Insurance patents
Tuesday, May 6, 2008 | | |New insurance products can now be protected against copying with a method patents in the USA.
A recent example of a new insurance product which is patented is telematic auto insurance. It was independently invented and patented by a large U.S. auto insurance company, Progressive Auto Insurance (U.S. patent 5797134) and an independent inventor Spanish, Salvador Perez Minguijon (patent EP 0700009).
The basic idea of telematics auto insurance is one that driver behaviour is controlled directly while he or she grows and the information is forwarded to the insurance company. The insurance company uses the information to assess the likelihood that a driver has an accident and adjusts accordingly premiums. A driver who drives long distances at high speeds, for example, could be charged a different rate of a driver who drives short distances at low speed. The precise effect on costs is not known, because it is not clear that high-speed long-distance driver incurs a greater risk for an assurance that the slowness around town-pilot. [Change]
A British auto insurance, Norwich Union, obtained a license both progressive and Perez patent. They have made investments in infrastructure and developed a commercial offering called "Pay As You Drive" or PAYD.
Theoretical recent economic research on the protection progressive social effects of technology telematics business process patents have wondered if the business process patents are Pareto effective for society. Preliminary results suggest that they are not, but more work is needed. [12] [13]
Many independent inventors are in favor of patenting new insurance products because it gives them protection against large companies when they bring their new insurance products on the market. The independent inventors account for 70 percent of new patent applications of the USA in this field.
Many insurance executives are opposed to the patenting of insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $ 80 million to an independent inventor, Bancorp services, in order to settle a patent infringement and theft of trade secrets in court for a type of companies belonging to products Life insurance has invented and patented by Bancorp.
There are currently about 150 new applications for patents on inventions insurance filed annually in the USA. The rate at which patents have issued has steadily increased from 15 in 2002 to 44 in 2006. [14]
A recent example of a new insurance product which is patented is telematic auto insurance. It was independently invented and patented by a large U.S. auto insurance company, Progressive Auto Insurance (U.S. patent 5797134) and an independent inventor Spanish, Salvador Perez Minguijon (patent EP 0700009).
The basic idea of telematics auto insurance is one that driver behaviour is controlled directly while he or she grows and the information is forwarded to the insurance company. The insurance company uses the information to assess the likelihood that a driver has an accident and adjusts accordingly premiums. A driver who drives long distances at high speeds, for example, could be charged a different rate of a driver who drives short distances at low speed. The precise effect on costs is not known, because it is not clear that high-speed long-distance driver incurs a greater risk for an assurance that the slowness around town-pilot. [Change]
A British auto insurance, Norwich Union, obtained a license both progressive and Perez patent. They have made investments in infrastructure and developed a commercial offering called "Pay As You Drive" or PAYD.
Theoretical recent economic research on the protection progressive social effects of technology telematics business process patents have wondered if the business process patents are Pareto effective for society. Preliminary results suggest that they are not, but more work is needed. [12] [13]
Many independent inventors are in favor of patenting new insurance products because it gives them protection against large companies when they bring their new insurance products on the market. The independent inventors account for 70 percent of new patent applications of the USA in this field.
Many insurance executives are opposed to the patenting of insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $ 80 million to an independent inventor, Bancorp services, in order to settle a patent infringement and theft of trade secrets in court for a type of companies belonging to products Life insurance has invented and patented by Bancorp.
There are currently about 150 new applications for patents on inventions insurance filed annually in the USA. The rate at which patents have issued has steadily increased from 15 in 2002 to 44 in 2006. [14]
I am learning about this concept the very first time from your blog. I wanted to know what is use of patenting an insurance product. Please do throw some more light on this point.
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