SYSTEM AND METHOD FOR ACTIVE INSURANCE UNDERWRITING USING INTELLIGENT IP-ADDRESSABLE DEVICES

• US 20120116820A1
• Filed: 11/09/2010
• Published: 05/10/2012
• Est. Priority Date: 11/09/2010
• 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: English, Gary Charles, Popadin, George K., Zandes, Nicholas A.
• Granted Patent: US 8,359,211 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: H04L 61/5007 Internet protocol [IP] addresses

Abstract

A system and method are disclosed herein for maintaining an inventory of assets located at an insured property covered under an insurance policy based on data received from IP-addressable devices located at the property. The system includes an inventory database for storing inventory information about assets located at an insured property, a communication interface for receiving registration and operational data associated with an IP-addressable device, and a business logic computer. The business logic computer creates a data structure for storing inventory information about assets located at the insured property in the inventory database for each insured property. The business logic computer determines, for the insured property, the inventory information about the insured property'"'"'s assets based on registration and operational data received from its IP-addressable devices located at the property. The business logic computer stores the insured property'"'"'s inventory information in its associated data structure in the inventory database.

Claims

1. A system for utilizing IP-addressable devices for maintaining an inventory of assets located at a residential or commercial property covered under an insurance policy, comprising:

an inventory database configured to store inventory information about assets located at an insured property;

a communication interface configured to communicate with networks of IP-addressable devices for receiving registration and operational data associated with an IP-addressable device connected to each of the networks; and

a business logic computer in communication with the database and the communication interface, configured to

create in the inventory database, for each insured property having IP-addressable devices, a data structure for storing inventory information about assets located at the insured property;

determine, for the insured property, the inventory information about the insured property'"'"'s assets based on registration and operational data received from the IP-addressable devices located at the insured property, and

store the insured property'"'"'s inventory information in its data structure in the inventory database.

2. The system of claim 1, wherein the assets include at least one of physical asset including an IP-addressable device, and electronic data stored in the assets.

3. The system of claim 1, wherein the registration and operational data received from the IP addressable devices indicates presence of the assets located at the insured property.

4. The system of claim 1, wherein the business logic computer is further configured to detect that an asset is added to or removed from the insured property, and to update the inventory information stored in the inventory database in response to the detection.

5. The system of claim 1, wherein the operational data of the IP-addressable devices indicates at least one of operational status, condition, and use of one of the assets located at the insured property.

6. The system of claim 1, wherein the business logic computer is further configured to determine insurance risks associated with the assets located at the insured property based at least in part on one of the registration and operational data of at least one of the IP-addressable devices.

7. The system of claim 1, wherein the business logic computer is further configured to determine an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on at least one of the registration and operational data of the insured property'"'"'s IP addressable devices.

8. The system of claim 1, wherein the business logic computer is further configured to categorize the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration and operational data received from the insured property'"'"'s IP addressable devices.

9. The system of claim 8, wherein the business logic computer is further configured to assign an underwriting score for each of the assets based on its associated actuarial class and to determine an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.

10. The system of claim 9, wherein the business logic computer is further configure to determine an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.

11. A computerized method for utilizing IP-addressable devices for maintaining an inventory of assets located at a residential or commercial property covered under an insurance policy, comprising:

storing, by an inventory database, inventory information about assets located at an insured property;

receiving, by a communication interface for communicating with networks of IP-addressable devices, registration and operational data associated with an IP-addressable device connected to each of the networks;

creating a data structure in the inventory database for each insured property having IP-addressable devices, by a computer, for storing inventory information about assets located at the insured property;

determining, by the computer, for the insured property, the inventory information about the insured property'"'"'s assets based on registration and operational data received from the IP-addressable devices located at the insured property; and

storing, by the computer, in the data structure in the inventory database the insured property'"'"'s inventory information.

12. The computerized method of claim 11, wherein the assets include at least one of physical asset including an IP-addressable device, and electronic data stored in the assets.

13. The computerized method of claim 11, wherein the registration and operational data received from the IP addressable devices indicates presence of the assets located at the insured property.

14. The computerized method of claim 11, further comprising detecting by the computer that an asset is added to or removed from the insured property, and updating by the computer the inventory information stored in the inventory database in response to the detection.

15. The computerized method of claim 11, wherein the operational data of the IP-addressable devices indicates at least one of operational status, condition, and use of one of the assets located at the insured property.

16. The computerized method of claim 11, further comprising determining, by the computer, insurance risks associated with the assets located at the insured property based at least in part on one of the registration and operational data of at least one of the IP-addressable devices.

17. The computerized method of claim 11, further comprising determining, by the computer, an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on at least one of the registration and operational data of the insured property'"'"'s IP addressable devices.

18. The computerized method of claim 11, further comprising, categorizing by the computer the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration and operational data received from the insured property'"'"'s IP addressable devices.

19. The computerized method of claim 18, further comprising assigning, by the computer, an underwriting score for each of the assets based on its associated actuarial class and determining, by the computer, an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.

20. The computerized method of claim 19, further comprising determining by the computer, an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.

21. A non-transitory computer readable medium storing computer executable instructions, which, when executed by a processor, cause the processor to carry out a method, the method comprising:

storing in an inventory database inventory information about assets located at an insured property;

receiving registration and operational data associated with an IP-addressable device;

creating a data structure in the inventory database for each insured property having IP-addressable devices for storing inventory information about assets located at the insured property;

determining for the insured property the inventory information about the insured property'"'"'s assets based on registration and operational data received from the IP-addressable devices located at the insured property; and

storing in the data structure in the inventory database the insured property'"'"'s inventory information.

22. The non-transitory computer readable medium of claim 21, wherein the assets include at least one of physical asset including an IP-addressable device, and electronic data stored in the assets.

23. The non-transitory computer readable medium of claim 21, wherein the registration and operational data received from the IP addressable devices indicates presence of the assets located at the insured property.

24. The non-transitory computer readable medium of claim 21, wherein the non-transitory computer readable medium further stores instructions for causing the processor to detect that an asset is added to or removed from the insured property, and to update the inventory information stored in the inventory database in response to the detection.

25. The non-transitory computer readable medium of claim 21, wherein the operational data of the IP-addressable devices indicates at least one of operational status, condition, and use of one of the assets located at the insured property.

26. The non-transitory computer readable medium of claim 21, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine insurance risks associated with the assets located at the insured property based at least in part on one of the registration and operational data of at least one of the IP-addressable devices.

27. The non-transitory computer readable medium of claim 21, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on at least one of the registration and operational data of the insured property'"'"'s IP addressable devices.

28. The non-transitory computer readable medium of claim 21, wherein the non-transitory computer readable medium further stores instructions for causing the processor to categorize the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration and operational data received from the insured property'"'"'s IP addressable devices.

29. The non-transitory computer readable medium of claim 28, wherein the non-transitory computer readable medium further stores instructions for causing the processor to assign an underwriting score for each of the assets based on its associated actuarial class and determine an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.

30. The non-transitory computer readable medium of claim 29, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.