Carfax Closer to Insurance Industry Related Patent

By Joseph Mandour on July 24, 2012

automobile-200x134 San Diego – Carfax is known for its comprehensive vehicle history database which allows customers to verify that new vehicle purchases haven’t been in an undisclosed accident. According to the United States Patent and Trademark Office, Carfax has embarked upon a foray into the patent world. From the patent it appears that Carfax is moving toward further assistance with the insurance industry. To that end, Carfax announced this week that it received a Notice of Allowance from the United States Patent and Trademark Office for its patent application for a “system and method for insurance underwriting and rating” identified as Serial number 13/181,736. The USPTO typically issues a Notice of Allowance once it comes to an initial determination that a patent can be granted from a review of a patent application.

A representative from Carfax expressed excitement that it will soon be able to initiate its plans to provide cutting edge services to customers in the insurance industry. Currently, Carfax’ technology systems contain over 10 billion records which cover cars, light trucks and SUV’s in the United States since 1981. In addition to a massive data collection from over 34,000 data sources, Carfax uses a pool of information from state DMVs, police departments, service facilities and collision repair centers. Data is also verified by vigorous quality control analysis that is conducted at regular intervals to weed out irrelevant or inaccurate data.

The new invention would provide greater accuracy and more options for consumers when selection insurance options. If granted, the patent would allow Carfax to use its significant amount of knowledge and experience to assist insurance underwriting companies and offer insurance customers new insurance options. The Carfax patent could lead to more accurate rate options for consumers.

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Posted in: Patent Registration