SYSTEM AND METHOD FOR ACTIVE INSURANCE UNDERWRITING USING REGISTRATION DATA OF IP-ADDRESSABLE DEVICES

• US 20130096960A1
• Filed: 12/07/2012
• Published: 04/18/2013
• 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 8,731,975 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 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;

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

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

2. The system of claim 1, wherein the business logic computer is further configured to update the inventory information stored in the inventory database in response to one or more changes in registration data received from the one or more IP-addressable devices located at the insured property.

3. 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 the registration data of at least one of the IP-addressable devices.

4. 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 the registration data of the insured property'"'"'s IP-addressable devices.

5. 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 data received from the insured property'"'"'s IP-addressable devices.

6. The system of claim 5, 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.

7. The system of claim 6, wherein the business logic computer is further configured 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.

8. 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 data associated with an IP-addressable device connected to each of the networks;

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

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

9. The computerized method of claim 8, further comprising detecting by the computer that an asset is added to or removed from the insured property based on registration data received from the IP-addressable devices located at the insured property, and updating by the computer the inventory information stored in the inventory database in response to the detection.

10. The computerized method of claim 8, further comprising determining, by the computer, insurance risks associated with the assets located at the insured property based at least in part on the registration data of at least one of the IP-addressable devices.

11. The computerized method of claim 8, 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 the registration data of the insured property'"'"'s IP addressable devices.

12. The computerized method of claim 8, 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 data received from the insured property'"'"'s IP addressable devices.

13. The computerized method of claim 12, 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.

14. The computerized method of claim 13, 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.

15. 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 data associated with one or more IP-addressable devices located at the insured property;

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

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

16. The non-transitory computer readable medium of claim 15, wherein the non-transitory computer readable medium further stores instructions for causing the processor to update the inventory information stored in the inventory database in response to a change in registration data received from the one or more IP-addressable devices located at the insured property.

17. The non-transitory computer readable medium of claim 15, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine one or both of insurance risks associated with the assets located at the insured property based at least in part on the registration data of at least one of the IP-addressable devices. and an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on the registration data of the insured property'"'"'s one or more IP addressable devices.

18. The non-transitory computer readable medium of claim 15, 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 data received from the insured property'"'"'s one or more IP addressable devices.

19. The non-transitory computer readable medium of claim 18, 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.

20. The non-transitory computer readable medium of claim 19, 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.