STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY (20240273638). DISTRIBUTED LEDGER SYSTEM FOR MANAGING LOSS HISTORIES FOR PROPERTIES simplified abstract

DISTRIBUTED LEDGER SYSTEM FOR MANAGING LOSS HISTORIES FOR PROPERTIES

Organization Name

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY

Inventor(s)

Ronny S. Bryant of Bloomington IL (US)

Stacie A. Mccullough of Bloomington IL (US)

Mitchell J. Hill of Bloomington IL (US)

Jacob J. Alt of Downs IL (US)

Jaime Skaggs of Chenoa IL (US)

Shawn M. Call of Bloomington IL (US)

Eric Bellas of Bloomington IL (US)

Vicki King of Bloomington IL (US)

Melinda Teresa Magerkurth of Utica IL (US)

DISTRIBUTED LEDGER SYSTEM FOR MANAGING LOSS HISTORIES FOR PROPERTIES - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240273638 titled 'DISTRIBUTED LEDGER SYSTEM FOR MANAGING LOSS HISTORIES FOR PROPERTIES

Simplified Explanation: The patent application discusses using a distributed ledger, like a blockchain, to manage loss histories for individuals and assets, as well as creating and maintaining loss history reports for individuals and insurable assets.

• Loss histories can be specific to individuals or insured assets.
• The system can track and report on losses for real estate, homes, vehicles, and other insurable assets.

Key Features and Innovation:

• Utilizing a distributed ledger for managing loss histories.
• Creating individual or asset-specific loss history reports.
• Providing a secure and transparent way to track and report losses.
• Enhancing the accuracy and efficiency of managing loss histories.

Potential Applications: The technology can be applied in the insurance industry, real estate market, vehicle registration systems, and other sectors requiring loss history management.

Problems Solved:

• Lack of transparency in loss history tracking.
• Inefficiencies in managing individual or asset-specific loss histories.
• Difficulty in accessing and updating loss history reports.

Benefits:

• Improved accuracy and transparency in loss history management.
• Enhanced security and privacy of loss history data.
• Streamlined processes for creating and maintaining loss history reports.

Commercial Applications: The technology can be used by insurance companies, real estate agencies, vehicle registration authorities, and other organizations involved in managing loss histories for individuals and assets.

Questions about Loss History Management: 1. How does using a distributed ledger improve the management of loss histories? 2. What are the potential challenges in implementing this technology in different industries?

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Original Abstract Submitted

systems and methods are disclosed with respect to using a distributed ledger, such as a blockchain, for managing loss histories for individuals and/or assets, such as real estate, homes, and vehicles, and/or for creating and maintaining loss history reports for individuals and/or insurable assets. the loss histories or loss history reports may be individual or insured specific, or may be insurable or insured asset specific.