SYSTEM AND METHOD FOR EXPECTATION BASED PROCESSING

• US 20150187014A1
• Filed: 12/31/2013
• Published: 07/02/2015
• Est. Priority Date: 12/31/2013
• Status: Abandoned Application

• 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., Adams, Isaac D., Natrillo, Marc J., Olson, Paul Brendan, Prakash, Pankaj
• Application Number:
  US14/145,165
• Publication Number:
  US 20150187014A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system for determining insurance pricing information based on telematics data, the system comprising, a processor configured to generate a driver proxy score (DPS) based on a combination of rating variables in a conventional class plan; the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes a plurality of risk factors; the processor further configured to determine a driver telematics score (DTS) based on the information associated with the telematics data; the processor further configured to generate an expectation based rating, based on the DPS and the DTS, which measures a variance of the telematics data from the expected value; the processor further configured to update pricing information based on the determined expectation based rating; and a transmitter configured to transmit the updated pricing information to a user device.

Claims

1. A system for determining insurance pricing information based on telematics data associated with a vehicle, the system comprising:

a computer memory configured to store an initial risk profile for a driver of the vehicle based on a correlation between received biographical information of the driver and stored claim expected loss information, wherein the initial risk profile includes a plurality of risk factors with associated expected scores for the driver;

a processor configured to generate a driver proxy score (DPS) based on a combination of rating variables in an insurance class plan;

the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with a plurality of risk factors;

the processor further configured to determine a driver telematics score (DTS) based on the information associated with the telematics data;

the processor further configured to generate an expectation based rating, based on the DPS and the DTS, which measures a variance of the received telematics data information from the initial risk profile;

the processor further configured to update pricing information based on the generated expectation based rating; and

a transmitter configured to transmit the updated pricing information to a user device or a user transmission device.

2. The system of claim 1, wherein at least one of the plurality of risk factors is total miles driven.

3. The system of claim 1, wherein at least one of the plurality of risk factors is speeding.

4. The system of claim 3, wherein speeding is measured relative to posted speed limits.

5. The system of claim 3, wherein speeding is measured relative to other vehicles travelling a route during similar times of day.

6. The system of claim 1, wherein the processor is further configured to provide a customer with an itemized list indicating a variance from the expected value for each risk factor.

7. The system of claim 1, wherein during a renewal period, the processor sets the measured values as the initial risk profile.

8. The system of claim 1, wherein at least one of the plurality of risk factors is cell phone use.

9. The system of claim 1, wherein at least one of the plurality of risk factors is driving at a predetermined time.

10. A computer based method for determining insurance pricing information based on telematics data associated with a vehicle, the method comprising:

storing, by a computer memory, an initial risk profile for a driver of the vehicle based on a correlation between received biographical information of the driver and claim expected loss information, wherein the initial risk profile includes a plurality of risk factors and with associated expected scores for the driver;

generating, by a processor, a driver proxy score (DPS) based on a combination of rating variables in an insurance class plan;

receiving, by the processor, information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with a plurality of risk factors;

determining, by the processor, a driver telematics score (DTS) based on the information associated with the telematics data;

generating, by the processor, an expectation based rating, based on the DPS and the DTS, which measures a variance of the received telematics data information from the initial risk profile;

updating, by the processor, pricing information based on the generated expectation based rating; and

transmitting, by a transmitter, updated pricing information to a user device or a user transmission device.

11. The method of claim 10, wherein the pricing information is adjusted during a renewal period.

12. The method of claim 10, further comprising initiating an adjustment of pricing information outside of a renewal period if the variance of the telematics data from the expected value exceeds a threshold.

13. The method of claim 10, further comprising displaying the updated pricing information on a display associated with the user device.

14. The method of claim 10, further comprising initiating an adjustment of pricing information based on the addition of another a vehicle.

15. The method of claim 10, wherein at least one of the plurality of risk factors is total miles driven.

16. The method of claim 10, wherein at least one of the plurality of risk factors is speeding.

17. The method of claim 16, wherein speeding is measured relative to posted speed limits.

18. The method of claim 16, wherein speeding is measured relative to other vehicles travelling a route during similar times of day.

19. A system for determining insurance pricing information based on telematics data associated with a vehicle, the system comprising:

a computer memory configured to store an initial risk profile for a driver of the vehicle based on an insurance class plan responsive at least in part to expected claim loss information, wherein the class plan is based on a plurality of risk factors with associated expected scores for the driver;

a processor configured to generate at least one driver proxy risk factor score based on the insurance class plan;

the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with at least one of the risk factors in the class plan;

the processor further configured to generate an expectation based rating, responsive to the at least one driver proxy risk factor score and the telematics data information, which measures a variance of the received telematics data information associated with the at least one risk factor from the class plan expected risk factor scores; and

the processor further configured to update pricing information based on the generated expectation based rating.

20. The system of claim 19, wherein at least one of the plurality of risk factors is one of total miles driven, speeding and time of day.