Insurtech patents jumped by 40% in 2017

The professional services firm Reynolds Porter Chamberlain (RPC) said that 917 insurance technology-related patents were filed worlwide in 2017, that is an increase of 40% compared to the 657 patents of 2016 and 116% compared to 2013.

22% of these insurance related to pricing. Telematics, artificial intelligence and machine learning also represented a significant portion.

Mark Crichard, partner at RPC underlined the importance of the insurtech, through technology, in the development and improvement of insurance products.