SYSTEM AND METHOD TO DETERMINE AN INITIAL INSURANCE POLICY BENEFIT BASED ON TELEMATICS DATA COLLECTED BY A SMARTPHONE

• US 20130317736A1
• Filed: 06/21/2012
• Published: 11/28/2013
• Est. Priority Date: 05/22/2012
• 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: Fernandes, Steven J., Feero, Steven R.
• Granted Patent: US 9,037,394 B2
• Time in Patent Office: Days
• US Class Current: 701/400
• CPC Class Codes: B60W 40/09 Driving style or behaviour
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07C 5/00 Registering or indicating the working of vehicles
• CPC Class Codes: G08G 5/0039 Modification of a flight plan

Abstract

A system and method are disclosed herein to determine an insurance policy benefit based on telematics data. The system includes a computer memory and a processor in communication with the computer memory. The computer memory stores data indicative of preliminary telematics data collected by a smartphone associated with a vehicle, including at least one of geo-position information of the vehicle and vehicle kinematics data collected prior to issuance of an insurance policy for the vehicle. The processor is configured to calculate and apply an initial insurance policy benefit in exchange for receiving the data indicative of actual telematics data. When the data indicative of the actual telematics data meets a pre-determined condition, the processor may compute a final insurance policy benefit and replace the initial insurance policy benefit with the final insurance policy benefit.

Claims

1. A system for determining an initial insurance policy benefit, the system comprising:

a computer memory for storing data indicative of preliminary telematics data collected by a smartphone associated with a vehicle, the preliminary telematics data comprising at least one of geo-position information of the vehicle and vehicle kinematics data collected prior to issuance of an insurance policy for the vehicle; and

a processor in communication with the memory, wherein the processor is configured for;

calculating, based on the preliminary telematics data collected by the smartphone, the initial insurance policy benefit to be applied upon issuance of the insurance policy;

issuing the insurance policy in accordance with the initial insurance policy benefit in exchange for receiving data indicative of actual telematics data;

determining data indicative of actual telematics data received from a sensor within the vehicle, the actual telematics data comprising at least one of geo-position information of the vehicle and vehicle kinematics data collected after the issuance of the insurance policy for the vehicle;

determining that the data indicative of the actual telematics data meets a pre-determined condition,

computing a final insurance policy benefit based on the actual telematics data,

replacing the initial insurance policy benefit with the final insurance policy benefit, and

outputting an indication of the final insurance policy benefit for the insurance policy.

2. The system of claim 1, wherein initial insurance policy benefit is associated with at least one of:

(i) an insurance premium percentage discount, (ii) an insurance premium monetary discount, (iii) an insurance coverage amount, and (iv) a deductible amount.

3. The system of claim 1, wherein the preliminary telematics data collected by the smartphone includes at least one of:

(i) time of day information, (ii) day of week information, (iii) location information, (iv) velocity information, and (v) mileage information.

4. The system of claim 1, wherein the pre-determined condition associated with the actual telematics data comprises at least one of:

(i) a minimum period of time, and (ii) a minimum number of miles.

5. The system of claim 1, wherein the processor is further configured for, prior to computing the final insurance policy benefit:

computing a range of potential insurance policy benefits based on at least a portion of the actual telematics data, and

outputting an indication of the range of potential insurance policy benefits of the insurance policy.

6. The system of claim 1, wherein the data indicative of actual telematics data is received by an insurance company from a third party service.

7. The system of claim 1, wherein at least one of said calculating and said computing is associated with at least one of:

(i) times of day associated with driving, (ii) velocities associated with driving, (iii) distances associated with driving, (iv) weather information, and (v) traffic information.

8. The system of claim 1, wherein the processor is further configured for identifying safety events and determining, by the processor, a severity estimation of the safety events.

9. The system of claim 8, wherein at least some of the safety events are associated with de-acceleration.

10. The system of claim 1 wherein the processor is further configured for:

computing a benefit goal based on at least a portion of the stored telematics data,

outputting an indication of a suggested driving modification along with the benefit goal for the insurance policy.

11. The system of claim 10, wherein the driving modification includes a suggested route to a destination.

12. The system of claim 1, wherein the sensor within the vehicle comprises a smartphone.

13. The system of claim 1, wherein the automobile insurance policy comprises at least one of:

(i) a newly issued insurance policy, and (ii) an insurance policy renewal.

14. A computerized method for determining an initial insurance policy benefit, the method comprising:

determining data indicative of preliminary telematics data collected by a smartphone associated with a vehicle, the preliminary telematics data comprising at least one of geo-positional information of the vehicle and vehicle kinematics data collected prior to issuance of an insurance policy for the vehicle;

automatically calculating, based on the preliminary telematics data collected by the smartphone, the initial insurance policy benefit to be applied upon issuance of the insurance policy;

issuing the insurance policy in accordance with the initial insurance policy benefit in exchange for receiving data indicative of actual telematics data;

receiving the data indicative of telematics data collected from a sensor within the vehicle, wherein the actual telematics data includes at least one of geo-position information and kinematics data collected after the issuance of the insurance policy for the vehicle;

determining that the data indicative of the telematics data meets a pre-determined condition;

automatically computing, by a processor, a final insurance policy benefit based on the actual telematics data;

replacing the initial insurance policy benefit with the final insurance policy benefit; and

outputting an indication of the final insurance policy benefit for the insurance policy.

15. The method of claim 14, further comprising, prior to computing the final insurance policy benefit:

computing a range of potential benefits based on at least a portion of the actual telematics data; and

outputting an indication of the range of potential benefits for the insurance policy.

16. The method of claim 14, wherein the data indicative of actual telematics data is received by an insurance company from a third party service.

17. The method of claim 14, wherein at least one of said calculating and said computing is associated with at least one of:

(i) times of day associated with driving, (ii) velocities associated with driving, (iii) distances associated with driving, (iv) weather information, and (v) traffic information.

18. The method of claim 14, further comprising:

identifying safety events and determining, by the processor, a severity estimation of the safety events.

19. The method of claim 18, wherein at least some of the safety events are associated with de-acceleration.

20. A non-transitory computer readable medium having stored therein instructions that, upon execution, cause a computer to perform a method, the method comprising:

determining data indicative of preliminary telematics data collected by a smartphone associated with a vehicle, the preliminary telematics data comprising at least one of geo-positional information of the vehicle and vehicle kinematics data collected prior to issuance of an insurance policy for the vehicle;

calculating, based on the preliminary telematics data collected by the smartphone, the initial insurance policy benefit to be applied upon issuance of the insurance policy;

issuing the insurance policy in accordance with the initial insurance policy benefit in exchange for receiving data indicative of actual telematics data;

receiving the data indicative of telematics data collected from a sensor within the vehicle, wherein the actual telematics data includes at least one of geo-position information and kinematics data collected after the issuance of the insurance policy for the vehicle;

determining that the data indicative of the telematics data meets a pre-determined condition;

automatically computing, by a processor, a final insurance policy benefit based on the actual telematics data;

replacing the initial insurance policy benefit with the final insurance policy benefit; and

outputting an indication of the final insurance policy benefit for the insurance policy.

21. The medium of claim 20, wherein the method further comprises:

computing a benefit goal based on at least a portion of the actual telematics data; and

outputting an indication of a suggested driving modification along with the benefit goal for the insurance policy.

22. The medium of claim 20, wherein the driving modification includes a suggested route to a destination.

23. The medium of claim 20, wherein the sensor within the vehicle comprises a smartphone.

24. The medium of claim 20, wherein the automobile insurance policy comprises at least one of:

(i) a newly issued insurance policy, and (ii) an insurance policy renewal.