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Systems and methods for grid-based insurance rating

  • US 10,650,466 B1
  • Filed: 02/15/2019
  • Issued: 05/12/2020
  • Est. Priority Date: 06/07/2013
  • Status: Active Grant
First Claim
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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:

  • 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.

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