System and method for usage based insurance for on-demand rental device

• US 10,891,686 B1
• Filed: 12/22/2016
• Issued: 01/12/2021
• Est. Priority Date: 12/22/2016
• Status: Active Grant

• Current Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Original Assignee: Wells Fargo Bank NA (Wells Fargo & Company)
• Inventors: Rao, Abhijit, Kalaboukis, Chris
• Primary Examiner(s): King, Joseph W.
• Application Number:
  US15/387,989
• Time in Patent Office: 1,482 Days
• Field of Search: None
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0645 Rental transactions; Leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: H04L 67/01 Protocols
• CPC Class Codes: H04L 67/12 specially adapted for proprietary or special-purpose networking environments, e.g. medical networks, sensor networks, networks in vehicles or remote metering networks

Abstract

Systems and methods provide for usage based insurance. The insurance system can apply rental insurance based on realtime operational parameters and on a usage history of the renter so that the insurance being applied to the rental period accurately reflects the risks and costs of the device usage. Realtime operational parameters of the device can be obtained from an electronic control unit on the device. The operational parameters can include information about how the vehicle is being operated and whether or not the device is being used in an autonomous or semi-autonomous operating mode. The usage history can include prior operational parameters from previous rental periods, traffic and other regulatory violations, and other relevant information associated with the user. The usage based insurance can apply to the entire rental period, or to portions of the rental period.

Claims

1. A system, comprising:

a memory configured to store computer-executable instructions; and

a processor, communicatively coupled to the memory, configured to execute the computer-executable instructions to perform operations, the operations comprising;

receiving a device usage request via a user interface, wherein the device usage request comprises an estimated time usage for a rental device;

receiving, in real-time, device parameter information via a device electronic control unit connected to the rental device, including information regarding real-time actions of an operator of the rental device;

receiving usage history information associated with a user account;

generating a risk analysis score based on the usage history information;

determining an insurance policy for the rental device based on a function of the estimated time usage, real-time device parameter information and the risk analysis score, wherein the insurance policy includes a base rental fee and at least one rule for maintaining the base rental fee;

displaying, by the user interface, the insurance policy;

receiving, by the user interface, confirmation of acceptance of the insurance policy;

increasing the base rental fee associated with the insurance policy or providing a discount on the base rental fee based on the real-time actions of the operator of the rental device and adherence to the at least one rule; and

displaying by the user interface, a visual graphical representation of real-time progress made by the operator toward a goal or milestone to be applied as a reduction to the base rental fee in response to at least the real-time actions of the operator of the rental device and the adherence to the at least one rule.

2. The system of claim 1, wherein the receiving the device parameter information comprises receiving the device parameter information from a bridge device communicably coupled to a diagnostics port of the electronic control unit.

3. The system of claim 1, wherein the receiving the device parameter information comprises receiving the device parameter information wirelessly from the electronic control unit.

4. The system of claim 1, further comprising:

updating the usage history information based on the device parameter information received during rental device usage.

5. The system of claim 1, wherein the electronic control unit is connected to the rental device wirelessly.

6. The system of claim 1, wherein the risk analysis score is further based on variance from operational parameters established by a rental agency associated with the rental device.

7. The system of claim 1, wherein the usage history information comprises a traffic violation history, speeding history, mileage history, and autonomous operation history.

8. The system of claim 1, wherein the device parameter information comprises information about whether the rental device is autonomously operating.

9. The system of claim 1, wherein the usage history information is based on previous device parameter information from a previous rental.

10. The system of claim 1, wherein the operations further comprise:

updating the insurance policy in response to the device parameter information satisfying a predetermined condition relating to operation of the rental device.

11. The system of claim 1, wherein the operations further comprise:

determining the insurance policy based on a digital contract associated with the usage of the rental device, wherein the digital contract utilizes information based on usage history information determined from the device parameter information.