Mayfield Village, Ohio—based auto insurer Progressive says it is entering into a licensing agreement with United Services Automobile Association (USAA) for intellectual property related to usage-based car insurance programs.
Progressive says it has six usage-based insurance (UBI) U.S. patents and more than 1 million users to date. Its current implementation of UBI, Snapshot, accounts for more than $1 billion in premiums and is currently available in 44 states and the District of Columbia.
Progressive announced the licensing program late last year to make its intellectual property available to companies interested in implementing UBI programs, subject to terms of use, including a royalty agreement. USAA becomes the first publicly announced insurer to enter into such an agreement under the current royalty terms, a spokeswoman says. The company created a licensing agreement with Allstate in 2011 resulting from litigation over patent infringement.
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