System and Method for Identifying and Evaluating Nanomaterial-Related Risk

• US 20090132293A1
• Filed: 07/09/2008
• 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 7,836,008 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, wherein the risk score is calculated based at least in part on a quantitative representation of the risks posed by the nanomaterial based on its physical and chemical characteristics;

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 comprises the physical and chemical characteristics of the nanomaterial, including the size, shape, volume, concentration, stability, toxicity, and tendency for aggregation of the nanomaterial.

3. 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.

4. The system of claim 1, 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.

5. The system of claim 3, 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.

6. The system of claim 3, 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.

7. The system of claim 3, 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.

8. The system of claim 3, wherein the values for the group of variables comprise a quantitative representation of a regulatory regime governing the activities of the entity.

9. The system of claim 3, 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.

10. The system of claim 1, wherein the retrieved data was obtained from a monitoring device located at an entity'"'"'s facility 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.

11. 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.

12. 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.

13. The system of claim 12, 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.

14. 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, wherein the risk score is calculated based at least in part on a quantitative representation of the risks posed by the nanomaterial based on its physical and chemical characteristics;

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.

15. The method of claim 14, wherein receiving the data comprises obtaining the physical and chemical characteristics of the nanomaterial.

16. The method of claim 14, comprising electronically outputting a recommendation for improving the insurability of the entity by suggesting a nanomaterial risk mitigation technology.

17. The method of claim 14, wherein calculating the risk score comprises deriving 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.

18. The method of claim 14, comprising altering a provision of the insurance in response to the data obtained from a monitoring device monitoring a location of the entity, wherein the data was obtained from the monitoring device during a term of the insurance.

19. The method of claim 14, comprising calculating a total premium for the insurance, wherein calculating the total premium includes modifying an insurance premium calculated based on traditional risk factors.