By Targeted News Service

ALEXANDRIA, Va., Jan. 24 -- Hartford Fire Insurance, Hartford, Conn., has been assigned a patent (8,359,213) developed by Gregory H. Berg, New Haven, Conn., Andrew J. Amigo, Gloucester, Mass., and David F. Peak, Avon, Conn., for a "system and method for administering telematics based reinsurance pools."

The abstract of the patent published by the U.S. Patent and Trademark Office states: "A data processing system includes a processor that is configured for determining a percentage share to assign a share of relative risk in an insurance pool between an insurer, a first safety vendor and at least one other safety vendor. The processor is further configured to allocate portions of the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors, to aggregate by the insurer loss information related to the insurance pool, and transmit the loss information to the safety vendors. Also, the processor is configured to allocate portions of a claim liability or a received premium associated with the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors. The data processing system also includes a memory for storing the determined shares assigned to the insurer and the safety vendors."

The patent application was filed on Jan. 13, 2012 (13/350,385). The full-text of the patent can be found at http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=8,359,213&OS=8,359,213&RS=8,359,213

Written by Satyaban Rath; edited by Hemanta Panigrahi.

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