Progressive‘s patent involves a multivariate predictive system that processes usage-based data to underwrite insurance products. The system includes a database engine, digital filter, sampler, processor, and multiplier to determine insurance premiums based on diverse sources of data. GlobalData’s report on Progressive 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 Progressive, Excavator Quick Couplers was a key innovation area identified from patents. Progressive's grant share as of February 2024 was 64%. Grant share is based on the ratio of number of grants to total number of patents.
Predictive system for insurance rating variables using usage based data
A recently granted patent (Publication Number: US11928740B1) outlines a system designed to enhance the connectivity of home devices. The system involves interconnected smart home devices that send and receive data through a network, with the ability to dynamically route data to operational devices in case of failure. A digital filter is utilized to selectively pass filtered data by removing incomplete or corrupt data records, while a sampler automatically divides the filtered data into sample groups associated with user and device identifiers. The system also interfaces with a gateway for aggregating usage-based data and can impact an insured's final insurance premium based on the filtered data, showcasing a comprehensive approach to smart home connectivity and data management.
Furthermore, the patent details a communication interface connecting smart home devices to a server cluster, where the devices fuse user and device identifiers to generated data. The server cluster, comprising independent network-connected servers, receives usage-based data, derives safety scores and discounts for insurance premiums based on this data. Additional features include an automatic driver system for driver identification through sound localization and facial/environmental characteristics analysis. The system's server cluster can also interact with native application clients on mobile devices to provide quoting, claims, and online insurance services. Overall, the patent presents a sophisticated system that not only improves connectivity between smart home devices but also leverages data for insurance premium calculations, driver identification, and seamless server interactions, showcasing a holistic approach to smart home technology integration and data utilization.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
