System and method to determine an insurance policy benefit associated with an asset

• US 8,924,241 B2
• Filed: 03/06/2013
• Issued: 12/30/2014
• Est. Priority Date: 11/19/2012
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Grosso, Anthony J.
• Primary Examiner(s): TINKLER, MURIEL S
• Application Number:
  US13/786,833
• Publication Number:
  US 20140142989A1
• Time in Patent Office: 664 Days
• Field of Search: 705/4
• US Class Current: 705/4
• CPC Class Codes: G06F 7/00 Methods or arrangements for processing data by operating upon the order or content of the data handled logic circuits H03K19/00
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A system and method are disclosed herein to determine an insurance benefit associated with an insurance policy for an asset, such as an automobile or a residence. The system includes a computer memory and a processor in communication with the computer memory. The computer memory may store data indicative of (i) a recommended maintenance schedule for the asset and (ii) at least one actual maintenance event that has occurred in connection with the asset. The processor may compare the at least one actual maintenance event with the recommended maintenance schedule and determine the benefit for the insurance policy based at least in part on a result of said comparing. The processor may then transmit an indication of the benefit for the insurance policy.

Claims

1. A system for determining a benefit for an insurance policy associated with an asset owned by an owner, the system comprising:

a computer memory for storing data indicative of (i) a recommended maintenance schedule for the asset, wherein the recommended maintenance schedule includes a plurality of recommended maintenance events, each recommended maintenance event being associated with servicing the asset in accordance with a recommended maintenance occurrence trigger to keep the asset in good operational condition, and (ii) at least one actual maintenance event that has occurred in connection with the asset; and

a processor in communication with the memory, wherein the processor is configured for;

comparing the at least one actual maintenance event with the recommended maintenance schedule, including the recommended maintenance occurrence trigger,

determining the benefit for the insurance policy based at least in part on a result of said comparing, and

transmitting an indication of the benefit for the insurance policy.

2. The system of claim 1, wherein the insurance policy comprises either an existing insurance policy or a potential insurance policy to be offered to the owner.

3. The system of claim 1, wherein the benefit for the insurance policy is associated with at least one of:

(i) a reduced premium amount, (ii) an increased coverage amount, (iii) a reduced deductible amount, (iv) additional insurance coverage, and (v) a delta adjustment to an existing insurance policy value.

4. The system of claim 1, wherein the processor is further configured for:

responsive to said determination, initiating an insurance workflow process in an external workflow system.

5. The system of claim 1, wherein said determining is associated with at least one of:

(i) an insurance policy to be newly issued, (ii) a renewal of an existing insurance policy, and (iii) a periodic evaluation during a term of an existing insurance policy.

6. The system of claim 1, wherein the data indicative of the recommended maintenance schedule is retrieved from a database storing information determined by a manufacturer of the asset.

7. The system of claim 1, wherein the data indicative of the at least one actual maintenance event is received via at least one of:

(i) the owner via a web page portal, (ii) the owner via a telephone call, (iii) a service technician who performed a maintenance procedure for the asset, and (iv) a report received from a device associated with the asset.

8. The system of claim 1, wherein the asset is an automobile and the insurance policy is an automobile insurance policy.

9. The system of claim 8, wherein the actual maintenance event is associated with at least one of:

(i) an oil change, (ii) an engine tune-up, (iii) brake-pad replacement, (iv) a battery check, (v) an emissions test, (vi) an oil filter change, (vii) a tire rotation, and (viii) a check-up associated with a pre-determined mileage threshold.

10. The system of claim 8, wherein the data indicative of the recommended maintenance schedule is determined based at least in part on:

(i) a year of manufacture, (ii) an automobile manufacturer identifier, or (iii) an automobile model.

11. The system of claim 1, wherein the asset comprises at least one of:

(i) a boat, (ii) a snowmobile, and (iii) an airplane.

12. The system of claim 1, wherein the asset is associated with a residence and the insurance policy is a homeowner'"'"'s insurance policy.

13. The system of claim 10, wherein the asset is associated with one or more of:

(i) a heating system, (ii) a cooling system, (iii) a water pump, (iv) a washing machine, (v) a dryer, or (vi) a kitchen appliance.

14. The system of claim 13, wherein the data indicative of the recommended maintenance schedule is determined based at least in part on:

(i) a year of manufacture, (ii) an asset manufacturer identifier, or (iii) an asset model.

15. The system of claim 1, wherein the asset is a vehicle and the computer memory further stores data indicative of telematics data received from a sensor within the vehicle, the telematics data comprising at least one of geo-position information of the vehicle and vehicle kinematics data, and the benefit is determined based on the data indicative of the telematics data.

16. The system of claim 15, wherein the data indicative of telematics data includes at least one of:

(i) times of day associated with driving, (ii) velocities associated with driving, (iii) distances associated with driving, (iv) weather information, (v) traffic information, and (vi) de-acceleration events.

17. The system of claim 1, wherein the processor is further configured for:

outputting to the owner an indication of a suggested maintenance event for the asset.

18. The system of claim 1, wherein the processor is further configured for:

determining a benefit for another insurance policy based at least in part on the result of said comparing, wherein the other insurance policy is associated with at least one of;

(i) another asset, (ii) another owner, or (iii) a third party.

27. The method of claim 1, wherein the recommended maintenance occurrence trigger comprises a preventive maintenance occurrence trigger and is associated with at least one of:

(i) an amount of asset use by which the recommended maintenance event should be performed, (ii) a pre-determined date by which the recommended maintenance event should be performed, and (iii) a pre-determined period of time by which the recommended maintenance event should be performed.

19. A computerized method for determining a benefit for an insurance policy associated with an asset owned by an owner, the method comprising:

retrieving, by a computer processor, data indicative of (i) a recommended maintenance schedule for the asset, wherein the recommended maintenance schedule includes a plurality of recommended maintenance events, each recommended maintenance event being associated with servicing the asset in accordance with a recommended maintenance occurrence trigger to keep the asset in good operational condition, and (ii) at least one actual maintenance event that has occurred in connection with the asset;

comparing, by the computer processor, the at least one actual maintenance event with the recommended maintenance schedule, including the recommended maintenance occurrence trigger;

determining, by the computer processor, the benefit for the insurance policy based at least in part on a result of said comparing; and

transmitting, by the insurance processor, an indication of the benefit for the insurance policy.

20. The method of claim 19, wherein the insurance policy comprises either an existing insurance policy or a potential insurance policy to be offered to the owner.

21. The method of claim 19, wherein the benefit for the insurance policy is associated with at least one of:

(i) a reduced premium amount, (ii) an increased coverage amount, (iii) a reduced deductible amount, and (iv) additional insurance coverage.

22. The method of claim 19, wherein the data indicative of the recommended maintenance schedule is retrieved from a database storing information determined by a manufacturer of the asset.

23. A non-transitory, computer readable medium having stored therein instructions that, upon execution, cause a computer to perform a method for determining a benefit for an insurance policy associated with an asset owned by an owner, the method comprising:

retrieving data indicative of (i) a recommended maintenance schedule for the asset, wherein the recommended maintenance schedule includes a plurality of recommended maintenance events, each recommended maintenance event being associated with servicing the asset in accordance with a recommended maintenance occurrence trigger to keep the asset in good operational condition, and (ii) at least one actual maintenance event that has occurred in connection with the asset;

comparing the at least one actual maintenance event with the recommended maintenance schedule, including the recommended maintenance occurrence trigger;

determining the benefit for the insurance policy based at least in part on a result of said comparing; and

transmitting an indication of the benefit for the insurance policy.

24. The medium of claim 23, wherein the insurance policy comprises either an existing insurance policy or a potential insurance policy to be offered to the owner.

25. The medium of claim 23, wherein the benefit for the insurance policy is associated with at least one of:

(i) a reduced premium amount, (ii) an increased coverage amount, (iii) a reduced deductible amount, and (iv) additional insurance coverage.

26. The medium of claim 23, wherein the data indicative of the recommended maintenance schedule is retrieved from a database storing information determined by a manufacturer of the asset.