The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Jun. 25, 2024
Filed:
Aug. 27, 2020
State Farm Mutual Automobile Insurance Company, Bloomington, IL (US);
William J. Leise, Normal, IL (US);
Douglas A. Graff, Mountain View, MO (US);
Stacie A. McCullough, Bloomington, IL (US);
Shawn M. Call, Bloomington, IL (US);
Eric Bellas, Bloomington, IL (US);
Jaime Skaggs, Chenoa, IL (US);
Jacob J. Alt, Downs, IL (US);
Eric R. Moore, Heyworth, IL (US);
Vicki King, Bloomington, IL (US);
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, Bloomington, IL (US);
Abstract
The present embodiments relate to systems and methods for using a blockchain or shared ledger to generate Usage-Based Insurance quotes for a vehicle tracked over its lifecycle according to a Vehicle Identification Number (VIN), or other vehicle identifier. A mileage report stored on the shared ledger may be searched according to the vehicle's VIN and a Usage-Based Insurance quote may be generated based upon the mileage report. Periodic updates to the mileage report may be broadcast to the blockchain in transactions that updated the shared ledger. An estimated vehicle usage may be determined based upon the cryptographic proof of the blockchain and a Usage-Based Insurance quote generated thereon.