DYNAMIC INSURANCE RATES

• US 20100131303A1
• Filed: 08/06/2009
• Published: 05/27/2010
• Est. Priority Date: 11/26/2008
• Status: Abandoned Application

• Current Assignee: Great Lakes Incubator, LLC, RCK-IP, LLC
• Original Assignee: Great Lakes Incubator, LLC
• Inventors: Turocy, Gregory, Asquith, Brian, Amin, Himanshu S., Krosky, Ronald Charles, Collopy, Fred, Nard, Craig Allen, Narvaez, Gustavo Arnaldo, Noonan, David, Sharifi Takieh, Seyed Vahid
• Application Number:
  US12/536,999
• Publication Number:
  US 20100131303A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0265 Vehicular advertisement
• CPC Class Codes: G06Q 30/0269 based on user profile or attribute
• CPC Class Codes: G06Q 30/0273 Determination of fees for advertising
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods that customize insurance rates in real time to correspond to unique behavior/character traits of a user/driver. A rate adjustment component can interact with insurance companies that provide bids based on the contextual data—wherein, insurance costs can be dynamically adjusted, and the user/driver switched in real-time between such insurance companies (e.g., based on bids), to ensure obtaining optimum rates. A switching component can switch user/driver) to an insurance company that bids the best rate. Hence, during a trip the user/driver can actually be insured by various suppliers during different segments of such trip.

Claims

1. A computer implemented system that customizes insurance rates to user profiles comprising:

a rate adjustment component that dynamically adjusts an insurance rate in real time for a user based on contextual data; and

a switching component that switches the user to an insurance provider(s) that supplies optimal rate based on the contextual data.

2. The computer implemented system of claim 1 further comprising a retrieval agent that pulls insurance data from the insurance provider(s.)

3. The computer implemented system of claim 1, the contextual data includes data pertaining to a motor vehicle;

or data related to a driver of the motor vehicle;

or data related to environment that the motor vehicle operates therein;

or real time data related to driving behavior;

or a combination thereof.

4. The computer implemented system of claim 1 further comprising an analyzer component that employs threshold ranges to accept or reject insurance bids from the insurance provider.

5. The computer implemented system of claim 3, the real time driving data pertains to both frequency and intensity of driving actions.

6. The computer implemented system of claim 2 further comprising sensor positioned on a body of driver for collection of biometric data.

7. The computer implemented system of claim 1 further comprising an inference component that facilitates customization of insurance rates.

8. The computer implemented system of claim 7 further comprising an artificial intelligence component that employs classifiers.

9. The computer implemented system of claim 8, the switching component is an automatic switch.

10. A computer implemented method comprising the following computer executable acts:

employing a processor to execute computer executable instructions stored on a computer readable medium to perform the following acts;

acquiring contextual data associated with a driver of a motor vehicle; and

;

dynamically adjusting insurance rates in real time based on contextual data via a rate determination component that receives offers from insurance companies.

11. The computer implemented method of claim 10 further comprising switching insurance policy for a motor vehicle of a user to an insurance company via a switching component mounted on the motor vehicle.

12. The computer implemented method of claim 11 further comprising pulling insurance bids from the insurance company.

13. The computer implemented method of claim 11 further comprising employing an interrupt for the switching act.

14. The computer implemented method of claim 11 further comprising setting threshold values or ranges to accept or reject a bid.

15. The computer implemented method of claim 11 further comprising evaluating an insurance policy via a rule-based implementation.

16. The computer implemented method of claim 11 further comprising collecting data by cameras mounted on the motor vehicle.

17. The computer implemented method of claim 11 further comprising automatically switching a driver to an insurance provider.

18. The computer implemented method of claim 11 further comprising employing both intensity and frequency of a driving act as part of the contextual data.

19. The computer implemented method of claim 11 further comprising employing an artificial intelligence component to facilitate selection of an insurance policy.

20. A computer implemented system that customizes insurance rates to user profiles comprising:

means for dynamically adjusting an insurance rate in real time for a user based on contextual data; and

means for switching the user to an insurance provider that supplies optimal rate based on the contextual data.