Location variable insurance
First Claim
Patent Images
1. A computer-implemented method to provide location-variable insurance offers to a policyholder, the method comprising:
- dividing, via a processor of the computer, an insured area into a plurality of risk zones, wherein each of the plurality of risk zones has a respective geographical boundary and a respective premium rate;
receiving, via the processor, a current location of a policyholder of an insurance policy from a portable electronic device of the policyholder, wherein the insurance policy is associated with a first risk zone of the plurality of risk zones;
determining, via the processor, that the policyholder has physically moved outside of the respective geographical boundary of the first risk zone and into respective geographical boundary of a second risk zone of the plurality of risk zones based on the current location of the policyholder; and
in response to determining that the policyholder has physically moved, determining, via the processor, an offer for a modified insurance policy based on the respective premium rate of the second risk zone, and then sending, via the processor, a notification that includes the offer to the portable electronic device of the policyholder.
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Accused Products
Abstract
Methods, systems and computer readable instructions to provide, and receive, location-variable insurance. Risk zones may be created that have geographic boundaries. A risk zone is a geographic area that has a risk of loss factor associated with the risk zone. Risk zones may have a temporal range, where the existence, geographic boundaries and risk of loss factor for a risk zone may change with time. A location of a person or thing insured may be determined on an on-going basis, providing the opportunity for continued coverage over a wide range of risk of loss factors.
26 Citations
25 Claims
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1. A computer-implemented method to provide location-variable insurance offers to a policyholder, the method comprising:
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dividing, via a processor of the computer, an insured area into a plurality of risk zones, wherein each of the plurality of risk zones has a respective geographical boundary and a respective premium rate; receiving, via the processor, a current location of a policyholder of an insurance policy from a portable electronic device of the policyholder, wherein the insurance policy is associated with a first risk zone of the plurality of risk zones; determining, via the processor, that the policyholder has physically moved outside of the respective geographical boundary of the first risk zone and into respective geographical boundary of a second risk zone of the plurality of risk zones based on the current location of the policyholder; and in response to determining that the policyholder has physically moved, determining, via the processor, an offer for a modified insurance policy based on the respective premium rate of the second risk zone, and then sending, via the processor, a notification that includes the offer to the portable electronic device of the policyholder. - View Dependent Claims (2, 3, 9, 10, 11, 12, 13, 25)
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4. A non-transitory computer-readable storage medium comprising computer-readable instructions tangibly embodied on the computer-readable storage medium, which, when executed by a processor of a computer system, provide location variable insurance offers to a policyholder, said computer-readable instructions comprising instructions that:
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divide, via the processor, an insured area into a plurality of risk zones, wherein each of the plurality of risk zones has a respective geographical boundary and a respective premium rate; receive, via the processor, a current location of a policyholder of an insurance policy from a portable electronic device of the policyholder, wherein the insurance policy is associated with a first risk zone of the plurality of risk zones; determine, via the processor, that the policyholder has physically moved outside of the respective geographical boundary of the first risk zone and into respective geographical boundary of a second risk zone of the plurality of risk zones based on the current location of the policyholder; and in response to determining that the policyholder has physically moved, determine, via the processor, an offer for a modified insurance policy based on the respective premium rate of the second risk zone, and then send, via the processor, a notification that includes the offer to the portable electronic device of the policyholder. - View Dependent Claims (5, 6, 14, 15, 16, 17, 18)
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7. A system for providing location-variable insurance, the system comprising:
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a memory; and a processor in communication with the memory and configured to execute computer-readable instructions tangibly embodied on the memory, which, when executed by the processor, provide location-variable insurance offers by; dividing an insured area into a plurality of risk zones, wherein each of the plurality of risk zones has a respective geographical boundary and a respective premium rate; receiving a current location of a policyholder of an insurance policy from a portable electronic device of the policyholder, wherein the insurance policy is associated with a first risk zone of the plurality of risk zones; determining, based on the current location of the policyholder, that the policyholder has physically moved outside of the respective geographical boundary of the first risk zone and into respective geographical boundary of a second risk zone of the plurality of risk zones; and in response to determining that the policyholder has physically moved, determining an offer for a modified insurance policy based on the respective premium rate of the second risk zone, and then sending a notification that includes the offer to the portable electronic device of the policyholder. - View Dependent Claims (8, 19, 20, 21, 22, 23, 24)
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Specification