State Farm Mutual Automobile Insurance has patented methods and systems for automatically mitigating risks of insurance-related events to a property. Smart devices analyze data and take actions to prevent property damage, with potential insurance premium adjustments based on the data received. GlobalData’s report on State Farm Mutual Automobile Insurance 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 State Farm Mutual Automobile Insurance, Digital lending was a key innovation area identified from patents. State Farm Mutual Automobile Insurance's grant share as of April 2024 was 71%. Grant share is based on the ratio of number of grants to total number of patents.
Automatically mitigating risks of insurance-related events for properties
The granted patent (Publication Number: US11966982B2) discloses a computer-implemented method and system for limiting damage to a property equipped with multiple monitoring devices. The method involves receiving sensor data from these devices, identifying potential causes of damage, determining corrective actions to mitigate or prevent the damage, and transmitting commands to the devices to execute these actions. The system comprises transceivers, memory, and processors associated with a smart home controller to facilitate communication, data processing, and command execution.
Furthermore, the method includes receiving confirmation of executed commands, performing various corrective actions such as shutting off water or gas supply, closing doors or windows, turning off malfunctioning appliances, or activating de-watering equipment. Additionally, the system can transmit alerts to individuals or insurance providers regarding the actions taken. The patent also covers the retrieval and analysis of archival data to establish baseline models, compare sensor data for anomalies, and store operational data. The system can receive insurance-related data from providers or third-party agencies like weather or crime reporting agencies to enhance risk assessment and damage prevention measures.
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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.
