System and Method for Estimating Loss Propensity of an Insured Vehicle and Providing Driving Information
First Claim
1. A system for estimating loss propensity of a vehicle and for providing driving information, comprising:
- a loss propensity estimation server, the server electronically obtaining information over a period of time from a telematics device installed in a vehicle;
means in the loss propensity estimation server for processing the information to determine at least one loss cost area through which the vehicle has traveled, and for calculating a numeric loss cost factor based upon the at least one loss cost area through which the vehicle has traveled; and
means for electronically transmitting the numeric loss cost factor to an insurer for subsequent use of the factor by the insurer in underwriting or pricing an insurance policy.
1 Assignment
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Accused Products
Abstract
A system and method for estimating loss propensity of a vehicle and providing driving information are provided. A loss propensity estimation server receives information from a telematics device installed in a vehicle, determines at least one loss cost area through which vehicle has traveled, and calculates a numeric loss cost factor based upon the at least one loss cost area relative to the amount of risk indicated by the vehicle'"'"'s garaging loss cost. The numeric loss cost factor can be transmitted to an insurer for subsequent use by the insurer in underwriting or pricing a future insurance policy. A driving information database in the loss propensity estimation server stores driving information obtained from the telematics device installed in the vehicle, which can subsequently be transmitted to an insurer.
45 Citations
22 Claims
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1. A system for estimating loss propensity of a vehicle and for providing driving information, comprising:
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a loss propensity estimation server, the server electronically obtaining information over a period of time from a telematics device installed in a vehicle; means in the loss propensity estimation server for processing the information to determine at least one loss cost area through which the vehicle has traveled, and for calculating a numeric loss cost factor based upon the at least one loss cost area through which the vehicle has traveled; and means for electronically transmitting the numeric loss cost factor to an insurer for subsequent use of the factor by the insurer in underwriting or pricing an insurance policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 19, 20, 21, 22)
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8. A method for estimating loss propensity of a vehicle and providing driving information, comprising the steps of:
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electronically obtaining over a period of time information from a telematics device installed in a vehicle; processing the information at a loss propensity estimation server to determine at least one loss cost area through which vehicle has traveled; calculating using the loss propensity estimation server a numeric loss cost factor based upon the at least one loss cost area through which the vehicle has traveled relative to the amount of risk indicated by the vehicle'"'"'s garaging loss cost; and electronically transmitting the numeric loss cost factor to an insurer for subsequent use of the factor by the insurer in underwriting or pricing an insurance policy. - View Dependent Claims (9, 10, 11, 12, 13)
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14. A computer-readable storage medium having computer-readable instructions stored thereon which, when executed by a computer system, cause the computer system to estimate a loss propensity for a vehicle, the instructions comprising:
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electronically obtaining over a period of time information from a telematics device installed in a vehicle; processing the information to determine at least one loss cost area through which vehicle has traveled; calculating a numeric loss cost factor based upon the at least one loss cost area through which the vehicle has traveled relative to the amount of risk indicated by the vehicle'"'"'s garaging loss cost; and electronically transmitting the numeric loss cost factor to an insurer for subsequent use of the factor by the insurer in underwriting or pricing an insurance policy. - View Dependent Claims (15, 16, 17, 18)
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Specification