SYSTEMS AND METHODS FOR INSURANCE PRODUCT PRICING AND SAFETY PROGRAM MANAGEMENT

• US 20150317745A1
• Filed: 07/10/2015
• Published: 11/05/2015
• Est. Priority Date: 09/02/2011
• Status: Abandoned Application

• Current Assignee: The Travelers Indemnity Company (The Travelers Cos., Inc.)
• Original Assignee: The Travelers Indemnity Company (The Travelers Cos., Inc.)
• Inventors: Collins, Dean M., Cote, Gregory L., Hayes, Christopher M., Tirone, Beth S.
• Application Number:
  US14/796,013
• Publication Number:
  US 20150317745A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems, apparatus, interfaces, methods, and articles of manufacture that provide for insurance product pricing and safety program management such as, for example, utilizing vehicle telematics to determine product premiums, surcharges, and/or discounts and providing safety program management advice regarding how product pricing may be changed.

Claims

1. A method of calculating an insurance premium based upon an analysis of an effectiveness of a vehicle safety program implemented with respect to a fleet of vehicles, said analysis being at least partially based on data provided by one or more remote telematics data sensor devices, comprising:

receiving, by a computer server, first data provided by the one or more remote telematics data sensor devices, said first data being descriptive of first values of one or more physical attributes associated with use of the vehicles in the fleet of vehicles by a plurality of drivers for the fleet of vehicles;

receiving, by the computer server and from a fleet management device, information descriptive of a vehicle safety program for the fleet of vehicles, the information being descriptive of a first remedial action defined by the vehicle safety program;

receiving, by the computer server and after the receiving of the information descriptive of the vehicle safety program for the fleet of vehicles, second data provided by the one or more remote telematics data sensor devices, said second data being descriptive of second values of the one or more physical attributes associated with use of the vehicles in the fleet of vehicles by a plurality of drivers for the fleet of vehicles;

determining, by the computer server and in response to the receiving of the second data, and based on a comparison of the first data and the second data, an effect of the first remedial action;

determining, by the computer server and based on the effect of the first remedial action, a premium for an insurance product covering the fleet of vehicles; and

transmitting, by the server device and to the fleet management device, an indication of the determined premium.

2. The method of claim 1, wherein the information descriptive of the vehicle safety program for the fleet of vehicles comprises at least one of:

(i) recidivism data;

(ii) potential coaching impact data;

(iii) coachability data;

(iv) coaching need data;

(v) driving behavior data; and

(vi) demographic data.

3. The method of claim 1, further comprising:

providing, by the computer server and based on at least one of the information descriptive of the vehicle safety program for the fleet of vehicles and the effect of the first remedial action, a suggested action.

4. The method of claim 3, wherein the suggested action comprises at least one of a coaching tip and a remedial action.

5. The method of claim 4, wherein the suggested action comprises the remedial action and the remedial action comprises at least one of:

(i) taking a driver of the fleet of vehicles or a vehicle of the fleet of vehicles off the road;

(ii) changing a route traveled by a driver of the fleet of vehicles or a vehicle of the fleet of vehicles;

(iii) changing a vehicle of the fleet of vehicles driven by a driver of the fleet of vehicles; and

(iv) changing a time during which a driver of the fleet of vehicles drives.

6. The method of claim 1, wherein the first remedial action comprises at least one of:

(i) taking a driver of the fleet of vehicles or a vehicle of the fleet of vehicles off the road;

(ii) changing a route traveled by a driver of the fleet of vehicles or a vehicle of the fleet of vehicles;

(iii) changing a vehicle of the fleet of vehicles driven by a driver of the fleet of vehicles; and

(iv) changing a time during which a driver of the fleet of vehicles drives.

7. The method of claim 1, wherein the second data is received after the vehicle safety program is implemented in the fleet of vehicles.

8. A system for calculating an insurance premium based upon an analysis of an effectiveness of a vehicle safety program implemented with respect to a fleet of vehicles, said analysis being at least partially based on data provided by one or more remote telematics data sensor devices, comprising:

a computerized processing device; and

a memory device in communication with the computerized processing device and storing specially-programmed instructions that when executed by the computerized processing device result in;

receiving first data provided by the one or more remote telematics data sensor devices, said first data being descriptive of first values of one or more physical attributes associated with use of the vehicles in the fleet of vehicles by a plurality of drivers for the fleet of vehicles;

receiving, from a fleet management device, information descriptive of a vehicle safety program for the fleet of vehicles, the information being descriptive of a first remedial action defined by the vehicle safety program;

receiving, after the receiving of the information descriptive of the vehicle safety program for the fleet of vehicles, second data provided by the one or more remote telematics data sensor devices, said second data being descriptive of second values of the one or more physical attributes associated with use of the vehicles in the fleet of vehicles by a plurality of drivers for the fleet of vehicles;

determining, in response to the receiving of the second data, and based on a comparison of the first data and the second data, an effect of the first remedial action;

determining, based on the effect of the first remedial action, a premium for an insurance product covering the fleet of vehicles; and

transmitting, to the fleet management device, an indication of the determined premium.

9. The system of claim 8, wherein the information descriptive of the vehicle safety program for the fleet of vehicles comprises at least one of:

(i) recidivism data;

(ii) potential coaching impact data;

(iii) coachability data;

(iv) coaching need data;

(v) driving behavior data; and

(vi) demographic data.

10. The system of claim 8, wherein the specially-programmed instructions, when executed by the computerized processing device, further result in:

providing, based on at least one of the information descriptive of the vehicle safety program for the fleet of vehicles and the effect of the first remedial action, a suggested action.

11. The system of claim 10, wherein the suggested action comprises at least one of a coaching tip and a remedial action.

12. The system of claim 11, wherein the suggested action comprises the remedial action and the remedial action comprises at least one of:

(i) taking a driver of the fleet of vehicles or a vehicle of the fleet of vehicles off the road;

(ii) changing a route traveled by a driver of the fleet of vehicles or a vehicle of the fleet of vehicles;

(iii) changing a vehicle of the fleet of vehicles driven by a driver of the fleet of vehicles; and

(iv) changing a time during which a driver of the fleet of vehicles drives.

13. The system of claim 8, wherein the first remedial action comprises at least one of:

(i) taking a driver of the fleet of vehicles or a vehicle of the fleet of vehicles off the road;

(ii) changing a route traveled by a driver of the fleet of vehicles or a vehicle of the fleet of vehicles;

(iii) changing a vehicle of the fleet of vehicles driven by a driver of the fleet of vehicles; and

(iv) changing a time during which a driver of the fleet of vehicles drives.

14. The system of claim 8, wherein the second data is received after the vehicle safety program is implemented in the fleet of vehicles.

15. The system of claim 8, further comprising:

the one or more remote telematics data sensor devices in communication with the at least one of the computerized processing device and the memory device.

16. The system of claim 8, further comprising:

the fleet management device in communication with the at least one of the computerized processing device and the memory device.

17. The system of claim 16, further comprising:

the one or more remote telematics data sensor devices in communication with the at least one of the computerized processing device, the memory device, and the fleet management device.