Since the Supreme Court’s 2014 decision in
Alice Corp. v. CLS Bank Int’l, trying to patent a business method such as a method for calculating premiums or underwriting for insurance policies has generally been a fool’s errand. But, as we have written previously, insurance and other financial companies are starting to see significantly more success patenting features that support processes, rather than patenting the processes themselves. See “Changes in Patent Landscape for Insurance and Financial Industries,”
Expect Focus – Life, Annuity, and Retirement Solutions (July 2019).
Reynolds Porter Chamberlain reports that the number of insurtech patents filed worldwide has increased significantly in recent years, on innovations as diverse as a behavior analytics system to evaluate risk based upon social media posts to a mobile app to speed up the claims process for people affected by natural disasters. Other granted patents include improvements in telematics systems, In