Carfax Gets Patents for Insurance Underwriting/Rating of Vehicles [Health & Beauty Close – Up]

Carfax, Inc. announced that the U. S. Patent and Trademark Office has issued to Carfax two patents recognizing its systems and methods for using vehicle history data in the process of underwriting and rating vehicles for insurance.

Patents 8,255,243 and 8,255,244 describe Carfax's technology for using a variety of vehicle history variables (such as accident, title, and mileage data) to facilitate the underwriting and rating of auto insurance policies. The Company said licenses of this technology are available exclusively from Carfax as part of the services it provides to auto insurance carriers.

"With hundreds of insurance clients, Carfax has long been the leader in providing vehicle history data to auto insurers," commented David Lackey, General Manager of the Carfax Banking & Insurance Group. "The breadth and quality of our data sources make a compelling case once an insurer validates the improved pricing accuracy we can provide."

At present, 43 states have approved the use of Carfax vehicle history information for underwriting and/or rating.

"While auto insurers have historically looked at the type of vehicle being insured, evaluating the specific vehicle on a policy is a truly novel concept," added Lackey. "These patents further establish Carfax as a market innovator, providing cutting edge services to the insurance industry."

The Carfax Vehicle History Report is the industry standard, delivering more insight into a vehicle's history than any other source. Hundreds of insurance companies rely on Carfax as an integral part of their underwriting and rating, claims prioritization, total loss valuations, and SIU investigations.

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