Method of determining a risk score or insurance cost using risk-related decision-making processes and decision outcomes
First Claim
1. A method of generating a risk score, a cost of insurance, or a risk score and a cost of insurance for at least one individual based at least in part on a use of one or more specific risk-related decision-making processes and resulting decision outcomes, the method comprising:
- a. receiving first input data from one or more first sensors of a portable or wearable device;
b. storing the first input data on a first non-transitory computer-readable media;
c. executing a decision-making process algorithm on a first processor, the decision-making process algorithm analyzes at least the first input data from the first non-transitory computer-readable media and statistically deduces or infers the use of one or more specific risk-related decision-making processes by the individual;
d. monitoring the resulting decision outcomes for decisions made by the at least one individual by receiving second input data, the second input data received from one or more second sensors or data sources; and
e. generating the risk score, the cost of insurance, or the risk score and the cost of insurance for the at least one individual based at least in part on one or more correlations between the use of the one or more specific risk-related decision-making processes and the decisions with the resulting decision outcomes.
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Abstract
In one embodiment, a method of generating a risk score, a cost of insurance, or a risk score and a cost of insurance for at least one individual comprises directly monitoring or inferring the risk-related decision-making processes and directly monitoring the resulting decision outcomes for decisions. The method may further comprise correlating risk-related decision-making processes and the decisions with the resulting decision outcomes. In another embodiment, the method further comprises building cognitive maps for one or more individuals, acquiring contextual data related to the decisions, or prospectively determining a probability of outcome for a risk-related situation using the one or more cognitive maps. In one embodiment, the insurance is automobile insurance and data is obtained through telematics and/or a portable device.
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Citations
23 Claims
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1. A method of generating a risk score, a cost of insurance, or a risk score and a cost of insurance for at least one individual based at least in part on a use of one or more specific risk-related decision-making processes and resulting decision outcomes, the method comprising:
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a. receiving first input data from one or more first sensors of a portable or wearable device; b. storing the first input data on a first non-transitory computer-readable media; c. executing a decision-making process algorithm on a first processor, the decision-making process algorithm analyzes at least the first input data from the first non-transitory computer-readable media and statistically deduces or infers the use of one or more specific risk-related decision-making processes by the individual; d. monitoring the resulting decision outcomes for decisions made by the at least one individual by receiving second input data, the second input data received from one or more second sensors or data sources; and e. generating the risk score, the cost of insurance, or the risk score and the cost of insurance for the at least one individual based at least in part on one or more correlations between the use of the one or more specific risk-related decision-making processes and the decisions with the resulting decision outcomes. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 21, 22, 23)
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15. A method of determining a risk score, a cost of insurance, or a risk score and a cost of insurance based at least in part on monitoring, recording, and communicating data associated with risk-related decisions, the method comprising:
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a. monitoring or inferring a plurality of data elements obtained from one or more sensors of a portable or wearable device comprising a non-transitory computer readable medium, the plurality of data elements associated with risk-related decision-making processes, decisions, and decision outcomes made by at least one individual; b. recording the plurality of data elements on the non-transitory computer readable medium; c. communicating the plurality of data elements using a radio transceiver from the portable or wearable device to a device remote from the portable or wearable device; and d. correlating one or more of the risk-related decision-making processes and decisions with one or more of the decision outcomes to produce a cost for the insurance using a first processor. - View Dependent Claims (16, 17)
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18. A method of monitoring data representative of risk-related decisions made by at least one individual, the method comprising:
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a. extracting first input data from one or more sensors on a portable or wearable device, the first input data associated with risk-related decision-making processes, decisions, and decision outcomes for decisions made by the at least one individual; b. analyzing the first input data using a first processor executing a first algorithm, the first algorithm correlating one or more of the risk-related decision-making processes and the decisions with one or more of the decision outcomes to produce one or more correlations that can be used to produce a risk score or cost for insuring the at least one individual; c. monitoring second input data from the one or more sensors of the portable or wearable device; and d. processing the second input data to identify a risk-related situation or decision based on the one or more correlations. - View Dependent Claims (19, 20)
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Specification