System and method for administering telematics based reinsurance pools
First Claim
1. An automated data processing system comprising:
- a communication device;
a processor coupled to the communication device;
a storage device in communication with said processor, the storage device storing instructions adapted to be executed by said processor for;
determining percentage shares to assign relative risk in a telematics based insurance pool between an insurer and one or more participating third party monitoring device providers, wherein the percentage shares for the one or more participating third party monitoring device providers are determined based at least in part on a percentage of monitoring devices deployed by at least one of the third party monitoring device providers;
allocating portions of the insurance pool among the insurer and the one or more third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more third party monitoring device providers;
aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed;
transmitting, via said communication device, the telematics related loss information to the third party monitoring device providers; and
allocating portions of a claim liability or a received premium associated with the insurance pool among the insurer and the one or more participating third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers; and
a memory for storing the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers.
1 Assignment
0 Petitions
Accused Products
Abstract
A data processing system includes a processor that is configured for determining a percentage share to assign a share of relative risk in an insurance pool between an insurer, a first safety vendor and at least one other safety vendor. The processor is further configured to allocate portions of the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors, to aggregate by the insurer loss information related to the insurance pool, and transmit the loss information to the safety vendors. Also, the processor is configured to allocate portions of a claim liability or a received premium associated with the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors. The data processing system also includes a memory for storing the determined shares assigned to the insurer and the safety vendors.
25 Citations
15 Claims
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1. An automated data processing system comprising:
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a communication device; a processor coupled to the communication device; a storage device in communication with said processor, the storage device storing instructions adapted to be executed by said processor for; determining percentage shares to assign relative risk in a telematics based insurance pool between an insurer and one or more participating third party monitoring device providers, wherein the percentage shares for the one or more participating third party monitoring device providers are determined based at least in part on a percentage of monitoring devices deployed by at least one of the third party monitoring device providers; allocating portions of the insurance pool among the insurer and the one or more third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more third party monitoring device providers; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting, via said communication device, the telematics related loss information to the third party monitoring device providers; and allocating portions of a claim liability or a received premium associated with the insurance pool among the insurer and the one or more participating third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers; and a memory for storing the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers. - View Dependent Claims (2, 3, 4, 5)
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6. A method, comprising:
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determining, by a computer processor, percentage shares to assign relative risk in a telematics based insurance pool between an insurer and one or more participating third party monitoring device providers, wherein the percentage shares for the one or more participating third party monitoring device providers are determined based at least in part on a percentage of monitoring devices deployed by at least one of the third party monitoring device providers; allocating, by the computer processor, portions of the insurance pool among the insurer and the one or more third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more third party monitoring device providers; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting the telematics related loss information to the third party monitoring device providers; and automatically allocating, by the computer processor, portions of a claim liability or a received premium associated with the insurance pool among the insurer and the one or more participating third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers. - View Dependent Claims (7, 8, 9, 10)
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11. A non-transitory computer-readable medium storing instructions that, when executed by a processor, result in the performance of a method, the method comprising:
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determining percentage shares to assign relative risk in a telematics based insurance pool between an insurer and one or more participating third party monitoring device providers, wherein the percentage shares for the one or more participating third party monitoring device providers are determined based at least in part on a percentage of monitoring devices deployed by at least one of the third party monitoring device providers; allocating portions of the insurance pool among the insurer and the one or more third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more third party monitoring device providers; aggregating, by the insurer, telematics related loss information related to the monitoring devices deployed; transmitting the telematics related loss information to the third party monitoring device providers; and automatically allocating portions of a claim liability or a received premium associated with the insurance pool among the insurer and the one or more participating third party monitoring device providers according to the determined percentage shares assigned to the insurer and the one or more participating third party monitoring device providers. - View Dependent Claims (12, 13, 14, 15)
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Specification