Systems and methods for grid-based insurance rating
First Claim
1. A method executed on a programmed computer system to provide a location rating factor for facilitating the underwriting and/or the rating of an insurance product for a vehicle, the programmed computer system having one or more processors communicatively coupled to a user interface and a non-transitory computer-readable-medium having stored instructions executable by the one or more processors to perform the method comprising:
- receiving, via the user interface, a query for a vehicle insurance rate for the vehicle;
receiving, at the one or more processors, sensor data attained from a global positioning system (GPS) device disposed with the vehicle, the sensor data including usage data of the vehicle within a geographic area defined by a plurality of grid cells;
determining, via the one or more processors, a sequence of the grid cells based on the usage of the vehicle, wherein each of the of grid cells within the sequence encompasses at least a portion of the geographic area where the vehicle was used;
querying, via the one or more processors, a database maintaining vehicle risk data associated with the geographic area to attain a set of vehicle risk data associated with each of the grid cells of the sequence of grid cells;
receiving, at the one or more processors, the queried set of vehicle risk data associated with the sequence of grid cells; and
calculating, via the one or more processors, a location rating factor based on the usage data of the vehicle and the received set of vehicle risk data associated with each of the grid cells of the sequence of grid cells.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method for underwriting and rating insurance products using a programmed computer system to receive usage information of a vehicle within a geographic area or location, determine a target grid cell or a sequence of target grid cells bounded by latitude and longitude lines that encompass at least a portion of the geographic area where the vehicle was used, attain a set of data associated with the target grid cell(s), and calculate a location rating factor based on the usage information, target cell(s), and the set of data.
25 Citations
20 Claims
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1. A method executed on a programmed computer system to provide a location rating factor for facilitating the underwriting and/or the rating of an insurance product for a vehicle, the programmed computer system having one or more processors communicatively coupled to a user interface and a non-transitory computer-readable-medium having stored instructions executable by the one or more processors to perform the method comprising:
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receiving, via the user interface, a query for a vehicle insurance rate for the vehicle; receiving, at the one or more processors, sensor data attained from a global positioning system (GPS) device disposed with the vehicle, the sensor data including usage data of the vehicle within a geographic area defined by a plurality of grid cells; determining, via the one or more processors, a sequence of the grid cells based on the usage of the vehicle, wherein each of the of grid cells within the sequence encompasses at least a portion of the geographic area where the vehicle was used; querying, via the one or more processors, a database maintaining vehicle risk data associated with the geographic area to attain a set of vehicle risk data associated with each of the grid cells of the sequence of grid cells; receiving, at the one or more processors, the queried set of vehicle risk data associated with the sequence of grid cells; and calculating, via the one or more processors, a location rating factor based on the usage data of the vehicle and the received set of vehicle risk data associated with each of the grid cells of the sequence of grid cells. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method executed on a programmed computer system to provide a location rating factor for facilitating the underwriting and/or rating of an insurance product for a vehicle, the programmed computer system having one or more processors communicatively coupled to a user interface and a non-transitory computer-readable-medium having stored instructions executable by the one or more processors to perform the method comprising:
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defining, via the one or more processors, a geographic area into a plurality of grid cells, each of the plurality of grid cells including a coordinate pair, the coordinate pair including a longitude coordinate component and a latitude coordinate component; receiving, via the one or more processors, a query for a vehicle insurance rate of the vehicle; receiving, at the one or more processors, sensor data attained from a global positioning system (GPS) device disposed with the vehicle, the sensor data including usage data of the vehicle within the geographic; determining, via the one or more processors, a sequence of the grid cells, wherein each of the grid cells within the sequence encompasses at least a portion of the geographic area where the vehicle was used; querying, via the one or more processors, a database maintaining vehicle risk data associated with the geographic area to attain a set of vehicle risk data associated with each of the grid cells of the sequence of grid cells; receiving, at the one or more processors, the queried set of vehicle risk data associated with the sequence of grid cells; and calculating, via the one or more processors, a location rating factor based on the usage data of the vehicle and the received set of vehicle risk data associated with each of the grid cells of the sequence of grid cells. - View Dependent Claims (12, 13, 14, 15)
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16. A system for facilitating the underwriting and/or rating of an insurance product for a vehicle, the system comprising:
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one or more processors communicatively coupled to a user interface; a global positioning system (GPS) device coupled to the one or more processors; a coordinate grid system associated with a geographic area, the coordinate grid system including a plurality of grid cells; a database communicatively coupled to the one or more processors, the database maintaining vehicle risk data associated with the geographic area; a non-transitory computer-readable-medium communicatively coupled to the one or more processors; and a set of computer-readable instructions stored in the non-transitory computer-readable-medium, which when executed by the one or more processors, is configured to; receive, via the user interface, a query for a vehicle insurance rate of the vehicle; receive sensor data attained from the global positioning system (GPS) device, the sensor data including usage data of the vehicle within the geographic area; determine a sequence of grid cells based on the usage of the vehicle, wherein each of the of grid cells within the sequence encompasses at least a portion of the geographic area where the vehicle was used query the database maintaining vehicle risk data associated with the geographic area to attain a set of vehicle risk data associated with each of the grid cells of the sequence of grid cells; receive the queried set of vehicle risk data associated with the sequence of grid cells; and calculate a location rating factor based on the usage data of the vehicle and the received set of vehicle risk data associated with each of the grid cells of the sequence of grid cells. - View Dependent Claims (17, 18, 19, 20)
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Specification