United Services Automobile Association (USAA) and Progressive Insurance have entered a licensing agreement for intellectual property related to Progressive’s usage-based car insurance programs.
“We have found that key driving behaviors predict the likelihood of a claim far better than traditional insurance rating variables alone,” said John Sauerland, Progressive’s personal lines group president. “As insurers realize the benefits UBI offers consumers, it’s critical they deliver programs that reflect responsible intellectual property practices, which includes licensing the appropriate IP.”
Progressive has been licensing intellectual property available to companies interested in implementing UBI programs since December 2012, subject to the following terms:
Progressive has more than one million UBI subscribers and six UBI patents, Progressive said. The company’s Snapshot UBI program accounts for more than $1 billion in premiums and is available in 44 states and the District of Columbia.
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