SYSTEM AND METHOD FOR COMPUTING AND SORTING TRIP SIMILARITIES USING GEO-SPATIAL INFORMATION

  • US 20130304515A1
  • Filed: 05/10/2012
  • Published: 11/14/2013
  • Est. Priority Date: 05/10/2012
  • Status: Active Grant
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First Claim
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1. A system for pricing an insurance premium based on vehicle trip similarities, the system comprising:

  • a computer memory for storing data indicative of telematics data received from a sensor within a vehicle, the telematics data being associated with a plurality of trips and comprising at least one of geo-position information of the vehicle and vehicle kinematics data; and

    a processor in communication with the memory, wherein the processor is configured for;

    retrieving information related to an automobile insurance policy;

    retrieving at least a portion of the stored telematics data from the computer memory;

    computing a similarities score for routes traversed in the plurality of trips based on the retrieved telematics data;

    storing the computed similarities score;

    calculating a price adjustment for the insurance premium for the automobile insurance policy based on the retrieved information related to the policy and the similarities score;

    applying the price adjustment to the insurance premium; and

    outputting the adjusted price for the insurance premium for the automobile insurance policy.

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