leaderboards, and market buzz

4. Methodology

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