System and method for identifying and evaluating nanomaterial-related risk

• US 20090132290A1
• Filed: 11/20/2007
• Published: 05/21/2009
• Est. Priority Date: 11/20/2007
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Patton, William Eugene
• Granted Patent: US 7,890,357 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: Y10S 977/70 Nanostructure

Abstract

A system, method, and processor-readable medium are provided for quantitatively evaluating risk associated with nanotechnology. An insurance company computing system obtains nanomaterial-related data from a variety of sources, including nanomaterial sensors such as differential mobility analyzers located on-site at an insured facility. The insurance computing system uses the obtained data and a computerized model to compute a risk score that is used in evaluating the insurability of the facility or the operating entity. An insurance policy or modifications to an existing insurance premium are subsequently produced based on the computed risk score.

Claims

1. A system for determining a level of risk posed by a nanomaterial to an entity, the system comprising:

a memory;

a computerized model stored on the memory; and

a processor configured to;

retrieve from memory data related to the nanomaterial;

calculate, using the computerized model, a risk score that is indicative of the level of risk posed by the nanomaterial to the entity based on the retrieved data;

evaluate the insurability of the entity responsive at least in part to the calculated risk score; and

output the results of the evaluation process as an offer or denial for insurance.

2. The system of claim 1, wherein the retrieved data was obtained from a questionnaire completed by the entity, an outside data source, and a monitoring device located at an entity'"'"'s facility.

3. The system of claim 1, wherein the retrieved data comprises physical and chemical characteristics of the nanomaterial.

4. The system of claim 3, wherein the physical and chemical characteristics include the size, shape, volume, concentration, stability, toxicity, and tendency for aggregation of the nanomaterial.

5. The system of claim 1, wherein the processor is configured to derive values for a group of variables corresponding to risk-related characteristics of the nanomaterial, and wherein the processor is configured to calculate the risk score at least in part based on the values derived for the group of variables.

6. The system of claim 5, wherein the values for the group of variables comprise a quantitative representation of the risk posed by the nanomaterial based on its physical and chemical characteristics.

7. The system of claim 6, wherein the processor is configured to derive the quantitative representation at least in part based on the toxicity of the nanomaterial handled by the entity.

8. The system of claim 5, wherein the values for the group of variables comprise a quantitative value assigned to a phase variable indicating the phase the nanomaterial is in when handled by the entity, wherein one value is assigned to the phase variable if the nanomaterial is handled by the entity in an unprocessed form, a second value is assigned to the phase variable if the nanomaterial is handled by the entity as an intermediate product, and a third value is assigned to the phase variable if the nanomaterial is handled by the entity as an end product.

9. The system of claim 5, wherein the values for the group of variables comprise a quantitative representation of the risk posed by an end-of-life condition of the nanomaterial.

10. The system of claim 5, wherein the values for the group of variables comprise a quantitative indication of a level of public concern associated with the nanomaterial or the entity.

11. The system of claim 5, wherein the values for the group of variables comprise a quantitative representation of a regulatory regime governing the activities of the entity.

12. The system of claim 5, wherein the processor is configured to calculate the risk score using the computerized model by taking a weighted sum of the values of the group of variables.

13. The system of claim 2, wherein the retrieved data was obtained from the monitoring device during a term of the insurance, and wherein the processor is configured to alter a provision of the insurance in response to the obtained data.

14. The system of claim 1, wherein the computerized model is configured to change dynamically over time.

15. The system of claim 1, wherein the risk score is used in the evaluation process to modify an insurance premium calculated based on traditional risk factors.

16. The system of claim 15, wherein the insurance is denied if the risk score is high, the insurance premium is unchanged if the risk score is moderate, and the insurance premium is reduced if the risk score is low.

17. A method for determining a level of risk posed by a nanomaterial to an entity, the method comprising:

receiving data related to the nanomaterial;

storing the received data in a database;

accessing the stored data to calculate using a computerized model a risk score that is indicative of the level of risk posed by the nanomaterial;

determining the insurability of the entity responsive at least in part to the calculated risk score; and

electronically outputting an offer or denial for insurance based on the determined insurability of the entity.

18. The method of claim 17, wherein receiving data comprises obtaining data from a questionnaire completed by the entity, an outside data source, and a monitoring device located at an entity-operated facility.

19. The method of claim 17, wherein receiving the data comprises obtaining physical and chemical characteristics of the nanomaterial.

20. The method of claim 19, wherein the physical and chemical characteristics include the size, shape, volume, concentration, stability, toxicity, and tendency for aggregation of the nanomaterial.

21. The method of claim 17, comprising processing the received data to derive values for a group of variables corresponding to risk-related characteristics of the nanomaterial, and wherein calculating the risk score comprises calculating the risk score at least in part based on the values derived for the group of variables.

22. The method of claim 21, wherein deriving the values for the group of variables comprises deriving a quantitative representation of the risk posed by the nanomaterial based on its physical and chemical characteristics.

23. The method of claim 22, wherein deriving the quantitative representation comprises deriving the quantitative representation at least in part based on the toxicity of the nanomaterial handled by the entity.

24. The method of claim 21, wherein deriving the values for the group of variables comprises assigning a quantitative value to a phase variable indicating the phase the nanomaterial is in when handled by the entity, wherein one value is assigned to the phase variable if the nanomaterial is handled by the entity in an unprocessed form, a second value is assigned to the phase variable if the nanomaterial is handled by the entity as an intermediate product, and a third value is assigned to the phase variable if the nanomaterial is handled by the entity as an end product.

25. The method of claim 21, wherein deriving the values for the group of variables comprises deriving a quantitative representation of the risk posed by an end-of-life condition of the nanomaterial.

26. The method of claim 21, wherein deriving the values for the group of variables comprises deriving a quantitative indication of a level of public concern associated with the nanomaterial or the entity.

27. The method of claim 21, wherein deriving the values for the group of variables comprises deriving a quantitative representation of a regulatory regime governing the activities of the entity.

28. The method of claim 21, wherein calculating the risk score comprises calculating the risk score by taking a weighted sum of the values of the group of variables.

29. The method of claim 17, comprising issuing the insurance.

30. The method of claim 18, comprising altering a provision of the insurance in response to the data obtained from the monitoring device, wherein the data was obtained from the monitoring device during a term of the insurance.

31. The method of claim 17, wherein the computerized model is configured to change dynamically over time.

32. The method of claim 17, wherein the risk score is used in the evaluation process to modify an insurance premium calculated based on traditional risk factors.

33. The method of claim 32, wherein the insurance is denied if the risk score is high, the insurance premium is unchanged if the risk score is moderate, and the insurance premium is reduced if the risk score is low.

34. A processor-readable medium encoded with machine-readable instructions for determining a level of risk posed by a nanomaterial to an entity, the machine-readable instructions comprising:

retrieving data related to the nanomaterial;

calculating, using a computerized model, a risk score that is indicative of the level of risk posed by the nanomaterial to the entity based on the retrieved data;

evaluating the insurability of the entity responsive at least in part to the calculated risk score; and

outputting the results of the evaluation process as an offer or denial for insurance.

35. The processor-readable medium of claim 34, wherein the machine-readable instructions also provide electronically outputting a recommendation for improving the insurability of the entity by suggesting a nanomaterial risk mitigation technology.

36. The processor-readable medium of claim 34, wherein the retrieved data comprises physical and chemical characteristics of the nanomaterial.