System and Method for Automated Detection of Coverage Exceptions Based on Utility Usage Data
First Claim
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1. A system for automated detection of certain property uses for the generation of additional insurance coverage recommendations utilizing a plurality of networkable devices associated with an individual'"'"'s insured property, comprising:
- a storage device having a database storing data related to property coverage parameters, historical utility usage data and usage threshold parameters associated with the insured property, the property coverage parameters representative of covered uses under an insurance policy for the insured property;
a communications device in communication with the storage device, the communications device configured to receive current usage information from a plurality of networked metering devices; and
a processor in communication with the communications device, the processor configured to compare the current usage information to the historical utility usage data to determine whether the current usage has exceeded the threshold parameter, wherein the processor is further configured to generate an insurance coverage recommendation responsive to determining that the usage has exceeded the threshold parameter, wherein the coverage recommendation for the insured structure is transmitted to the individual via the communications device.
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Abstract
An advanced underwriting and risk evaluation system leverages data from utility based metering devices and other IP addressable devices, and machines to provide real time operational and usage data. The data is used by an insurance entity to modify and adjust insurance coverages and premiums in the case of certain usage exceptions and conditions in view of an underlying policy coverage.
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Citations
25 Claims
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1. A system for automated detection of certain property uses for the generation of additional insurance coverage recommendations utilizing a plurality of networkable devices associated with an individual'"'"'s insured property, comprising:
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a storage device having a database storing data related to property coverage parameters, historical utility usage data and usage threshold parameters associated with the insured property, the property coverage parameters representative of covered uses under an insurance policy for the insured property; a communications device in communication with the storage device, the communications device configured to receive current usage information from a plurality of networked metering devices; and a processor in communication with the communications device, the processor configured to compare the current usage information to the historical utility usage data to determine whether the current usage has exceeded the threshold parameter, wherein the processor is further configured to generate an insurance coverage recommendation responsive to determining that the usage has exceeded the threshold parameter, wherein the coverage recommendation for the insured structure is transmitted to the individual via the communications device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A system for utilizing a plurality of networked metering devices to detect uninsured conditions associated with at least one insured entity, comprising:
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a communications interface configured to receive usage based information from at least one of the plurality of networked metering devices; a storage device having a database configured to store both historical usage based information and real-time usage based information from the at least one of the plurality of networked metering devices; and a processor in communication with the storage device and configured to compare the historical usage based information and the real time usage based information in order to detect whether an exception condition has occurred, wherein the processor is further configured to generate an insurance coverage offer to the at least one insured entity in the event an exception condition has occurred, wherein the communications interface is further configured to transmit the insurance coverage offer to the at least one insured entity. - View Dependent Claims (16, 17, 18, 19, 20)
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21. A computer implemented method for intelligently monitoring at least one property for uses outside the scope of current in-force insurance coverages, the computer implemented method comprising:
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receiving, via a communications device, historical and real time usage based information from at least one of the plurality of wireless metering devices; storing, in a database on or more storage devices, both historical usage based information and real-time usage based information from at least one of the plurality of wireless metering devices; accessing, via the communications device, insurance policy data related to the at least one property; processing, in at least one processor, the historical usage based information, the real time usage based information and the insurance policy data in order to determine whether a use outside the scope of current in-force insurance coverages has occurred, wherein the processor is further configured to determine an insurance coverage communication to at least one entity; and transmitting, via the communications device, an electronic message containing the insurance coverage communication to the at least one insured entity. - View Dependent Claims (22, 23, 24, 25)
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Specification