Insurance Services Office Assigned Patent

By Targeted News Service

ALEXANDRIA, Va., July 22 -- Insurance Services Office, Jersey City, N.J., has been assigned a patent (8,489,433) developed by nine co-inventors for a "system and method for estimating loss propensity of an insured vehicle and providing driving information." The co-inventors are Alexandra Altieri, Maplewood, N.J., John Baldan, New York, Thomas Befi, Princeton Junction, N.J., Steven C. Craig, Blythewood, S.C., Martin E. Ellingsworth, Petaluma, Calif., James Sarrantonio, Brooklyn, N.Y., Christopher Sirota, Brooklyn, N.Y., Jared Smollik, Weehawken, N.J., and Dorothy Ziegelbauer, Tuxedo, N.Y.

The abstract of the patent published by the U.S. Patent and Trademark Office states: "A system and method for estimating loss propensity of a vehicle and providing driving information are provided. A loss propensity estimation server receives information from a telematics device installed in a vehicle, determines at least one loss cost area through which vehicle has traveled, and calculates a numeric loss cost factor based upon the at least one loss cost area relative to the amount of risk indicated by the vehicle's garaging loss cost. The numeric loss cost factor can be transmitted to an insurer for subsequent use by the insurer in underwriting or pricing a future insurance policy. A driving information database in the loss propensity estimation server stores driving information obtained from the telematics device installed in the vehicle, which can subsequently be transmitted to an insurer."

The patent application was filed on July 29, 2010 (12/846,552). 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=8,489,433&OS=8,489,433&RS=8,489,433

Written by Satyaban Rath; edited by Hemanta Panigrahi.

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