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, and multiplier to determine insurance premiums based on diverse sources of data. The patent also includes a claim for improving connectivity of home devices through data fusion and dynamic routing. 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 April 2024 was 56%. Grant share is based on the ratio of number of grants to total number of patents.
Predictive system for insurance premium calculation using usage based data
A recently granted patent (Publication Number: US11928740B1) discloses a system designed to enhance the connectivity of home devices through a series of innovative features. The system includes interconnected smart home devices that fuse user and device identifiers to data, dynamically route data to operational devices, and utilize a digital filter to selectively pass filtered data by removing incomplete or corrupt records. Additionally, a sampler automatically divides the filtered data into sample groups associated with user and device identifiers, storing them in memory. 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, dividing it according to insurance rating variables.
Furthermore, the patent describes a communication interface connecting smart home devices to a server cluster, where the devices fuse identifiers to generated data and route it to operational devices in case of failure. The server cluster, comprising independent network-connected servers, receives usage-based data, derives safety scores and discounts for insurance premiums based on user and device identifiers. The system also includes an automatic driver system that identifies drivers through sound localization or facial and environmental characteristics. The server cluster can receive data through a computing cloud, derive discounts based on safety scores, and respond to native application clients on mobile devices. Overall, the system aims to improve connectivity between home devices, enhance data processing efficiency, and impact insurance premiums based on usage-based data and safety scores derived from the interconnected devices.
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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.
