Electronic device utilizing a risk reduction mechanism to manage property

• US 10,269,076 B1
• Filed: 04/01/2016
• Issued: 04/23/2019
• Est. Priority Date: 05/13/2015
• Status: Active Grant

• Current Assignee: The Travelers Indemnity Company (The Travelers Cos., Inc.)
• Original Assignee: The Travelers Indemnity Company (The Travelers Cos., Inc.)
• Inventors: Ton-That, Hoa, Vue, Noot, Joyce, Benjamin J., Swengel, Reyer
• Primary Examiner(s): King, Joseph W.
• Application Number:
  US15/089,012
• Time in Patent Office: 1,117 Days
• Field of Search: None
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/163 Real estate management

Abstract

A system for risk reduction is provided. The system includes a processing device and a memory device. The memory device stores instructions that when executed by the processing device may result in receiving a first input corresponding to an asset of a user and deriving as a second input a benchmark from system data stored on a database. The instructions that when executed by the processing device may further result in calculating a difference between the first input and the second input, wherein a difference exceeding a predetermined amount indicates existence of the degradation condition, in which substantial damage to or failure of the asset or a component of the asset is imminent.

Claims

1. A system for providing a notification based on a degradation condition, comprising:

a processing device; and

a memory device in communication with the processing device, the memory device storing instructions that when executed by the processing device result in;

receiving, by the processing device, a first input corresponding to an asset of a user from an electronic device associated with the asset and in communication with the processing device, the first input comprising a first set of sensor data received from one or more sensors associated with the asset;

deriving, by the processing device, as a second input, a benchmark from system data stored on a database communicatively coupled to the processing device, wherein the system data comprises;

policy data itemizing insurance policy information; and

a second set of sensor data detected by a plurality of sensors monitoring a plurality of insured assets associated with the policy data, wherein the insured assets are of a same asset type as the asset;

calculating, by the processing device, a difference between the first input and the second input, wherein a difference exceeding a predetermined amount indicates existence of the degradation condition, in which substantial damage to or failure of the asset or a component of the asset is imminent; and

outputting, by the processing device, the notification in response to the indication of the existence of the degradation condition, the notification prompting an action to prevent the substantial damage to or the failure of the asset or the component of the asset, wherein the outputting of the notification comprises sending the notification to a user device at a time prior to the substantial damage to or the failure of the asset or the component of the asset occurring, and the user device comprises a user interface having one or more icons wherein at least one of the icons when activated by the user is configured to image the asset to verify a condition of the asset.

2. The system of claim 1, wherein the benchmark comprises a benchmark trend, a failure point, or a warning point derived from the system data via a batch processing operation.

3. The system of claim 1, wherein the instructions, when executed by the processing device, further result in modeling the system data to derive, as the benchmark, an average condition change related to the asset over time.

4. The system of claim 1, wherein the benchmark comprises a benchmark trend comprising an average condition change of the asset over time prior to an average failure point of the asset,

wherein the first input includes an asset trend indicating an actual condition change of the asset over time, and

wherein the instructions with respect to the calculating of the difference between the first input and the second input, when executed by the processing device, further result in:

comparing the asset trend with the benchmark trend to determine if the actual condition change approaches the average failure point at a rate faster than the average condition change; and

determining that the degradation condition exists in response to the actual condition change approaching the average failure point at the rate faster than the average condition change.

5. The system of claim 1, wherein the first input comprises asset data, and

wherein the instructions, when executed by the processing device, further result in:

monitoring the asset data received from the electronic device to determine an actual condition change of the asset over time.

6. The system of claim 5, wherein the asset data is generated by instrumentation local to the asset, and

wherein the processing device is in communication through the electronic device with the instrumentation.

7. The system of claim 5, wherein the asset data comprises usage information specific to the asset.

8. The system of claim 1, wherein the asset comprises one of a plurality of assets corresponding to asset data,

wherein the asset data comprises information subsets,

wherein each information subset corresponds to a specific asset of the plurality of assets,

wherein the benchmark comprises a benchmark trend for each of the plurality of assets, and

wherein the instructions, when executed by the processing device, further result in:

monitoring each information subset to determine an asset trend for each specific asset; and

calculating a difference between each asset trend and a respective benchmark trend to determine a corresponding degradation condition.

9. The system of claim 1, wherein the asset comprises a movable asset.

10. The system of claim 1, wherein the notification comprises at least one of an instruction to check a roof for leaks, an instruction to prepare for severe weather, and an instruction to perform home maintenance.

11. The system of claim 1, wherein the notification comprises an instruction to estimate an insurance liability associated with a failure of the asset.

12. The system of claim 1, wherein the asset comprises a vehicle or a structure.

13. The system of claim 1, wherein the first input comprises one or more real-time sensor outputs of the one or more sensors associated with the asset.

14. The system of claim 13, wherein the one or more real-time sensor outputs indicate at least one of a change in water pressure, and a humidity sensor status.

15. A computer program product comprising a non-transitory storage medium embodied with computer program instructions that when executed by a processing device cause the processing device to implement:

receiving, by the processing device, a first input corresponding to an asset of a user from an electronic device associated with the asset and in communication with the processing device, the first input comprising a first set of sensor data received from one or more sensors associated with the asset;

deriving, by the processing device, as a second input, a benchmark from system data stored on a database communicatively coupled to the processing device, wherein the system data comprises;

policy data itemizing insurance policy information; and

a second set of sensor data detected by a plurality of sensors monitoring a plurality of insured assets associated with the policy data, wherein the insured assets are of a same asset type as the asset;

calculating, by the processing device, a difference between the first input and the second input, wherein a difference exceeding a predetermined amount indicates existence of the degradation condition, in which substantial damage to or failure of the asset or a component of the asset is imminent; and

outputting, by the processing device, the notification in response to the indication of the existence of the degradation condition, the notification prompting an action to prevent the substantial damage to or the failure of the asset or the component of the asset, wherein the outputting of the notification comprises sending the notification to a user device at a time prior to the substantial damage to or the failure of the asset or the component of the asset occurring, and the user device comprises a user interface having one or more icons wherein at least one of the icons when activated by the user is configured to image the asset to verify a condition of the asset.

16. The computer program product of claim 15, wherein the benchmark comprises a benchmark trend, a failure point, or a warning point derived from the system data via a batch processing operation.

17. The computer program product of claim 15, wherein the computer program instructions that when executed by the processing device cause the processing device to further implement:

modeling the system data to derive, as the benchmark, an average condition change related to the asset over time.

18. The computer program product of claim 15, wherein

wherein the benchmark comprises a benchmark trend comprising an average condition change of the asset over time prior to an average failure point of the asset,

wherein the first input includes an asset trend indicating an actual condition change of the asset over time, and

wherein the computer program instructions with respect to the calculating of the difference between the first input and the second input, when executed by the processing device, cause the processing device to further implement:

comparing the asset trend with the benchmark trend to determine if the actual condition change approaches the average failure point at a rate faster than the average condition change; and

determining that the degradation condition exists in response to the actual condition change approaching the average failure point at the rate faster than the average condition change.

19. The computer program product of claim 15, wherein the first input comprises asset data, and

wherein the instructions, when executed by the processing device, further result in:

monitoring the asset data received from the electronic device to determine an actual condition change of the asset over time.