Technological adoptions and sector-specific innovations in a low-tech environment: key actors and sources of R&D in InsurTech

Following financial technologies’ rapid growth, innovations and R&D are entering the insurance industry. The development of technologies such as smart sensors, artificial intelligence, and mobile technologies offers potential for disruptive innovations to revolutionise the industry. This paper identifies the key technological adoptions and R&D in the field of InsurTech considering the sources of innovations and actors through patentometrics. It analyses the main areas of granted patents and patent applications in this field. The present literature provides both quantitative and qualitative information about key areas, investments, and further financial data in the field, but a thorough patent analysis is not yet available. This study also contributes to the adoption and innovation theories. It outlines a new angle by examining the sources of innovations and technological adoptions through both academic and professional lenses. Patentometrics helps to identify the technological clusters and main actors globally. Patent applications can reveal potential future focus points. Hence, the analysis of patents can provide a more specific outlook than an extrapolation of historical financial data. In addition, interviews with experts are conducted to justify the results of the patentometrics and to collect further information. The results show how, in a low-tech environment, innovations occur with the support of third parties and industry-specific R&D and organisations. Interestingly, most adopters and innovators are within the insurance industry. Analysing InsurTech patent applications leads to the identification of R&D activities in the vehicle, health, and property insurance areas. These areas can represent the future trends of innovations in the InsurTech industry.