Automobile underwriter, Progressive Insurance has unveiled terms for licensing of its intellectual property to companies interested in executing usage-based insurance (UBI) programs.
The licensing is subjected to the terms of agreement, which begins with implementation of license through April 2022, waiting period, as well as the licensing fee.
Progressive president and CEO Glenn Renwick said the company is inviting other companies to license its UBI intellectual property by providing more details with the new program.
”In the meantime, we will continue to defend our patent-protected technology rights,” Renwick added.
Application for Licensing will be open through June 2013, with payments starting with usage on or after April 2015.
Currently holding six UBI US patents, Progressive leads the UBI category with over $1bn in premiums and is available in 43 states and the District of Columbia.
Established in 1937, Progressive Insurance is a provider of insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles and homes across US and also offers online car insurance in Australia.