==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<br>* 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<br>* U.S. life insurance firms hold about $3.8 trillion in assets<br>* 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<br>* Homeowners insurance is about a $50 billion market<br>* 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 [[Project scopeImage:PUYear.png|thumb|center|600 px|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]]* MITSUI SUMITOMO INSURANCE leading in IP activity race with 60 patents to its credit, followed by TOKIO MARINE & FIRE INSURANCE with 49 and AIOI INSURANCE with 23 patent records to their credit [[Image:PAssignee1.png|thumb|center|700 px|Assignee wise IP activity]] '''Note''': Below mentioned assignees patents added together and presented as one in above graph* SUMITOMO LIFE INSURANCE and MITSUI SUMITOMO INSURANCE is presented as MITSUI SUMITOMO INSURANCE* GE MORTGAGE HOLDINGS and GE FINANCIAL ASSURANCE HOLDING is presented as GE FINANCIAL ASSURANCE HOLDING* NICHIDO FIRE & MARINE INSURANCE , TOKIO MARINE AND FIRE INSURANCE , TOKIO MARINE & NICHIDO LIFE INSURANCE , TOKIO MARINE & NICHIDO FIRE INSURANCE and TOKIO MARINE & FIRE INSURANCE is presented as TOKIO MARINE & FIRE INSURANCE* NIPPONKOA INSURANCE , NIPPON ELECTRIC and NIPPON LIFE INSURANCE is presented as NIPPON LIFE INSURANCE ==Country wise IP activity==* Graph indicates IP activity based on priority country* United States with 506 patent records is the most happening destination for insurance related IP activities followed by Japan (314) and Australia (9)* [[Country code]] [[Image:PCountry.png|thumb|center|600 px|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)[[Image:Insurance_Types_(95).jpeg|thumb|center|600 px|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** Insurance selling system and various selling parameters (15) [[Image:Insurance_activity_-_95_(2).png|thumb|center|850 px|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 ==Insurance type Vs assignee and their activities=='''Automobile insurance''' [[Image:Automobile.png|thumb|center|850 px|Automobile insurance - Assignee wise patent distribution]]