Insurance sector sees surge in patent filings for data analytics to 1,978

There are over 13,750 patents filed to date.

A significant rise in patent activity in insurance data analytics was reported by GlobalData, with over 13,750 patents filed to date. Patent filings increased from 1,477 in 2022 to 1,978 in 2023.

GlobalData's latest “FutureTech Series Report”, titled "Tech Frontiers: The Insurance Edition”, highlights the growing emphasis on data-driven solutions. 

The insurance industry is increasingly leveraging technological advancements such as data analytics, predictive modelling, and machine learning to improve risk assessment, fraud detection, and customer service.

According to GlobalData, these tools are crucial for optimising decision-making, enhancing risk management, and ensuring regulatory compliance.

Likith Togita, senior analyst of Disruptive Tech at GlobalData, stated that advanced analytics enhances policy administration by increasing adaptability and reducing processing delays.

These tools integrate seamlessly with digital transformation efforts, contributing to sustainability and operational efficiency.