Methods of providing insurance savings based upon telematics and usage-based insurance

  • US 10,540,723 B1
  • Filed: 07/14/2015
  • Issued: 01/21/2020
  • Est. Priority Date: 07/21/2014
  • Status: Active Grant
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First Claim
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1. A computer-implemented method for updating, adjusting, or generating an insurance policy associated with one or more insured vehicles based upon vehicle usage, comprising:

  • collecting, at one or more processors, telematics data from one or more sensors associated with the one or more insured vehicles during a plurality of vehicle trips;

    determining, by one or more processors, the identity of a driver from a plurality of drivers during each vehicle trip by analyzing the telematics data, wherein the identity of the driver is automatically determined by identifying a communication connection between a mobile device of such driver and an on-board computer of the vehicle;

    determining, by one or more processors, a summary of vehicle usage for the one or more insured vehicles over the plurality of vehicle trips based upon the telematics data, the summary of vehicle usage including the following;

    (1) an amount of time or distance that each of the plurality of drivers uses each of the one or more insured vehicles,(2) driving behavior characteristics of each of the plurality of drivers with respect to each of the one or more insured vehicles,(3) the vehicle environments in which each of the plurality of drivers operates the one or more insured vehicles, wherein each vehicle environment includes a location associated with a frequency index indicating an amount of time the insured driver spends driving in the location, and wherein the summary of vehicle usage is weighted for each of the one or more insured vehicles according to the frequency index, and(4) one or more recommended changes to at least one of the plurality of drivers'"'"' operation of the one or more insured vehicles;

    determining, by one or more processors, an adjustment to the insurance policy based upon the determined summary of vehicle usage; and

    causing, by one or more processors, the adjustment to the insurance policy to be implemented.

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