Automatic insurance adjustments using real world awareness
First Claim
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1. A method for providing an initial valuation of an insurance premium based on Electronic Product Code-related (EPC-related) data, comprising:
- receiving product data from a sensor during a business process;
filtering the product data according to filtering criteria set by a capturing application;
incorporating the product data into EPC-related data, the EPC-related data representing a business context of the business process;
accessing the EPC-related data through a plurality of program interfaces, the program interfaces forming a multi-layer framework including at least a service layer, a data definition layer, and an abstract data model layer;
initiating setup of an insurance policy;
determining one or more objects covered by the insurance policy based on EPC-related data associated with the one or more objects;
evaluating the one or more objects based on the associated EPC-related data; and
determining an insurance premium for the insurance policy based on the valuation of the one or more objects.
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Abstract
An electronic product code information service (EPCIS) interface is provided that allows accessing applications residing on a variety of systems to receive EPC-related data. In setting up an insurance policy, the EPC-related data may be used to determine objects covered by the insurance policy and to valuate the covered objects. An insurance premium may be generated for the insurance policy based on this valuation. In addition, changes to the covered objects may be detected based on the EPC-related data and may be used to automatically adjust the insured value and/or insurance premium.
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Citations
21 Claims
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1. A method for providing an initial valuation of an insurance premium based on Electronic Product Code-related (EPC-related) data, comprising:
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receiving product data from a sensor during a business process; filtering the product data according to filtering criteria set by a capturing application; incorporating the product data into EPC-related data, the EPC-related data representing a business context of the business process; accessing the EPC-related data through a plurality of program interfaces, the program interfaces forming a multi-layer framework including at least a service layer, a data definition layer, and an abstract data model layer; initiating setup of an insurance policy; determining one or more objects covered by the insurance policy based on EPC-related data associated with the one or more objects; evaluating the one or more objects based on the associated EPC-related data; and determining an insurance premium for the insurance policy based on the valuation of the one or more objects. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system for providing an initial valuation of an insurance premium based on Electronic Product Code-related data, comprising:
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a memory storing instructions; and a processor executing the instructions to; receive product data from a sensor during a business process; filter the product data according to filtering criteria set by a capturing application; incorporate the product data into EPC-related data, the EPC-related data representing a business context of the business process; access the EPC-related data through a plurality of program interfaces, the program interfaces forming a multi-layer framework including at least a service layer, a data definition layer, and an abstract data model layer; initiate setup of an insurance policy; determine one or more objects covered by the insurance policy based on EPC-related data associated with the one or more objects; evaluate the one or more objects based on the associated EPC-related data; and determine an insurance premium for the insurance policy based on the valuation of the one or more objects. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A non-transitory computer-readable medium having instructions stored therein which, when executed by a processor, cause the processor to perform a method comprising:
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receiving product data from a sensor during a business process; filtering the product data according to filtering criteria set by a capturing application; incorporating the product data into Electronic Product Code related data (EPC-related data), the EPC-related data representing a business context of the business process; accessing the EPC-related data through a plurality of program interfaces, the program interfaces forming a multi-layer framework including at least a service layer, a data definition layer, and an abstract data model layer; initiating setup of an insurance policy; determining one or more objects covered by the insurance policy based on EPC-related data associated with the one or more objects; valuating the one or more objects based on the associated EPC-related data; and determining an insurance premium for the insurance policy based on the valuation of the one or more objects. - View Dependent Claims (16, 17, 18, 19, 20, 21)
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Specification