SYSTEM AND METHOD FOR ADMINISTERING TELEMATICS BASED REINSURANCE POOLS
First Claim
1. An automated data processing system comprising:
- a communication device;
a processor coupled to the communication device;
a storage device in communication with said processor, the storage device storing instructions adapted to be executed by said processor for;
determining a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based on a percentage of monitoring devices deployed by the third party;
allocating the insurance pool among the insurer and the third party according to the determined percentage share;
aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed;
transmitting, via said communication device, the telematics related loss information to the third party; and
allocating a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined percentage share; and
a memory for storing the determined percentage share assigned to the insurer and the third party.
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Accused Products
Abstract
A data processing system includes a processor 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 may 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.
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Citations
12 Claims
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1. An automated data processing system comprising:
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a communication device; a processor coupled to the communication device; a storage device in communication with said processor, the storage device storing instructions adapted to be executed by said processor for; determining a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based on a percentage of monitoring devices deployed by the third party; allocating the insurance pool among the insurer and the third party according to the determined percentage share; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting, via said communication device, the telematics related loss information to the third party; and allocating a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined percentage share; and a memory for storing the determined percentage share assigned to the insurer and the third party. - View Dependent Claims (2, 3, 4)
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5. A method, comprising:
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determining, by a computer processor, a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based at least in part on a percentage of monitoring devices deployed by the third party; allocating, by the computer processor, the insurance pool among the insurer and the third party according to the determined percentage share; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting the telematics related loss information to the third party; and automatically allocating, by the computer processor, a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined percentage share. - View Dependent Claims (6, 7, 8)
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9. A non-transitory computer-readable medium storing instructions that, when executed by a processor, result in the performance of a method, the method comprising:
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determining a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based at least in part on a percentage of monitoring devices deployed by the third party; allocating the insurance pool among the insurer and the third party according to the determined percentage share; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting the telematics related loss information to the third party; and automatically allocating a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined percentage share. - View Dependent Claims (10, 11, 12)
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Specification