Method and system for making rapid insurance policy decisions

• US 10,740,847 B1
• Filed: 08/23/2016
• Issued: 08/11/2020
• Est. Priority Date: 01/10/2014
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Devereaux, Ramsey, Franck, David S., Moritz, Karen M., Read, Spencer E., Wheeler, Daniela M., Vaith, Eric, McCaw, Erin E., Norman, Christopher Maurice, Healy, Jodi Jean, Prasad, Bharat, Swain, Kathleen L., Allen, Michael J.
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US15/244,847
• Time in Patent Office: 1,449 Days
• Field of Search: 705 4, 705 35
• CPC Class Codes: G06F 16/24 Querying
• CPC Class Codes: G06F 2218/12 Classification; Matching
• CPC Class Codes: G06Q 10/20 Administration of product repair or maintenance
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography postage metering system using cryptography G06Q2250/05
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/163 Real estate management
• CPC Class Codes: G06V 20/17 taken from planes or by drones
• CPC Class Codes: G06V 20/176 Urban or other man-made structures
• CPC Class Codes: H04N 23/90 Arrangement of cameras or camera modules, e.g. multiple cameras in TV studios or sports stadiums

Abstract

A computer system and method for processing data to make rapid decisions regarding an insurance policy. Data is received from one or more informatic sensor devices and databases relating to an insured or insured property. A decision is identified that is to be rendered regarding an insurance policy in association with the insured. Predictive analytics is performed on the received data to determine the decision to be rendered regarding the insurance policy. Notification is provided of the determined decision regarding the insurance policy.

Claims

1. A computer-implemented method for rendering a decision regarding an insurance policy, the method comprising:

receiving, by one or more processors, property attributes identifying a condition of a property associated with a user from an electronic sensor device;

receiving, by the one or more processors, vehicle attributes regarding an operation of a vehicle associated with the user from a telematics sensor device;

receiving, by the one or more processor, fitness attributes identifying a physical aspect of the user from a fitness sensor device;

traversing, by the one or more processors, a social media website;

identifying, by the one or more processors, data indicative of prevention and mitigation efforts displayed on the social media website, wherein the data indicative of prevention and mitigation efforts is for one or more environmental perils, associated with the property, and related to a type of the decision to be made;

providing, by the one or more processors, the property attributes, the vehicle attributes, the fitness attributes and the data indicative of the prevention and mitigation efforts from the social media website to a predictive model, wherein the predictive model is configured to selectively filter a relevant subset of the property attributes, the vehicle attributes, and the fitness attributes based on a type of the decision regarding the insurance policy;

identifying, by the one or more processors, possible future behavior patterns, health-related risks, or an occurrence of a certain peril, or any combination thereof, as a first output from the predictive model;

receiving, by the one or more processors, a risk value indicative of a risk associated with the user based on the possible future behavior patterns, the health-related risks, or the occurrence of a certain peril, or any combination thereof, and the data indicative of the prevention and mitigation efforts from the social media website as a second output from the predictive model;

transmitting, by the one or more processors, updated prevention and mitigation techniques to be displayed on the social media website; and

rendering, by the one or more processors, the decision regarding the insurance policy based at least in part upon the first output and the second output.

2. The method of claim 1, wherein the condition of the property relates to a utility systems associated with the property, a structural condition of the property, or an environmental condition detected in a vicinity of the property based on sensors not associated with the property, or any combination thereof.

3. The method of claim 1, wherein the vehicle attribute measures speed, acceleration, and deceleration of the vehicle during a time interval.

4. The method of claim 1, wherein the physical aspect of the user relates to movement or posture, or both.

5. The method of claim 1, wherein the predictive model is further built based on an environmental risk associated with a geographic region that includes the property.

6. The method of claim 5, where the environmental risk is one of a hurricane risk, an earthquake risk, a flood risk, a crime risk, a wildfire risk, a lightning risk, a hail risk, or a sinkhole risk, or any combination thereof.

7. The method of claim 1, wherein the risk value is determined at a time interval.

8. The method of claim 1, wherein the risk associated with the user is indicative of a likelihood of the user developing a health condition and the decision is to alert the user about the risk.

9. The method of claim 1, wherein the decision relates to at least one of a health insurance product, a property insurance product, a life insurance product, a vehicle insurance product, or a long term disability insurance product, or any combination thereof.

10. A non-transient computer readable storage medium storing instructions that, when executed by one or more processors, cause the one or more processors to perform operations comprising:

receiving, by one or more processors, property attributes identifying a condition of a property associated with a user from an electronic sensor device;

receiving, by the one or more processors, vehicle attributes regarding an operation of a vehicle associated with the user from a telematics sensor device;

receiving, by the one or more processors, fitness attributes identifying a physical aspect of the user from a fitness sensor device;

traversing, by the one or more processors, a social media website;

identifying, by the one or more processors, data indicative of prevention and mitigation efforts displayed on the social media website, wherein the data indicative of prevention and mitigation efforts is for one or more environmental perils, associated with the property, and related to the type of decision to be made;

providing, by the one or more processors, the property attributes, the vehicle attributes, the fitness attributes, and the data indicative of prevention and mitigation efforts from the social media website to a predictive model, wherein the predictive model is configured to selectively filter a relevant subset of the property attributes, the vehicle attributes, and the fitness attributes based on a type of the decision regarding an insurance policy;

identifying, by the one or more processors, possible future behavior patterns, health-related risks, or an occurrence of a certain peril, or any combination thereof, as a first output from the predictive model;

receiving, by the one or more processors, a risk value indicative of a risk associated with the user based on the possible future behavior patterns, the health-related risks, or the occurrence of a certain peril, or any combination thereof, and the data indicative of prevention and mitigation efforts from the social media website as a second output from the predictive model;

transmitting, by the one or more processors, updated prevention and mitigation techniques to be displayed on the social media website; and

rendering, by the one or more processors, a decision regarding the insurance policy based at least in part upon the first output and the second output.

11. The medium of claim 10, wherein the condition of the property relates to a utility systems associated with the property, a structural condition of the property, or an environmental condition detected in a vicinity of the property based on sensors not associated with the property, or any combination thereof.

12. The medium of claim 10, wherein the vehicle attribute measures speed, acceleration, and deceleration of the vehicle during a time interval.

13. The medium of claim 10, wherein the physical aspect of the user relates to movement or posture, or both.

14. The medium of claim 10, wherein the predictive model is further built based on an environmental risk associated with a geographic region that includes the property.

15. The medium of claim 10, wherein the decision is regarding whether to continue to provide coverage to the user or an insurance claim made by the user.

16. A computer-implemented method for rendering a decision regarding an insurance policy, the method comprising:

receiving, by the one or more processors, from electronic sensor devices, attributes that identify a condition of a property associated with a user, regard an operation of a vehicle associated with the user, and identify a physical aspect of the user;

traversing, by the one or more processors, a social media website;

identifying, by the one or more processors, data indicative of prevention and mitigation efforts displayed on the social media website, wherein the data indicative of prevention and mitigation efforts is for one or more environmental perils, associated with the property, and related to the type of decision to be made;

receiving, by the one or more processors, the data indicative of prevention and mitigation efforts from the social media website;

providing, by the one or more processors, the attributes and the data indicative of prevention and mitigation efforts from the social media website to a predictive model, wherein the predictive model is configured to selectively filter a relevant subset of the attributes based on a type of the decision regarding an insurance policy;

identifying, by one or more processors, possible future behavior patterns, health-related risks, or an occurrence of a certain peril, or any combination thereof, as a first output from the predictive model;

receiving, by the one or more processors, a risk value indicative of a risk associated with the user based on the possible future behavior patterns, the health-related risks, or the occurrence of a certain peril, or any combination thereof, and the data indicative of prevention and mitigation efforts from the social media website as a second output from the predictive model;

transmitting, by the one or more processors, updated prevention and mitigation techniques to be displayed on the social media website; and

rendering, by the one or more processors, the decision regarding the insurance policy based at least in part upon the first output and the second output.