Travelers patented a method using electronic telematics devices to track vehicle usage on different surface segments, calculating risk exposure based on data received, and determining insurance rates accordingly. GlobalData’s report on Travelers gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Travelers, Digital lending was a key innovation area identified from patents. Travelers's grant share as of January 2024 was 55%. Grant share is based on the ratio of number of grants to total number of patents.

Insurance rate calculation based on surface segment data

Source: United States Patent and Trademark Office (USPTO). Credit: The Travelers Companies Inc

A recently granted patent (Publication Number: US11847705B2) outlines a method involving a specially-programmed electronic controller device that utilizes data from a wireless electronic network and an electronic telematics device connected to a vehicle. The method involves identifying information related to the time spent by the vehicle on different types of surface segments, calculating risk metrics for each segment based on stored data, and ultimately determining an insurance rate for the vehicle based on these risk exposures. The method also includes considering weather conditions and their associated risk metrics in the calculation process.

Furthermore, the patent details various aspects of the method, such as how location, timing, and elevation information from the telematics device are used to identify the time spent on different surface segments. It also highlights the factors that contribute to the risk metrics for each segment, including surface material, geometric characteristics, wildlife conditions, construction status, and lighting characteristics. The method allows for the adjustment of an initial insurance premium rate plan based on the calculated risk exposures, taking into account not only the characteristics of the surface segments but also the risk exposure of the driver and the vehicle type. Overall, the patent introduces a comprehensive approach to determining insurance rates based on the vehicle's usage patterns and associated risk factors.

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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.