System for reducing the risk associated with an insured building structure through the incorporation of selected technologies
First Claim
1. A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising:
- a storage device storing a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction material types; and
a computer processor, configured to;
administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically;
obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology;
obtain, by the insurance company, data indicating a type of material used in construction of the insured building structure;
input into a multivariate statistical model the condition of the building indicated in the monitoring data and the construction material type of the building;
receive an output of the multivariate statistical model, wherein the output is indicative of a risk associated with the condition of the building in relation to the construction material type of the building;
determine, based on the output of the multivariate statistical model, an alteration to a premium for the insurance policy, andalter data indicative of the premium of the insurance policy based on the determination.
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Accused Products
Abstract
A method and computerized system is disclosed for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of property losses. The invention utilizes a classifier for categorizing and weighing risk, composed of data representing in an identified building, a first unmitigated insurance risk and a second insurance risk, based upon the use of certain technology. A plurality of such weights are summed such that the weights generate a minimized risk for a building structure under consideration. Combinations of technologies, employed in existing building structures, are assigned to a classification, which then permits an underwriter to establish a premium. In another aspect of the invention data structures representing the quantification of risk reduction attendant a given technology or product are chained into a plurality of decision trees that process a construction phase and a pruning phase.
260 Citations
24 Claims
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1. A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising:
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a storage device storing a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction material types; and a computer processor, configured to; administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtain, by the insurance company, data indicating a type of material used in construction of the insured building structure; input into a multivariate statistical model the condition of the building indicated in the monitoring data and the construction material type of the building; receive an output of the multivariate statistical model, wherein the output is indicative of a risk associated with the condition of the building in relation to the construction material type of the building; determine, based on the output of the multivariate statistical model, an alteration to a premium for the insurance policy, and alter data indicative of the premium of the insurance policy based on the determination. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A computer-implemented method for processing data related to insuring a building structure by taking into account technologies that mitigate loss comprising:
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maintaining in a database stored in a storage device, data identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction material types; administering, by at least one computer processor, data indicative of an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtaining, by the at least one computer processor, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtaining, by the at least one computer processor, monitoring data indicating a type of material used in construction of the insured building structure; processing for input, by the at least one computer processor, the condition of the building indicated in the monitoring data and the construction material type of the building into a multivariate statistical model; receiving, by the at least one computer processor, an output of the multivariate statistical model, wherein the output is indicative of a risk associated with the condition of the building in relation to the construction material type of the building; determining, by the at least one computer processor, data indicative of an alteration to a premium for the insurance policy based on the output of the multivariate statistical model, and altering, by the at least one computer processor, data indicative of the premium of the insurance policy based on the determination. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising:
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a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction material types; and computer executable instructions stored in memory for causing at least one computer processor to; administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtain, by the insurance company, data indicating a type of material used in construction of the insured building structure; input into a multivariate statistical model the condition of the building indicated in the monitoring data and the construction material type of the building; receive an output of the multivariate statistical model, wherein the output is indicative of a risk associated with the condition of the building in relation to the construction material type of the building; determine, based on the output of the multivariate statistical model, an alteration to a premium for the insurance policy, and alter data indicative of the premium of the insurance policy based on the determination made by the processor. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
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Specification