State Farm Mutual Automobile Insurance had 59 patents in regtech during Q4 2023. State Farm Mutual Automobile Insurance Co filed 6 patents in RegTech theme during Q4 2023. State Farm Mutual Automobile Insurance Co filed patents in Q4 2023 related to detecting fraudulent online applications, reducing false positive fraud alerts, detecting money laundering activity, and preventing fraudulent online financial transactions. These methods involve utilizing browsing activity, machine learning programs, heuristic algorithms, and geolocation data to enhance fraud detection and prevention measures in the financial industry. 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.
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State Farm Mutual Automobile Insurance grant share with regtech as a theme is 42% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Identifying fraudulent online applications (Patent ID: US20230394500A1)
The patent filed by State Farm Mutual Automobile Insurance Co. describes a method for identifying fraudulent online applications by analyzing browsing activity associated with the user device. The method involves providing an online application to a user device, retrieving online searching activity, determining if the activity indicates a search for applicant data, and taking fraud mitigation actions if fraudulent activity is detected. These actions include flagging the application as potentially fraudulent or generating an electronic alert. The system also incorporates machine-learning programs and user location data to enhance fraud detection capabilities.
Furthermore, the patent outlines a system and non-transitory machine-readable storage medium that store instructions for executing the fraud detection method. The system includes a processor and computer-readable media to perform operations such as providing online applications, receiving applicant data and browsing activity, determining fraudulent activity, and taking appropriate fraud mitigation actions. The machine-readable storage medium stores instructions for providing online applications, receiving applicant data and browsing activity, determining fraudulent activity, and taking fraud mitigation actions. The patent emphasizes the use of social media activity, Internet search history, GPS location, and IP address data to enhance the accuracy of fraud detection in online applications.
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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.
