System and method for active insurance underwriting using registration data of IP-addressable devices
First Claim
1. A system for utilizing IP-addressable devices for maintaining an inventory of assets located at a residential or commercial property covered under an insurance policy, comprising:
- an inventory database configured to store inventory information about assets located at an insured property;
a communication interface configured to communicate with networks of IP-addressable devices for receiving registration data and operational data associated with one or more IP-addressable devices connected to each of the networks, the one or more devices comprising home appliances or commercial building mechanicals and being configured for automated assignment of IP-addresses, the operational data associated with the one or more IP-addressable devices indicating at least one of operational status, condition, and use of one of the assets located at the insured property; and
a business logic computer in communication with the database and the communication interface, configured to;
determine, for the insured property, the inventory information about the insured property'"'"'s assets based on registration data received from the IP-addressable devices located at the insured property,store the insured property'"'"'s inventory information in the inventory database; and
determine an insurance policy adjustment based at least on the operational data.
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Accused Products
Abstract
A system and method are disclosed herein for maintaining an inventory of assets located at an insured property covered under an insurance policy based on data received from IP-addressable devices located at the property. The system includes an inventory database for storing inventory information about assets located at an insured property, a communication interface for receiving registration and operational data associated with an IP-addressable device, and a business logic computer. The business logic computer creates a data structure for storing inventory information about assets located at the insured property in the inventory database for each insured property. The business logic computer determines, for the insured property, the inventory information about the insured property'"'"'s assets based on registration and operational data received from its IP-addressable devices located at the property. The business logic computer stores the insured property'"'"'s inventory information in its associated data structure in the inventory database.
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Citations
22 Claims
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1. A system for utilizing IP-addressable devices for maintaining an inventory of assets located at a residential or commercial property covered under an insurance policy, comprising:
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an inventory database configured to store inventory information about assets located at an insured property; a communication interface configured to communicate with networks of IP-addressable devices for receiving registration data and operational data associated with one or more IP-addressable devices connected to each of the networks, the one or more devices comprising home appliances or commercial building mechanicals and being configured for automated assignment of IP-addresses, the operational data associated with the one or more IP-addressable devices indicating at least one of operational status, condition, and use of one of the assets located at the insured property; and a business logic computer in communication with the database and the communication interface, configured to; determine, for the insured property, the inventory information about the insured property'"'"'s assets based on registration data received from the IP-addressable devices located at the insured property, store the insured property'"'"'s inventory information in the inventory database; and determine an insurance policy adjustment based at least on the operational data.
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2. The system of claim 1, wherein the business logic computer is further configured to update the inventory information stored in the inventory database in response to one or more changes in registration data received from the one or more IP-addressable devices located at the insured property.
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3. The system of claim 1, wherein the business logic computer is further configured to determine insurance risks associated with the assets located at the insured property based at least in part on the registration data of at least one of the IP-addressable devices.
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4. The system of claim 1, wherein the business logic computer is further configured to determine an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on the registration data of the insured property'"'"'s IP-addressable devices.
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5. The system of claim 1, wherein the business logic computer is further configured to categorize the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration data received from the insured property'"'"'s IP-addressable devices.
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6. The system of claim 5, wherein the business logic computer is further configured to assign an underwriting score for each of the assets based on its associated actuarial class and to determine an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.
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7. The system of claim 6, wherein the business logic computer is further configured to determine an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.
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8. The computer system of claim 1, wherein:
the operational data associated with the IP-addressable device indicates a failure or a malfunction of the device.
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9. The computer system of claim 8, wherein the appliances comprise appliances for at least one of heating and cooking.
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10. A computerized method for utilizing IP-addressable devices for maintaining an inventory of assets located at a residential or commercial property covered under an insurance policy, comprising:
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storing, by an inventory database, inventory information about assets located at an insured property; receiving, by a communication interface for communicating with networks of IP-addressable devices, registration data and operational data associated with an IP-addressable device connected to the networks, the device comprising a home appliance or a commercial building mechanicals and being configured for automated assignment of an IP-address, the operational data associated with the one or more IP-addressable devices indicating at least one of operational status, condition, and use of one of the assets located at the insured property; determining, by the computer, for the insured property, the inventory information about the insured property'"'"'s assets based on registration data received from the IP-addressable devices located at the insured property; storing, by the computer, in the inventory database the insured property'"'"'s inventory information; and determining an insurance policy adjustment based at least on the operational data.
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11. The computerized method of claim 10, further comprising detecting by the computer that an asset is added to or removed from the insured property based on registration data received from the IP-addressable devices located at the insured property, and updating by the computer the inventory information stored in the inventory database in response to the detection.
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12. The computerized method of claim 10, further comprising determining, by the computer, insurance risks associated with the assets located at the insured property based at least in part on the registration data of at least one of the IP-addressable devices.
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13. The computerized method of claim 10, further comprising determining, by the computer, an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on the registration data of the insured property'"'"'s IP addressable devices.
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14. The computerized method of claim 10, further comprising, categorizing by the computer the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration data received from the insured property'"'"'s IP addressable devices.
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15. The computerized method of claim 14, further comprising assigning, by the computer, an underwriting score for each of the assets based on its associated actuarial class and determining, by the computer, an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.
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16. The computerized method of claim 15, further comprising determining by the computer, an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.
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17. A non-transitory computer readable medium storing computer executable instructions, which, when executed by a processor, cause the processor to carry out a method, the method comprising:
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storing in an inventory database inventory information about assets located at an insured property; receiving registration data and operational data associated with one or more IP-addressable devices located at the insured property, the one or more devices comprising one or more home appliances or commercial building mechanicals and being configured for automated assignment of IP-addresses, the operational data associated with the one or more IP-addressable devices indicating at least one of operational status, condition, and use of one of the assets located at the insured property; determining for the insured property the inventory information about the insured property'"'"'s assets based on registration data received from the one or more IP-addressable devices located at the insured property; storing in the data structure in the inventory database the insured property'"'"'s inventory information; and determining an insurance policy adjustment based at least on the operational data.
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18. The non-transitory computer readable medium of claim 17, wherein the non-transitory computer readable medium further stores instructions for causing the processor to update the inventory information stored in the inventory database in response to a change in registration data received from the one or more IP-addressable devices located at the insured property.
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19. The non-transitory computer readable medium of claim 17, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine one or both of insurance risks associated with the assets located at the insured property based at least in part on the registration data of at least one of the IP-addressable devices, and an insurance policy adjustment comprising one of a change in coverage limit and premium based at least in part on the registration data of the insured property'"'"'s one or more IP addressable devices.
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20. The non-transitory computer readable medium of claim 17, wherein the non-transitory computer readable medium further stores instructions for causing the processor to categorize the insured property'"'"'s assets into one of a plurality of actuarial classes defined by an insurance company based on registration data received from the insured property'"'"'s one or more IP addressable devices.
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21. The non-transitory computer readable medium of claim 20, wherein the non-transitory computer readable medium further stores instructions for causing the processor to assign an underwriting score for each of the assets based on its associated actuarial class and determine an aggregate underwriting score for the insured property based at least in part on the assigned underwriting score of each asset.
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22. The non-transitory computer readable medium of claim 21, wherein the non-transitory computer readable medium further stores instructions for causing the processor to determine an insurance policy adjustment for the insured property based at least in part on the aggregate underwriting score associated with the insured property.
Specification