More than 400 international patents have been filed for insurance-related products in the last year
The insurance market has been investing heavily in new technology as it looks to product innovation to get ahead of competitors.
Companies filed 435 insurance-related patents during 2012 for products as diverse as insuring the use of stem cells in medical treatments of the future or new methods of valuing the insurance needed to cover hydrocarbon reserves.
Between 2003 and 2012 the insurance industry has filed more than 5,000 patents.
City law-firm RPC partner Paul Joseph said: “These figures show that the insurance sector is a hotbed of innovation right now, with insurers and brokers searching for new ways to differentiate their products and offer value-added services.
“It’s an exciting time for the sector, but also a challenging one. Firms are going to have to continue to think creatively to make sure they don’t get left behind.”
The insurance market is largely looking to telematics and mobile devices to drive forward its profitability. During 2012 there were 12 patents filed relating to telematics, and 15 filings for the use of mobile devices ranging from getting quotes on the move to managing insurance information across numerous devices.
Joseph said: “Insurance companies are looking to improve their profitability by capitalising on technologies that are coming into the marketplace and finding ways of creating new products that are both desirable and accessible to customers.
“Through innovations like telematics, which is a huge area of research, and also by maximising the opportunities offered by the prevalence of mobile devices, insurers can unlock huge business potential, so these are certainly trends to watch over the next few years.”
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