Nationwide Mutual Insurance has patented a vehicle data collection and evaluation system that uses multiple devices to collect time-stamped speed and location data. An analytics server processes the data to determine if the data streams are associated with the same trip or different trips. GlobalData’s report on Nationwide Mutual Insurance gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Nationwide Mutual Insurance, Digital lending was a key innovation area identified from patents. Nationwide Mutual Insurance's grant share as of February 2024 was 100%. Grant share is based on the ratio of number of grants to total number of patents.
Vehicle data collection and evaluation system for trip determination
A recently granted patent (Publication Number: US11876690B1) discloses a vehicle data collection and evaluation system that includes two vehicle data collection devices and an analytics server. The first and second data collection devices gather time-stamped data related to the operation of a vehicle, such as speed and location data. The analytics server processes the data streams from both devices, determining the distance between them and analyzing the time-stamped data to ascertain if they are associated with the same trip or different trips. By comparing the data within a specified time interval and against a predetermined threshold value, the system can determine if the data streams are linked to the same vehicle or trip.
Furthermore, the system allows for policy adjustments based on the analysis of the data streams. If the first and second data streams are associated with the same trip or vehicle, a rate processing server can be used to determine policy adjustments, which can then be updated in the vehicle's insurance policy. The system also includes features like GPS sensors, internal clocks in the data collection devices, and the ability to transmit data to the analytics server for processing. By efficiently analyzing data streams and determining associations between them, this patented system offers a comprehensive solution for evaluating vehicle data and making policy adjustments based on the collected information.
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