ESTIMATING INSURANCE RISKS AND COSTS

• US 20140052479A1
• Filed: 08/15/2012
• Published: 02/20/2014
• Est. Priority Date: 08/15/2012
• Status: Abandoned Application

• Current Assignee: Empire Technology Development LLC (Allied Inventors Management, LLC)
• Original Assignee: Empire Technology Development LLC (Allied Inventors Management, LLC)
• Inventors: Kawamura, Tetsu
• Application Number:
  US13/809,236
• Publication Number:
  US 20140052479A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

In some examples, a method for estimating insurance risk is described. The method may include receiving, by a processor, real-time information related to a travel itinerary. The method may also include estimating, by the processor, the insurance risk by analyzing the real-time information based on a quantitative assessment of risks posed to a population by the at least one factor. The method may also include generating, by the processor, an insurance risk profile based on the estimated insurance risk

Claims

1. A method for estimating a risk during travel, comprising:

receiving, by a processor during the travel, real-time information related to an itinerary of the travel, the received real-time information comprising data representative of at least one factor indicative of the risk during the travel;

estimating, by the processor, the risk by analyzing the real-time information based on a quantitative assessment of risks posed to a population by the at least one factor; and

generating, by the processor, a risk profile based on the estimated risk.

2. The method of claim 1, wherein receiving the real-time information related to the itinerary of the travel comprises receiving the real-time information from at least one of a global positioning system, a sensor, a radio-broadcast clock, a radio-frequency identification device, a portable electronic device, a vehicle information and communication system, and a local area network.

3. The method of claim 1, wherein receiving the real-time information related to the itinerary of the travel comprises receiving the real-time information from a sensor to determine at least one of altitude, humidity, temperature, and visible light.

4. The method of claim 1, wherein the real-time information related to the itinerary of the travel comprises real-time information related to at least one of a location, time, date, duration, season, weather, population density, vehicle type, and travel route.

5. The method of claim 1, wherein receiving the real-time information related to the itinerary of the travel comprises receiving the real-time information from a software application on a mobile device.

6. The method of claim 1, wherein estimating the risk by analyzing the real-time information comprises estimating the risk using an algorithm accessible by the processor.

7. The method of claim 1, wherein estimating the risk by analyzing the real-time information based on a quantitative assessment of risks posed to a population by the at least one factor comprises estimating the risk by correlating statistical data stored on the database with the real-time information.

8. The method of claim 7, wherein estimating the insurance risk by correlating the statistical data stored on the database with the real-time information comprises correlating the stored statistical data to calculate a score indicative of a level of risk posed by the itinerary of the travel based on the real-time information.

9. The method of claim 1, further comprising storing statistical data corresponding to the at least one factor indicative of the risk on the database.

10. The method of claim 1, wherein receiving the real-time information related to the itinerary of the travel comprises actively checking a plurality of sources of the real-time information to determine at least one change in the data representative of the at least one factor and updating the real-time information.

11. The method of claim 1, further comprising:

determining, by the processor, at least one alteration to the itinerary of the travel that reduces the estimated risk based on the quantitative representation; and

generating, by the processor, an electronic message comprising information related to the at least one alteration.

12. The method of claim 1, further comprising:

determining at least one modification in the itinerary of the travel that results in a substantially reduced risk; and

generating an electronic message comprising information related to the at least one modification.

13. The method of claim 1, further comprising tracking a route of an individual to obtain the real-time information.

14. A computer-readable storage medium having computer-executable instructions stored thereon that are executable by a processor to cause a computer to perform the method of claim 1.

15. A method for estimating an insurance cost during travel, comprising:

creating, by a processor during the travel, a plurality of data sets from real-time information obtained during the travel via at least one source of the real-time information, wherein the real-time information corresponds to a risk factor relevant in determining insurance;

estimating, by the processor, a risk based on the plurality of data sets by comparing the real-time information of each data set obtained during the travel with statistical data relating to a probability of an insurance claim based on the risk factor;

estimating a cost to obtain an insurance policy based on the estimated risk; and

generating an electronic message including the cost estimate to obtain the insurance policy.

16. The method of claim 15, further comprising:

monitoring the at least one source of the real-time information to determine an alteration in the real-time information occurring during the travel;

revising at least one of the plurality of data sets to include the altered real-time information; and

re-estimating the insurance risk based on the plurality of data sets by comparing the altered real-time information with the statistical data stored on the database.

17. The method of claim 15, wherein monitoring the at least one source of the real-time information comprises monitoring, by the processor, the at least one source of the real-time information via an Internet connection.

18. The method of claim 15, wherein creating a plurality of data sets from the real-time information comprises creating the plurality of data sets from real-time information comprising at least one of a location, a travel season, a travel time, a travel date, a travel route, travel activity, weather, vehicle type, vehicle condition, traffic accident rate, traffic conditions, local population density, local transportation, altitude, and transportation mode.

20. The method of claim 15, further comprising enabling access to the processor such that the real-time information may be updated based on at least one change in the real-time information occurring as a result of a change in the itinerary of the travel.

21. The method of claim 15, further comprising obtaining the real-time information corresponding to the risk factor relevant in determining the travel insurance from at least one of a global positioning system, a sensor, a radio-broadcast clock, a radio-frequency identification device, a portable electronic device, a vehicle information and communication system, and a local area network.

19. (canceled)

22-33. -33. (canceled)

34. A system for estimating a risk during travel, comprising:

a processor; and

a memory operatively coupled to the processor;

wherein the processor is configured to;

receive real-time information related to an itinerary of the travel, the received real-time information comprising data representative of at least one factor indicative of the risk during the travel;

estimate the risk by analyzing the real-time information based on a quantitative assessment of risks posed to a population by the at least one factor; and

generate a risk profile based on the estimated risk.

35. The system of claim 34,

wherein the processor is further configured to store the received real-time information in the memory;

and

wherein the analyzing of the real-time information in the estimate of the risk includes retrieving from the memory at least some of the real-time information and an algorithm used in the analyzing.

36. The system of claim 34,

wherein the processor is further configured to automatically and dynamically determine ad hoc changes to an existing insurance policy based on the generated risk profile.

37. The system of claim 36,

wherein the processor is further configured to cause output of an electronic message related to the determining of ad hoc changes to the existing insurance policy.

38. The system of claim 37,

wherein an ad hoc change must at least meet a predetermined change threshold to be output.

39. A system for estimating a risk during travel, comprising:

a processor; and

a memory operatively coupled to the processor;

wherein the processor is configured to;

receive real-time information related to an itinerary of the travel, the received real-time information comprising data representative of at least one factor indicative of the risk during the travel;

estimate the risk by analyzing the real-time information based on a quantitative assessment of risks related to the at least one factor; and

estimate an insurance policy based on the estimated risk.

40. The system of claim 39,

wherein the estimate of an insurance policy includes an estimate of cost of the insurance policy on a risk-by-risk basis.

41. The system of claim 39,

wherein the estimate of the insurance policy includes automatically and dynamically determining ad hoc changes to an existing insurance policy based on the estimated risk.

42. The system of claim 41,

wherein the processor is further configured to cause output of an electronic message related to the determining of ad hoc changes to the existing insurance policy.

43. The system of claim 42,

wherein an ad hoc change must at least meet a predetermined cost change threshold to be output.