SYSTEM FOR REDUCING THE RISK ASSOCIATED WITH AN INSURED BUILDING STRUCTURE THROUGH THE INCORPORATION OF SELECTED TECHNOLOGIES
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Abstract
A method and computerized system is disclosed for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of property losses. The invention utilizes a classifier for categorizing and weighing risk, composed of data representing in an identified building, a first unmitigated insurance risk and a second insurance risk, based upon the use of certain technology. A plurality of such weights are summed such that the weights generate a minimized risk for a building structure under consideration. combinations of technologies, employed in existing building structures to a classification, which then permits an underwriter to establish a premium. In another aspect of the invention data structures representing the quantification of risk reduction attendant a given technology or product are chained into a plurality of decision trees that process a construction phase and a pruning phase.
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Citations
45 Claims
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1-21. -21. (canceled)
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22. A system for insuring a building structure by taking into account technologies that mitigate loss comprising:
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a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction types; and a processor, configured to; administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtain, by the insurance company, data indicating a type of construction of the insured building structure; determine an alteration to a premium for the insurance policy based on the condition of the building indicated in the monitoring data in relation to the type of construction of the building, and alter the premium of the insurance policy based on the determination. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29)
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30. A method for insuring a building structure by taking into account technologies that mitigate loss comprising:
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maintaining a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction types; administering an insurance policy, by an insurance company, covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtaining monitoring data, by the insurance company, indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtaining monitoring data, by the insurance company, indicating a type of construction of the insured building structure; determining an alteration to a premium for the insurance policy based on the condition of the building indicated in the monitoring data in relation to the type of construction of the building, and altering the premium of the insurance policy based on the determination. - View Dependent Claims (31, 32, 33, 34, 35, 36, 37)
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38. A system for insuring a building structure by taking into account technologies that mitigate loss comprising:
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a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction types; and computer executable instructions stored in memory, for causing a processor to; administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtain, by the insurance company, data indicating a type of construction of the insured building structure; determine an alteration to a premium for the insurance policy based on the condition of the building indicated in the monitoring data in relation to the type of construction of the building, and alter the premium of the insurance policy based on the determination made by the processor. - View Dependent Claims (39, 40, 41, 42, 43, 44, 45)
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Specification