Systems and methods for analyzing property telematics data to update risk-based coverage of a property

• US 10,504,189 B1
• Filed: 02/23/2017
• Issued: 12/10/2019
• Est. Priority Date: 06/23/2016
• Status: Active Grant

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Gaudin, Kristopher Keith, Dunne, Tracey
• Primary Examiner(s): Anderson, Mike
• Application Number:
  US15/440,854
• Time in Patent Office: 1,020 Days
• CPC Class Codes: G06Q 30/0645 Rental transactions; Leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods may analyze property telematics data, with homeowner permission or affirmative consent, to update risk-based coverage of a property, such as a house, during a short-term rental. The systems include a renter analytics computing device, a plurality of property telematics devices at the property, including at least one sensor, and a property telematics controller. The renter analytics computing device is configured to retrieve a pre-rental record including parameters of a short-term rental of the property, and retrieve property telematics data, from the property telematics devices, associated with the short-term rental. The renter analytics computing device may develop a risk level profile associated with the short-term rental and determine an adjusted coverage rate to cover the property during the short-term rental. As a result, a homeowner of the property may be protected against damages incurred to the property during the short-term rental.

Claims

1. A renter analytics computing device for updating risk-based coverage of a property for a short-term rental, the renter analytics computing device comprising a memory and a processor, wherein the processor is programmed to:

retrieve a pre-rental record including parameters of the short-term rental of the property, the parameters including an anticipated number of renters, a start date, an end date, and an indicator of shared space;

transmit an instruction to a property telematics controller to transmit, to the renter analytics computing device, property telematics data generated by one or more property telematics devices associated with the property, the property telematics data indicative of actual usage of the property during the short-term rental, wherein the property telematics data includes at least one of utility usage data from one or more utility usage sensors, wireless router data from a wireless router, and light-based sensor data from one or more light-based sensors;

develop an initial risk level profile associated with the short-term rental based upon the parameters of the short-term rental, wherein developing the initial risk level profile comprises applying risk analysis rules to at least one of the parameters of the short-term rental, and wherein the risk analysis rules associate a level of risk to i) the parameters and ii) identified renter behaviors;

transmit, to a homeowner associated with the property, a preliminary adjusted coverage rate to cover the property based upon the initial risk level profile, the preliminary adjusted coverage rate to cover the property between the start date and the end date;

implement, upon approval from the homeowner associated with the property, the preliminary adjusted coverage rate;

retrieve a subset of the property telematics data associated with a duration of time between the start date and the end date;

update the initial risk level profile to an actual risk level profile based upon the subset of the property telematics data; and

issue at least one of a credit and a debit to the homeowner based upon the actual risk level profile and the preliminary adjusted coverage rate.

2. The renter analytics computing device of claim 1, wherein the processor is further programmed to:

issue the credit when the actual risk level profile indicates a lower risk level than the initial risk level profile; and

issue the debit when the actual risk level profile indicates a higher risk level than the initial risk level profile.

3. The renter analytics computing device of claim 1, wherein the processor is further programmed to:

process the property telematics data to verify whether an actual number of renters associated with the short-term rental is equal to the anticipated number of renters; and

when the actual number of renters is higher than the anticipated number of renters;

update the initial risk level profile to the actual risk level profile to indicate a higher risk level; and

issue the debit to the homeowner.

4. The renter analytics computing device of claim 1, wherein the processor is further programmed to:

process the property telematics data for records of high-risk behavior; and

update the initial risk level profile to the actual risk level profile to indicate a higher risk level when the records of high-risk behavior meet one or more risk criteria; and

issue the debit to the homeowner.

5. The renter analytics computing device of claim 1, wherein the processor is further programmed to:

process the property telematics data to determine an actual usage of space at the property during the short-term rental; and

when the actual usage of space different from the indicator of shared space;

update the initial risk level profile to the actual risk level profile to indicate a higher risk level; and

issue the debit to the homeowner.

6. The renter analytics computing device of claim 1, wherein the pre-rental record is generated using a property-sharing application platform, and wherein the processor is further programmed to retrieve the pre-rental record from a homeowner computing device associated with the homeowner.

7. A computer-implemented method for updating risk-based coverage of a property for a short-term rental, the method implemented using a renter analytics computing device including a processor in communication with a memory, the method comprising:

retrieving a pre-rental record including parameters of a short-term rental of the property, the parameters including an anticipated number of renters, a start date, an end date, and an indicator of shared space;

transmitting an instruction to a property telematics controller to transmit, to the renter analytics computing device, property telematics data generated by one or more property telematics devices associated with the property, the property telematics data indicative of actual usage of the property during the short-term rental, wherein the property telematics data includes at least one of utility usage data from one or more utility usage sensors, wireless router data from a wireless router, and light-based sensor data from one or more light-based sensors;

developing an initial risk level profile associated with the short-term rental based upon the parameters of the short-term rental, wherein developing the initial risk level profile comprises applying risk analysis rules to at least one of the parameters of the short-term rental, and wherein the risk analysis rules associate a level of risk to i) the parameters and ii) identified renter behaviors;

transmitting, to a homeowner associated with the property, a preliminary adjusted coverage rate to cover the property based upon the initial risk level profile, the preliminary adjusted coverage rate to cover the property between the start date and the end date;

implementing, upon approval from the homeowner associated with the property, the preliminary adjusted coverage rate;

retrieving a subset of property telematics data associated with a duration of time between the start date and the end date;

updating the initial risk level profile to an actual risk level profile based upon the subset of the property telematics data; and

issuing at least one of a credit and a debit to the homeowner based upon the actual risk level profile and the preliminary adjusted coverage rate.

8. The computer-implemented method of claim 7, wherein issuing at least one of a credit and a debit comprises:

issuing the credit when the actual risk level profile indicates a lower risk level than the initial risk level profile; and

issuing the debit when the actual risk level profile indicates a higher risk level than the initial risk level profile.

9. The computer-implemented method of claim 7, the method further comprising:

processing the property telematics data to verify whether an actual number of renters associated with the short-term rental is equal to the anticipated number of renters,

wherein updating the initial risk level profile to an actual risk level profile comprises, when the actual number of renters is higher than the anticipated number of renters, updating the initial risk level profile to the actual risk level profile to indicate a higher risk level, and

wherein issuing at least one of a credit and a debit comprises issuing the debit to the homeowner.

10. The computer-implemented method of claim 7, the method further comprising:

processing the property telematics data for records of high-risk behavior,

wherein updating the initial risk level profile to an actual risk level profile comprises updating the initial risk level profile to the actual risk level profile to indicate a higher risk level when the records of high-risk behavior meet one or more risk criteria, and

wherein issuing at least one of a credit and a debit comprises issuing the debit to the homeowner.

11. The computer-implemented method of claim 7, the method further comprising:

processing the property telematics data to determine an actual usage of space at the property during the short-term rental,

wherein updating the initial risk level profile to an actual risk level profile comprises, when the actual usage of space different from the indicator of shared space, updating the initial risk level profile to the actual risk level profile to indicate a higher risk level, and

wherein issuing at least one of a credit and a debit comprises issuing the debit to the homeowner.

12. The computer-implemented method of claim 7, wherein the pre-rental record is generated using a property-sharing application platform, and retrieving a pre-rental record comprises retrieving the pre-rental record from a homeowner computing device associated with the homeowner.