SYSTEM AND METHOD FOR DYNAMIC INSURANCE COVERAGE IN A SUBSCRIPTION VEHICLE SERVICE

• US 20160371788A1
• Filed: 06/20/2016
• Published: 12/22/2016
• Est. Priority Date: 09/05/2014
• Status: Active Grant

• Current Assignee: Clutch Technologies LLC (Cox Enterprises Incorporated)
• Original Assignee: Clutch Technologies LLC (Cox Enterprises Incorporated)
• Inventors: RACKLEY, BRADY L. III, PHELPS, JOHN R. Jr., CARLEY, ADAM J., ZAPPA, VINCENT G., NEEL, STEVEN S.
• Granted Patent: US 10,580,081 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 10/105 Human resources
• CPC Class Codes: G06Q 30/0645 Rental transactions; Leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Embodiments of methods and systems for dynamic insurance of clients with access to a shared asset pool through a subscription vehicle service are disclosed. An exemplary embodiment of a method for dynamic insurance leverages a subscription vehicle service platform to collect data elements associated with each driver-to-vehicle combination in the subscription vehicle service. Using the collected data elements, embodiments package the data elements according to predefined preferences of one or more insurance providers. When a present driver-to-vehicle combination associated with a given client changes, the packaged data elements are provided to the insurance providers in order to solicit quotations, or approval, or continuation of current policy for the new driver-to-vehicle combination. In this way, constantly updated data elements derived from the client'"'"'s use of the service provide accurate information for optimized insurance coverage based on the client'"'"'s active driver-to-vehicle combination.

Claims

1. A method for dynamic insurance of clients with access to a shared asset pool through a subscription vehicle service, the method comprising:

collecting data elements associated with each driver-to-vehicle combination in the subscription vehicle service;

for a given client, recognizing generation of a new driver-to-vehicle combination, wherein generating the new driver-to-vehicle combination coincides with terminating a previous driver-to-vehicle combination;

packaging the data elements and providing the packaged data elements to one or more insurance providers, wherein the data elements are packaged according to predefined preferences of the one or more insurance providers;

receiving quotations from the one or more insurance providers for insurance policies to insure the new driver-to-vehicle combination;

based on the quotations, selecting an insurance policy; and

simultaneously activating the selected insurance policy for the new driver-to-vehicle combination and terminating an insurance policy for the previous driver-to-vehicle combination.

2. The method of claim 1, wherein the selected insurance policy is associated with the client in the new driver-to-vehicle combination.

3. The method of claim 1, wherein the selected insurance policy is associated with the vehicle in the new driver-to-vehicle combination.

4. The method of claim 1, wherein one or more of the data elements are collected using telematics devices in vehicles associated with driver-to-vehicle combinations generated in connection with the client'"'"'s use of the subscription vehicle service.

5. The method of claim 1, further comprising:

anonymizing data elements associated with the client;

packaging the anonymized data elements and providing to one or more of the insurance providers;

receiving updated quotations from the one or more insurance providers for insurance policies based on the anonymized data elements;

comparing the updated quotations with the selected insurance policy; and

if a preferred updated quotation is preferable to the selected insurance policy, simultaneously activating the insurance policy associated with the preferred updated quotation and terminating the selected insurance policy.

6. The method of claim 5, wherein the insurance policy associated with the preferred updated quotation is underwritten by the same insurance provider as the selected insurance policy.

7. The method of claim 1, wherein the one or more insurance providers are authorized by the client.

8. A system for dynamic insurance of clients with access to a shared asset pool through a subscription vehicle service, the method comprising:

means for collecting data elements associated with each driver-to-vehicle combination in the subscription vehicle service;

for a given client, means for recognizing generation of a new driver-to-vehicle combination, wherein generating the new driver-to-vehicle combination coincides with terminating a previous driver-to-vehicle combination;

means for packaging the data elements and providing the packaged data elements to one or more insurance providers, wherein the data elements are packaged according to predefined preferences of the one or more insurance providers;

means for receiving quotations from the one or more insurance providers for insurance policies to insure the new driver-to-vehicle combination;

based on the quotations, means for selecting an insurance policy; and

means for simultaneously activating the selected insurance policy for the new driver-to-vehicle combination and terminating an insurance policy for the previous driver-to-vehicle combination.

9. The method of claim 8, wherein the selected insurance policy is associated with the client in the new driver-to-vehicle combination.

10. The method of claim 8, wherein the selected insurance policy is associated with the vehicle in the new driver-to-vehicle combination.

11. The method of claim 8, wherein one or more of the data elements are collected using telematics devices in vehicles associated with driver-to-vehicle combinations generated in connection with the client'"'"'s use of the subscription vehicle service.

12. The method of claim 8, further comprising:

means for anonymizing data elements associated with the client;

means for packaging the anonymized data elements and providing to one or more of the insurance providers;

means for receiving updated quotations from the one or more insurance providers for insurance policies based on the anonymized data elements;

means for comparing the updated quotations with the selected insurance policy; and

if a preferred updated quotation is preferable to the selected insurance policy, means for simultaneously activating the insurance policy associated with the preferred updated quotation and terminating the selected insurance policy.

13. The method of claim 12, wherein the insurance policy associated with the preferred updated quotation is underwritten by the same insurance provider as the selected insurance policy.

14. The method of claim 8, wherein the one or more insurance providers are authorized by the client.

15. A computer program product comprising a computer usable device having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for dynamic insurance of clients with access to a shared asset pool through a subscription vehicle service, the method comprising:

collecting data elements associated with each driver-to-vehicle combination in the subscription vehicle service;

for a given client, recognizing generation of a new driver-to-vehicle combination, wherein generating the new driver-to-vehicle combination coincides with terminating a previous driver-to-vehicle combination;

packaging the data elements and providing the packaged data elements to one or more insurance providers, wherein the data elements are packaged according to predefined preferences of the one or more insurance providers;

receiving quotations from the one or more insurance providers for insurance policies to insure the new driver-to-vehicle combination;

based on the quotations, selecting an insurance policy; and

simultaneously activating the selected insurance policy for the new driver-to-vehicle combination and terminating an insurance policy for the previous driver-to-vehicle combination.

16. The computer program product of claim 15, wherein the selected insurance policy is associated with the client in the new driver-to-vehicle combination.

17. The computer program product of claim 15, wherein the selected insurance policy is associated with the vehicle in the new driver-to-vehicle combination.

18. The computer program product of claim 15, wherein one or more of the data elements are collected using telematics devices in vehicles associated with driver-to-vehicle combinations generated in connection with the client'"'"'s use of the subscription vehicle service.

19. The computer program product of claim 15, further comprising:

anonymizing data elements associated with the client;

packaging the anonymized data elements and providing to one or more of the insurance providers;

receiving updated quotations from the one or more insurance providers for insurance policies based on the anonymized data elements;

comparing the updated quotations with the selected insurance policy; and

if a preferred updated quotation is preferable to the selected insurance policy, simultaneously activating the insurance policy associated with the preferred updated quotation and terminating the selected insurance policy.

20. The computer program product of claim 19, wherein the insurance policy associated with the preferred updated quotation is underwritten by the same insurance provider as the selected insurance policy.