State Farm Mutual Automobile Insurance had nine patents in blockchain during Q3 2023. State Farm Mutual Automobile Insurance Co filed patents in Q3 2023 for various systems and methods related to insurance contracts, extended reality (XR) environments, and blockchain technology.

One patent focuses on a system for generating and managing usage-based insurance contracts, allowing buyers to select offers and automatically generate insurance contracts based on those offers.

Another patent involves a computer-implemented method for creating an XR environment based on user preferences, allowing users to interact with asset data and visualize estate information.

There are also patents related to using XR technology for processing vehicle-related insurance claims, including creating virtual reconstructions of damage-causing events and presenting them in a virtualized environment.

Furthermore, State Farm has patents for using blockchain technology in managing subrogation claim processes for vehicle collisions. This includes utilizing evidence oracles and historical data to analyze and determine fault in vehicle collisions. GlobalData’s report on State Farm Mutual Automobile Insurance gives a 360-degreee view of the company including its patenting strategy. Buy the report here.

State Farm Mutual Automobile Insurance grant share with blockchain as a theme is 44% in Q3 2023. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Systems and methods for generating usage-based insurance contracts for peer-to-peer transactions (Patent ID: US20230267555A1)

State Farm Mutual Automobile Insurance Co. has filed a patent for a system that generates and manages usage-based insurance contracts for sharing transactions. The system includes a computer system with a processor and memory device that hosts an online application for sharing transactions. The server of the computer system receives an election from an offerer and a buyer to participate in the online application. The offerer and buyer are validated based on pre-existing insurance policies issued by an insurance provider. The server also receives offers from the offerer for sharing an item, including a price for renting the item. The buyer selects an offer, and upon acceptance, a usage-based insurance contract is automatically generated based on the accepted offer. The insurance contract is based on the amount of rental usage by the buyer. A smart contract is generated to record the details of the sharing transaction and the coverage provided by the insurance contract. The usage-based insurance contract is then transmitted to the buyer and offerer.

The computer system is further programmed to identify existing insurance contracts for the item being offered and the offerer based on information included in the offer. The offerer is validated based on the existing insurance contract. Additionally, the system can receive information about the buyer, including their existing insurance contract, and validate the buyer based on this information.

The computer system can transmit multiple offers, including the selected offer, to a computer device associated with the buyer. The computer device displays at least a portion of the offers to the buyer.

To record the usage-based insurance contract, the computer system generates a distributed ledger using blocks. The first block includes a portion of the smart contract information, and the second block includes the remaining smart contract information and a hash of the first block. Copies of the distributed ledger are distributed across multiple node computing devices.

The computer system can also generate a transaction contract for the sharing transaction based on the offer, offerer, and buyer. Post-transaction details of the sharing transaction can be stored in the distributed ledger.

If the insurance contract is accepted, the acceptance is recorded in the second block of the distributed ledger.

Lastly, the computer system can associate at least one item of the offer with an existing insurance contract between the insurance provider and the offerer.

In summary, State Farm's patent describes a computer system that hosts an online application for sharing transactions and generates usage-based insurance contracts based on selected offers. The system validates the offerer and buyer based on pre-existing insurance policies and records the insurance contracts using smart contracts and a distributed ledger.

To know more about GlobalData’s detailed insights on State Farm Mutual Automobile Insurance, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

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.