Systems and methods for analyzing sensor data

• US 20080065427A1
• Filed: 08/16/2007
• Published: 03/13/2008
• Est. Priority Date: 09/04/2003
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Sponsoring Entity: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Rippel, Steven, Frey, Kelly, Campbell, Casey, Murchie, G., Chen, Susannah, Carvalko, Joseph, Helitzer, Jonathan
• GRANTED PATENT: US 9,311,676 B2
• Time in USPTO: 0 Days
• US Class Current: 705/4
• CPC Class Codes: G06F 19/00 : Digital computing or data processing equipment or methods, specially adapted for specific applications specially adapted for specific functions G06F17/00; data processing systems or methods specially adapted for administrative, commercial, financial, managerial, supervisory or forecasting purposes G06Q; healthcare informatics G16H
• CPC Class Codes: G06Q 10/0635 : Risk analysis
• CPC Class Codes: G06Q 10/08 : Logistics, e.g. warehousing, loading, distribution or shippingInventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 40/08 : Insurance, e.g. risk analysis or pensions processing of insurance policies or claims G06Q10/10
• CPC Class Codes: G06Q 50/22 : Social work

Abstract

The invention relates to systems and methods for analyzing data collected from sensors monitoring property. In particular, the systems and methods analyze the data to make property insurance underwriting decisions based on the collected sensor data using a computerized process that varies the way in which it manipulates the collected sensor data based on a characteristic of the property being insured, a characteristic of the entity seeking the insurance, and/or on the value of one or more collected data parameters. The invention also relates to systems and methods of making property insurance pricing decisions based on a similarly dynamic computerized process.

Claims

1. . A system for underwriting an insurance coverage comprising:

a first communication device for receiving a request to insure the property from an entity;

a second communication device collecting sensor data related to the property including at least one data parameter;

a processor configured for analyzing the collected sensor data with a process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters;

an output device for outputting a result including instructions to one of a) deny insurance coverage and b) offer insurance coverage for the property, and c) adjust an insurance coverage, based on an output of the process.

2. . The system of claim 1, wherein the processor takes into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

3. . The system of claim 1, wherein the processor takes into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

4. . The system of claim 1, wherein the output device comprises one of a third communication device, a display device, and a printing device.

5. . The system of claim 1, wherein processor processes the collected sensor data with a statistical model stored on a computer.

6. . The system of claim 1, wherein the processor processes the collected sensor data with a neural network.

7. . The system of claim 1, wherein the processor processes the collected data with a decision tree stored on a computer.

8. . The system of claim 1, wherein manipulating the collected sensor data comprises selecting one or more collected data parameters to take into account in determining an output.

9. . The system of claim 8, wherein the one or more data parameters selected by the processor depends on a characteristic of the entity requesting the insurance, and the processor selects a first set of data parameters in response to the entity possessing a first characteristic and a second, at least partially different set of data parameters in response to the entity possessing a second characteristic.

10. . The system of claim 9, wherein the first and second characteristics comprise one of age, driving history, driving score, gender, and line of business.

11. . The system of claim 8, wherein the one or more data parameters selected by the processor depends on a characteristic of the property, and the processor selects a first set of data parameters in response to the property possessing a first characteristic and a second, at least partially different set of data parameters in response to the property possessing a second characteristic.

12. . The system of claim 11, wherein the first and second characteristics comprise one of vehicle size, vehicle safety rating, vehicle engine size, vehicle color, vehicle cargo capacity, vehicle age, building age, building size, building location, and building use.

13. . The system of claim 8, wherein the one or more data parameters selected by the processor depends on a value of one of the at least one collected data parameters, and the processor selects a first set of data parameters in response to a first collected data parameter having a first value, and a second, at least partially different set of data parameters in response to the first collected data parameter having a second value.

14. . The system of claim 13, wherein the processor selects a first collected data parameter for consideration in response to the value of a second collected data parameter exceeding a threshold.

15. . The system of claim 13, wherein the selected parameters include at least one of a speed characteristic, a location characteristic, a braking characteristic, and an environmental characteristic.

16. . The system of claim 1, wherein the processor takes at least one collected data parameter into consideration to a different degree based on at least one of a characteristic of the entity requesting the insurance policy, a characteristic of the property, and a value of a second collected data parameter.

17. . The system of claim 1, wherein the process carried out by the processor is modified based on the collected sensor data.

18. . The system of claim 1, wherein the processor determines a price for the coverage based at least in part on the output of the processor.

19. . The system of claim 1, wherein the processor determines to deny insurance coverage in response to one of the collected data parameters exceeding a predetermined threshold.

20. . The system of claim 1, wherein the processor classifies the property into one of a plurality of pricing categories based on the output of the processor.

21. . The system of claim 1, wherein the second communication device receives the sensor data in real time.

22. . A system for underwriting an insurance coverage comprising:

a first communication device for receiving a request to insure property from an entity;

a second communication device for collecting sensor data related to the property including at least one data parameter;

a processor for generating a price for an insurance policy including coverage for the property by analyzing the collected sensor data with a computerized process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters; and

an output device for outputting the price.

23. . The system of claim 22, wherein the processor takes into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

24. . The system of claim 22, wherein the processor takes into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

25. . The system of claim 22, wherein the output device comprises one of a third communication device, a display device, and a printing device.

26. . The system of claim 22, wherein processor processes the collected sensor data with a statistical model stored on a computer.

27. . The system of claim 22, wherein the processor processes the collected sensor data with a neural network.

28. . The system of claim 22, wherein the processor processes the collected data with a decision tree stored on a computer.

29. . The system of claim 22, wherein manipulating the collected sensor data comprises selecting one or more collected data parameters to take into account in determining an output.

30. . The system of claim 29, wherein the one or more data parameters selected by the processor depends on a characteristic of the entity requesting the insurance, and the processor selects a first set of data parameters in response to the entity possessing a first characteristic and a second, at least partially different set of data parameters in response to the entity possessing a second characteristic.

31. . The system of claim 30, wherein the first and second characteristics comprise one of age, driving history, driving score, gender, and line of business.

32. . The system of claim 27, wherein the one or more data parameters selected by the processor depends on a characteristic of the property, and the processor selects a first set of data parameters in response to the property possessing a first characteristic and a second, at least partially different set of data parameters in response to the property possessing a second characteristic.

33. . The system of claim 32, wherein the first and second characteristics comprise one of vehicle size, vehicle safety rating, vehicle engine size, vehicle color, vehicle cargo capacity, vehicle age, building age, building size, building location, and building use.

34. . The system of claim 29, wherein the one or more data parameters selected by the processor depends on a value of one of the at least one collected data parameters, and the processor selects a first set of data parameters in response to a first collected data parameter having a first value, and a second, at least partially different set of data parameters in response to the first collected data parameter having a second value.

35. . The system of claim 34, wherein the processor selects a first collected data parameter for consideration in response to the value of a second collected data parameter exceeding a threshold.

36. . The system of claim 34, wherein the selected parameters include at least one of a speed characteristic, a location characteristic, a braking characteristic, and a an environmental characteristic.

37. . The system of claim 22, wherein the processor takes at least one collected data parameter into consideration to a different degree based on a characteristic of the entity requesting the insurance policy.

38. . The system of claim 22, wherein the processor takes at least one collected data parameter into consideration to a different degree based on a characteristic of the property.

39. . The system of claim 22, wherein the processor takes at least one collected data parameter into consideration to a different degree based on a value of a second collected data parameter.

40. . The system of claim 22, wherein the process carried out by the processor is modified based on the collected sensor data.

41. . The system of claim 22, wherein the processor classifies the property into one of a plurality of pricing categories based on the output of the processor.

42. . The system of claim 22, wherein the second communication device receives the sensor data in real time.

43. . A method of insuring a property comprising:

receiving a request to insure the property from an entity;

collecting sensor data related to the property including at least one data parameter;

analyzing the collected sensor data with a computerized process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters;

one of a) denying insurance coverage, b) offering insurance coverage for the property, based on an output of the computerized process, and c) adjusting insurance coverage based on an output of the computerized process.

44. . The method of claim 43, wherein the analyzing takes into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

45. . The method of claim 43, wherein the analyzing takes into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

46. . The method of claim 43, wherein the computerized process processes the collected sensor data with a statistical model stored on a computer.

47. . The method of claim 43, wherein the computerized process processes the collected sensor data with a neural network.

48. . The method of claim 43, wherein the computerized process processes the collected data with a decision tree stored on a computer.

49. . The method of claim 43, wherein manipulating the collected sensor data comprises selecting one or more collected data parameters to take into account in determining an output.

50. . The method of claim 49, wherein the one or more data parameters selected by the computerized process depends on at least one of a characteristic of the entity requesting the insurance, a characteristic of the property, and a value of one of the at least one collected data parameters.

51. . The method of claim 50, wherein the selected parameters include at least one of a speed characteristic, a location characteristic, a braking characteristic, and an environmental characteristic.

52. . The method of claim 43, wherein the computerized process takes at least one collected data parameter into consideration to a different degree based on at least one of a characteristic of the entity requesting the insurance policy, a characteristic of the property, and a value of a second collected data parameter.

53. . The method of claim 43, comprising modifying the computerized process based on the collected sensor data.

54. . A method of insuring a property comprising:

receiving a request to insure the property from an entity;

collecting sensor data related to the property including at least one data parameter; and

outputting a price for an insurance policy including coverage for the property by analyzing the collected sensor data with a computerized process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

55. . The method of claim 54, wherein the analyzing takes into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

56. . The method of claim 54, wherein the analyzing takes into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

57. . The method of claim 54, wherein manipulating the collected sensor data comprises selecting one or more collected data parameters to take into account based on at least one of a characteristic of the entity requesting the insurance, a characteristic of the property, and a value of one of the at least one collected data parameters.

58. . The method of claim 54, wherein the computerized process takes at least one collected data parameter into consideration to a different degree based on at least one of a characteristic of the entity requesting the insurance policy, a characteristic of the property, and a value of a second collected data parameter.

59. . The method of claim 54, comprising issuing an insurance policy including the coverage.

60. . The method of claim 54, wherein the price is output after the insurance policy is issued, the method further comprising, altering a previously determined premium charged to the entity for the coverage based on the output price.

61. . The method of claim 54, wherein the sensor data is collected prior to issuing the insurance policy.

62. . The method of claim 54, wherein the sensor data is collected after issuing the insurance policy.

63. . A computer readable medium encoding computer-readable instructions, which, when executed on a processor cause the processor to carry out a method comprising:

receiving a request to insure the property from an entity;

collecting sensor data related to the property including at least one data parameter;

analyzing the collected sensor data with a computerized process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters;

one of a) denying insurance coverage and b) offering insurance coverage for the property, based on an output of the computerized process.

64. . The computer readable media of claim 63, encoding computer readable instructions, which, when executed on the processor cause the processor to take into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

65. . The computer readable media of claim 63, encoding computer readable instructions, which, when executed on the processor cause the processor to take into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

66. . computer readable media of claim 63, encoding computer readable instructions, which, when executed on the processor cause the computerized process to select one or more collected data parameters to take into account based on at least one of a characteristic of the entity requesting the insurance, a characteristic of the property, and a value of one of the at least one collected data parameters.

67. . The computer readable media of claim 63, encoding computer readable instructions, which, when executed on the processor cause the computerized process to take at least one collected data parameter into consideration to a different degree based on at least one of a characteristic of the entity requesting the insurance policy, a characteristic of the property, and a value of a second collected data parameter.

68. . A computer readable medium encoding computer-readable instructions, which, when executed on a processor cause the processor to carry out a method comprising:

receiving a request to insure the property from an entity;

collecting sensor data related to the property including at least one data parameter;

generating a price for an insurance policy including coverage for the property by analyzing the collected sensor data with a computerized process that manipulates the collected sensor data in different ways depending on at least one of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters;

outputting the price.

69. . The computer readable media of claim 68, encoding computer readable instructions, which, when executed on the processor cause the processor to take into account at least two of a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

70. . The computer readable media of claim 68, encoding computer readable instructions, which, when executed on the processor cause the processor to take into account a characteristic of the entity, a characteristic of the property, and a value of one of the at least one collected data parameters.

71. . The computer readable media of claim 68, encoding computer readable instructions, which, when executed on the processor cause the computerized process to select one or more collected data parameters to take into account based on at least one of a characteristic of the entity requesting the insurance, a characteristic of the property, and a value of one of the at least one collected data parameters.

72. . The computer readable media of claim 68, encoding computer readable instructions, which, when executed on the processor cause the computerized process to take at least one collected data parameter into consideration to a different degree based on at least one of a characteristic of the entity requesting the insurance policy, a characteristic of the property, and a value of a second collected data parameter.