SYSTEM AND METHOD FOR ADMINISTERING TELEMATICS BASED REINSURANCE POOLS

• US 20110112870A1
• Filed: 11/12/2009
• Published: 05/12/2011
• Est. Priority Date: 11/12/2009
• 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: Berg, Gregory H., Peak, David F., Amigo, Andrew J.
• Granted Patent: US 8,359,259 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/06398 Performance of employee with respect to a job function
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07C 5/08 Registering or indicating performance data other than driving, working, idle, or waiting time, with or without registering driving, working, idle or waiting time

Abstract

A data processing system includes a processor that is configured for determining a percentage share to assign a share of relative risk in an insurance pool between an insurer, a first safety vendor and at least one other safety vendor. The processor is further configured to allocate portions of the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors, to aggregate by the insurer loss information related to the insurance pool, and transmit the loss information to the safety vendors. Also, the processor is configured to allocate portions of a claim liability or a received premium associated with the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors. The data processing system also includes a memory for storing the determined shares assigned to the insurer and the safety vendors.

Claims

1. A data processing system comprising:

a processor configured for;

determining a percentage share to assign a share of relative risk in a telematics based insurance pool between an insurer and one or more participating third party monitoring device providers, wherein the shares for the one or more participating third party monitoring device providers are determined based at least in part on a percentage of monitoring devices deployed by at least one of the third party monitoring device providers;

allocating portions of the insurance pool among the insurer and the one or more third party monitoring device providers according to the determined shares assigned to the insurer and the one or more third party monitoring device providers;

aggregating by the insurer, telematics related loss information related to the monitoring devices deployed;

transmitting the telematics related loss information to the third party monitoring device providers; and

allocating portions of a claim liability or a received premium associated with the insurance pool among the insurer and the one or more participating third party monitoring device providers according to the determined shares assigned to the insurer and the one or more participating third party monitoring device providers; and

a memory for storing the determined shares assigned to the insurer and the one or more participating third party monitoring device providers.

2. The data processing system of claim 1, wherein the monitoring devices are installed in motor vehicles.

3. The data processing system of claim 1, wherein the monitoring devices are attached to human bodies.

4. The data processing system of claim 1, wherein the memory stores information indicative of a proportion of a vehicle fleet in which the monitoring devices are deployed by one of said third party monitoring device providers, the processor determining the shares based at least in part on said information.

5. The data processing system of claim 1, wherein the memory stores information indicative of a size of a first vehicle fleet which deploys monitoring devices supplied by a first one of said third party monitoring device suppliers and information indicative of a size of a second vehicle fleet which deploys monitoring devices supplied by a second one of said third party monitoring device suppliers, the processor determining the shares based at least in part on said information.

6. A data processing system comprising:

a processor configured for;

determining a percentage share to assign a share of relative risk in an insurance pool between an insurer, a first safety vendor and at least one other safety vendor;

allocating portions of the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors;

aggregating by the insurer, loss information related to the insurance pool;

transmitting the loss information to the safety vendors; and

allocating portions of a claim liability or a received premium associated with the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors; and

a memory for storing the determined shares assigned to the insurer and the safety vendors.

7. The data processing system of claim 6, wherein at least some of the safety vendors are suppliers of monitoring devices.

8. The data processing system of claim 7, wherein at least some of the safety vendors are suppliers of monitoring devices for motor vehicles.

9. The data processing system of claim 7, wherein at least some of the safety vendors are suppliers of devices for monitoring movement of human bodies.

10. The data processing system of claim 7, wherein at least some of the safety vendors are suppliers of devices for monitoring buildings.

11. A computer system operated by a telematics vendor, the computer system comprising:

a processor; and

a memory in communication with the processor and storing program instructions, the processor operative with the program instructions to;

receive sensor data during a first period of time, the sensor data generated by sensors installed in or on a plurality of moving bodies, said moving bodies covered by insurance policies issued by one or more primary insurers;

process the received sensor data to generate telematics reports, said telematics reports indicative of activities of said covered moving bodies during the first period of time;

receive ceded loss report data, the ceded loss report data indicative of loss amounts allocated to the telematics vendor in connection with risks ceded to the telematics vendor pursuant to at least one reinsurance treaty relative to the insurance policies, said ceded loss report data pertinent to said first period of time;

receive sensor data generated by said sensors during a second period of time subsequent to said first period of time;

process the received sensor data generated during the second period of time, based at least in part on the received ceded loss report data pertinent to said first period of time, to generate telematics reports related to said second period of time; and

transmit, to insureds under the insurance policies, said telematics reports related to said second period of time.

12. The computer system of claim 11, wherein the moving bodies are motor vehicles.

13. The computer system of claim 12, wherein at least some of the activities reflect behavior of operators of the motor vehicles.

14. The computer system of claim 11, wherein the moving bodies are human beings and the activities comprise movements of the human beings.

15. The computer system of claim 11, wherein the risks are ceded to a captive reinsurance company at least partially owned by the telematics vendor.

16. The computer system of claim 15, wherein the captive reinsurance company is wholly owned by the telematics vendor.

17. The computer system of claim 11, wherein the processing of the received sensor data generated during said second period of time includes applying said sensor data to a predictive model that was trained using said sensor data generated during said first period of time and said received ceded loss report data pertinent to said first period of time.

18. A method comprising:

a telematics computer receiving sensor data during a first period of time, the sensor data generated by sensors installed in or on a plurality of moving bodies, said moving bodies covered by insurance policies issued by one or more primary insurers;

the telematics computer processing the received sensor data to generate telematics reports, said telematics reports indicative of activities of said covered moving bodies during the first period of time;

the telematics computer receiving ceded loss report data, the ceded loss report data indicative of loss amounts allocated to the telematics vendor in connection with risks ceded to the telematics vendor pursuant to at least one reinsurance treaty relative to the insurance policies, said ceded loss report data pertinent to said first period of time;

the telematics computer receiving sensor data generated by said sensors during a second period of time subsequent to said first period of time;

the telematics computer processing the received sensor data generated during the second period of time, based at least in part on the received ceded loss report data pertinent to said first period of time, to generate telematics reports related to said second period of time; and

the telematics computer transmitting, to insureds under the insurance policies, said telematics reports related to said second period of time.

19. The method of claim 18, further comprising:

using said telematics reports to train employees of the insureds.

20. The method of claim 18, wherein the moving bodies are motor vehicles.

21. The method of claim 18, wherein the moving bodies are human beings and the activities comprise movements of the human beings.