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Insurance coverage and rating system and method

  • US 10,373,261 B1
  • Filed: 03/16/2016
  • Issued: 08/06/2019
  • Est. Priority Date: 03/16/2016
  • Status: Active Grant
First Claim
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1. An insurance coverage and rating system, the system comprising:

  • a communication network and one or more data collecting devices communicatively coupled to the communication network, each of the one or more data collecting devices having a memory, one or more processors, and a transmitter, the data collecting devices collecting telematics data relative to one or more of an automobile, a home, health, or a social media platform of an insured;

    an insurance analysis center communicatively coupled to the one or more data collecting devices of one or more of the automobile, the home, a wearable digital fitness product, or a bank of the insured and the communication network, the insurance data analysis center having one or more of a processor, a memory, a transmitter, or a receiver; and

    a module stored in the memory of the insurance data analysis center and executable by at least the insurance analysis center processor to;

    (1) automatically receive telematics data continuously transmitted from the one or more data collecting devices at a constant interval of time in response to activation of the one or more data collecting devices;

    (2) automatically determine an insurance rate for one or more of automobile insurance coverage, home insurance coverage, or life insurance coverage based at least in part on the continuously transmitted telematics data received from the one or more data collecting devices;

    (3) automatically calculate a total insurance policy premium by adding the determined insurance rates for at least two of the automobile insurance coverage, the home insurance coverage, or the life insurance coverage; and

    (4) automatically and continuously adjust the calculated total insurance policy premium based on continuously transmitted telematics data from one or more of the activated data collecting devices.

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