Project scope

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Revision as of 03:35, 10 October 2006 by Pritesh (Talk | contribs) (Assignee wise IP activity)

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Rationale

  • Financial markets are a part of the changing business paradigms, across the globe - G. N. Bajpai
  • Today, globalization of competencies, thinking and perspectives has been the part of Strategic Action Plan of all the major players in the financial markets, globally - G. N. Bajpai
  • "The focus over the last year has been around proving the value of IT as a key contributor to business success," - David Holtzman
  • Real-time documents provide faster time to market with a personal touch - Penn National Insurance

Search Strategy

Search date: 14 Sept, 2006

Database: Micropatent (PatSearch Fulltext)

Search Strings, Hits & Scope:

  • Search I
    • Query: (Life) AND (Insurance OR Reinsurance OR Polic* OR Annuit*) - 532 hits
    • Search scope – Title, Abstract & Claims, Date - 2000 till date
    • Databases: US, EP, WO, JP, DE, GB and FR (common for all)
  • Search II
    • Query: (computer) and (Insurance OR Reinsurance) and (Polic* OR Annuit*) – 511 hits
    • Search scope – Title, Abstract & Claims, Date 1991 till date
  • Search III
    • Query: (Insurance OR Reinsurance OR polic* or Annuit*) limited by assignee (Insurance OR Bank) – 345 hits
    • Search scope – Title, Abstract & Claims, Date – 1991 till date – 345 hits
  • Total # of records - Search I + Search II + Search III = 1239 (excluding duplicates and family members but includes off-target)

Note: All search hits exclude family members and duplicate patent records


Market data - Insurance sector

  • Insurance and risk management is an immense global industry. In America alone, the insurance business employs about 2.5 million people
  • Life and health insurance in the United States will be about a $725 billion in gross revenues business in 2006, compared to only about $500 billion in 2002
  • U.S. life insurance firms hold about $3.8 trillion in assets
  • Personal lines comprise another vast sector of insurance. For example, private passenger automobile insurance will be about a $172 billion annual premium market in the U.S. for 2006
  • Homeowners insurance is about a $50 billion market
  • Property and Casualty insurance premiums will total about $450 billion in the U.S. for 2006

Year wise IP activity

  • Graph depicts IP activity based on publication year
  • 866 patents filed in a span of 16 years (1991 - 15th Sept, 2006). Out of which 792 patents filed in last 7 years
  • Trend indicates high IP activity during 2002 followed by sudden fall during 2003, since then recovering gradually
Assignee wise IP activity

Assignee wise IP activity

  • Graph depicts assignee and number of patents to their credit
  • Assignees with less than 3 patent record is depicted in table
Assignee wise IP activity

Country wise IP activity

  • Graph indicates IP activity based on priority country
  • Maximum number of patent records filed in United States (506) followed by Japan (314) and Australia (9)
  • Country code
Assignee wise IP activity

Distribution of patents - Based on insurance type

  • 95 patents have been analyzed and categorized based on type of insurance
  • For definitions follow the link
  • Number in () indicates # of patents
  • Trend - Top insurance filing sectors
    • Maximum number of patents file under life insurance category (39) followed by
    • Automobile insurance (26) and
    • Property insurance (7)
Distribution of patents - Level-I Analysis

Distribution of patents - Based on activity

  • Above 95 patents further analyzed for more granularity to project various patterns involved
  • Trend based on various activities under insurance:
    • Maximum patent filed on insurance information management system (23) followed by
    • Insurance payment process (21) and on
    • Insurance selling system and various selling parameters (15)
Distribution of patents - Level-II Analysis

Overall Trend - Based on insurance sector and respective activities

Automobile Insurance

  • Customize insurance policy and customized insurance premium for different cars and people
  • Keeping uninsured from driving

Casualty insurance

  • Automatic accident reporting system of an insured person

Health insurance

  • Pharmacy benefits calculator – selects a cost effective insurance plan form the group of plans

Life Insurance

  • Annuity – Automated benefit scheme administration apparatus
  • Package – Selling other services (funeral plan) along with life insurance
  • Retirement – Computer based retirement planning and income arrangement system

Property insurance

  • GPS Mobile insurance system – Monitoring current location and condition