SYSTEM AND METHOD FOR PREDICTIVE ANALYSIS OF CROWD SOURCED DATA FOR PREEMPTIVE LOSS CONTROL

• US 20150287142A1
• Filed: 04/02/2014
• Published: 10/08/2015
• Est. Priority Date: 04/02/2014
• 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: Brown, Patrick D.
• Granted Patent: US 10,692,150 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

This invention relates to a crowd sourced based predictive system for detecting and analyzing actuarially significant activity including high risk activities that may result in damage to an insured property. The system alerts users of the potential conditions and activities in order to assist with loss control and provide users with the ability to purchase insurance coverages relates to the conditions and activities.

Claims

1. A system for intelligently compiling and assessing crowd sourced data for insurance operations, the system comprising:

at least one processor;

a memory coupled to the at least one processor;

and one or more programs, wherein the one or more programs are stored in the memory and configured to be executed by the at least one processor, the one or more programs including instructions for;

accessing a plurality of crowd sourced data;

evaluating the crowd sourced data to detect one or more instances of actuarially-significant circumstances;

correlating a location associated with the one or more instances of actuarially significant circumstances with an in force insurance policy; and

issuing an electronic communication via an insurance system to a policyholder under the in force insurance policy for the actuarially-significant circumstance.

2. The system of claim 1, wherein the crowd sourced data includes location based data.

3. The system of claim 2, wherein the location based data is correlated to an address of a policyholder.

4. The system of claim 3, wherein the policyholder address includes a physical address.

5. The system of claim 3, wherein the policyholder address includes an electronic address.

6. The system of claim 5, wherein the electronic communication via the insurance system is sent to the electronic address of the policyholder.

7. The system of claim 6, wherein the electronic address is a mobile phone number and the electronic communication is a text message.

8. The system of claim 1, wherein issuing an electronic communication via an insurance system comprises providing a recommendation of one or more insurance coverages related to the crowd sourced data.

9. The system of claim 1, wherein the loss control based message triggers an insurance claims workflow process related to a first notice of loss.

10. The system of claim 9, wherein the insurance claims workflow process comprises initiating a claims adjuster process.

11. The system of claim 10, wherein the claims adjuster process uses the crowd sourced data at least in part to determine a potential claim payment to be made to at least one policyholder.

12. The system of claim 11, wherein evaluating the crowd sourced data to detect one or more instances of actuarially-significant circumstances comprises using a predictive model.

13. The system of claim 1, wherein correlating a location associated with the one or more instances of circumstances with an in force insurance policy comprises accessing GIS data associated with the crowd sourced data and comparing the GIS data with a listed address of the in force insurance policy.

14. The system of claim 1, further comprising offering the listed policyholder one or more additional coverages based on the one or more instances of activities.

15. A computer system for processing data for identifying actuarially significant circumstances, comprising:

an insurance data computer system comprising;

one or more computer processors, and

a computer usable medium, accessible by the one or more computer processors, having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for identifying actuarially significant circumstances, said method comprising;

compiling a plurality of real time crowd sourced data including images, text and video;

evaluating the crowd sourced data to detect one or more instances of actuarially significant circumstances;

correlating the one or more instances of circumstances with an in force insurance policy; and

issuing an electronic communication to a policyholder under the in force insurance policy for the actuarially-significant circumstance, wherein the electronic communication includes at least one of a loss control message and an offer for additional insurance coverage;

a communications device in communication with the insurance data system and in communication with one or more networks for communicating the electronic communication to the policyholder; and

an insurance workflow computer in communication with the insurance data system, the insurance workflow computer configured to receive data indicative of the electronic communication, and to determine one or more insurance-related workflow modifications in response to receipt of the data indicative of the electronic communication.

16. The system of claim 15, wherein the offer for additional insurance coverage comprises a rider for additional coverage.

17. The system of claim 15, wherein the offer for additional insurance coverage comprises a stretch endorsement.

18. A computer-implemented method for intelligent automated assessment of crowd sourced data for insurance purposes:

accessing via a computer network a plurality of crowd sourced data including at least two of images, text and video from a plurality of third party web sites;

evaluating in a processor the crowd sourced data to detect one or more instances of actuarially significant activity;

correlating in the processor a location associated with the one or more instances of activity with an in force insurance policy; and

issuing via the computer network an electronic communication via an insurance claims system to a listed policyholder under the in force insurance policy for the actuarially-significant activity, wherein the electronic communication includes at least one of a loss control message and an offer for additional insurance coverage.

19. The computer-implemented method of claim 18, wherein the instances of actuarially significant activity comprise high risk activities that may result in damage to an insured property.

20. The computer-implemented method of claim 18, wherein the offer for additional insurance coverage includes one of a home automobile coverage, a home property coverage and a commercial coverage.