Are Insurance Companies the Next Entrants to the Neurology Sector?

The neurology sector has traditionally been led by large tech-focused companies such as IBM, Boston Scientific, and Phillips Inc. That being said, occasionally we also see companies not traditionally considered “tech” companies receive patent protection for neurology-based technology. A recent example of this can be seen in U.S. Pat. Pub. No. 20210043058, which was submitted by State Farm Insurance. The ‘3058 application teaches a method of monitoring the cognitive function of aging individuals in their homes, and using the monitored data to predict and diagnose cognitive or health issues. 

Although it is not clear what exactly State Farm plans to do with this technology, it is likely that it will be used to adjust rates, or recommend changes to homeowners to lower either their home, life, or medical policies. The technology could also be implemented in a similar way to its Drive Safe and Save™ technology, which applies discounts to auto insurance based on data collected about policyholders as they drive. 

Presently, State Farm is the only insurance company with patent documents in the Neurology sector, and the ’3058 application is only its second document (they also have a patent that was granted last fall). Make sure to check back to the AI Biotech/Diagnostics: Neurology Patent Forecast® over the next few months as we watch to see if State Farm makes more applications, and if other insurance companies follow suit.

Surveillance, Camera, Security, Video