System and method for determining an objective driver score

• US 20100063850A1
• Filed: 09/11/2008
• Published: 03/11/2010
• Est. Priority Date: 09/11/2008
• Status: Active Grant

• Current Assignee: The F3m3 Companies Inc.
• Original Assignee: The F3m3 Companies Inc.
• Inventors: Daniel, Isaac Sayo
• Granted Patent: US 8,140,359 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/30 Transportation; Communications
• CPC Class Codes: G06Q 50/40 Business processes related to the transportation industry shipping G06Q10/083

Abstract

The present invention is directed to a business method in the field of automobile insurance, more specifically, a system and method of determining an objective driver score that may be used universally by independent insurers to evaluate the risk of insuring a driver by employing certain risk assessment factors concerning the driver'"'"'s personal history which are each analyzed to derive weighted scores. Each driver is provided with a portable pin with an electronic key unique to the driver that is encoded for selective activation of a monitoring unit in a vehicle such that solely the activities of the driver being assessed is recorded and communicated to an evaluation center. Once activated, the monitoring unit records and generates the driver'"'"'s risk assessment record based on the driver'"'"'s operation of a vehicle equipped with the monitoring unit, as well as other variable parameters concerning operation of the vehicle. Said driver'"'"'s risk assessment record is analyzed to derive a weighted driver risk assessment score that is aggregated with the individual weighted scores derived from the risk assessment factors to generate an objective driver score.

Claims

1. A method of determining a driver score comprising:

(a) receiving a driver'"'"'s personal history which includes a plurality of risk assessment factors, wherein said risk assessment factors are each analyzed to derive individual weighted scores, and wherein said individual weighted scores are each distinct from an objective driver score used to assess said driver'"'"'s insurability;

(b) providing each driver with a portable pin unit with a unique electronic key used as a unique identifier for the driver being assessed, and wherein said portable pin unit includes means for selective activation of a monitoring unit in a vehicle to start a monitoring session;

(c) equipping at least one vehicle with said monitoring unit, where upon activation the driver'"'"'s operation of said vehicle and other pertinent data elements concerning the vehicle are monitored, recorded and transmitted to an evaluation center to generate said driver'"'"'s risk assessment record;

(d) receiving the driver'"'"'s risk assessment record which is analyzed to derive a weighted driver risk assessment score, wherein said weighted driver risk assessment score is distinct from the objective driver score; and

(e) determining and outputting the objective driver score based on the aggregate of the individual weighted scores derived from the plurality of risk assessment factors and the driver'"'"'s risk assessment record.

2. The method of claim 1, wherein said driver'"'"'s personal history includes any one or more of the following:

name, age, sex, marital status, and student status.

3. The method of claim 1, wherein said risk assessment factors includes any one or more of the following:

credit score, employment history, driving experience, social security number, driving record, address history, insurance history, and the number of outstanding tickets within a predetermined period.

4. The method of claim 1, comprising the step of receiving registration for at least one vehicle that said driver will operate during a monitoring session for a prescribed period.

5. The method of claim 4, wherein said variable parameters includes any one or more of the following:

title, vehicle registration number for each vehicle being registered, vehicle identification number, number of other drivers, names, ages, sexes, and student status.

6. The method of claim 1, wherein said portable pin unit communicates with the monitoring unit via wireless communication systems.

7. The method of claim 1, wherein said monitoring unit communicates with the evaluation center via wireless communication systems.

8. The method of claim 6 and 7, wherein said wireless communication system includes any one or more of the following:

ZIGBEE, Bluetooth, 802.11, INFRARED, Radio Frequency Identification, Wireless Human Location Network, and optical communications.

9. The method of claim 1, further comprising concurrent monitoring of a plurality of drivers for the same vehicle for a prescribed period.

10. A system for determining a driver score comprising:

(a) a memory device; and

(b) a processor disposed in communication with the memory device, the processor configured to;

(i) receive a driver'"'"'s personal history which includes a plurality of risk assessment factors, wherein said risk assessment factors are each analyzed to derive individual weighted scores, and wherein said individual weighted scores are each distinct from an objective driver score used to assess said driver'"'"'s insurability;

(ii) generate said driver'"'"'s risk assessment record from a driver'"'"'s operation of said vehicle and other pertinent data elements concerning the vehicle, which are monitored, recorded and transmitted to an evaluation center by a monitoring unit in communication with a portable pin unit, wherein said portable pin unit has a unique electronic key used as a unique identifier for the driver being assessed, and wherein said portable pin unit includes means for selective activation of said monitoring unit in a vehicle to start a monitoring session;

(iii) receive the driver'"'"'s risk assessment record which is analyzed to derive a weighted driver risk assessment score, wherein said weighted driver risk assessment score is distinct from the objective driver score; and

(iv) determine and output the objective driver score based on the aggregate of the individual weighted scores derived from the plurality of risk assessment factors and the driver'"'"'s risk assessment record.

11. The system of claim 10, wherein said driver'"'"'s personal history includes any one or more of the following:

name, age, sex, marital status, and student status.

12. The system of claim 10, wherein said risk assessment factors includes any one or more of the following:

credit score, employment history, driving experience, social security number, driving record, address history, insurance history, and the number of outstanding tickets within a predetermined period.

13. The system of claim 10, wherein the system further receives registration for at least one vehicle that said driver will operate during a monitoring session for a prescribed period,

14. The system of claim 10, wherein said variable parameters includes any one or more of the following:

title, vehicle registration number for each vehicle being registered, vehicle identification number, number of other drivers, names, ages, sexes, and student status.

15. The system of claim 10, wherein said portable pin unit communicates with the monitoring unit via wireless communication systems.

16. The system of claim 10, wherein said monitoring unit communicates with the evaluation center via wireless communication systems.

17. The system of claim 15 and 16, wherein said wireless communication system includes any one or more of the following:

ZIGBEE, Bluetooth, 802.11, INFRARED, Radio Frequency Identification, Wireless Human Location Network, and optical communications.

18. The system of claim 10, wherein the system further concurrently monitor a plurality of drivers for the same vehicle for a prescribed period.