Carfax Inc. reported that federal officials have approved its patent applications for its auto insurance underwriting and rating system based on vehicle history attributes.
CarFax said it expects the patents to be issued by the U.S. Patent and Trademark Office within the next month.
Insurance companies use CarFax reports in their underwriting and rating, claims prioritization, total loss valuations, and fraud investigations.
CarFax’s systems that are being patented include the access to the vehicle history data and a method for insurers to follow in using that data.
According to Carfax, its vehicle history database has more than 10 billion records covering virtually all cars, light trucks, and SUVs manufactured in the U.S. since 1981. The company provides vehicle data from more than 34,000 data sources, including all state motor vehicle departments and many police departments, service facilities, and collision centers. In addition, it says it put its vehicle data through quality assurance testing to improve its accuracy and eliminate duplicate or irrelevant records.
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