System For Adjusting Insurance For A Structure Incorporating Sensor Technology

• US 20140114693A1
• Filed: 12/23/2013
• Published: 04/24/2014
• Est. Priority Date: 09/04/2003
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Helitzer, Jonathan, Murchie, G. Stewart, Frey, Kelly L., Kempton, Casey Ellen, Carvalko, Joseph R. Jr.
• Granted Patent: US 10,354,328 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and computerized system is disclosed for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of property losses. The invention utilizes a classifier for categorizing and weighing risk, composed of data representing in an identified building, a first unmitigated insurance risk and a second insurance risk, based upon the use of certain technology. A plurality of such weights are summed such that the weights generate a minimized risk for a building structure under consideration. combinations of technologies, employed in existing building structures to a classification, which then permits an underwriter to establish a premium. In another aspect of the invention data structures representing the quantification of risk reduction attendant a given technology or product are chained into a plurality of decision trees that process a construction phase and a pruning phase.

Claims

1. A system for processing data relating to insuring a structure comprising:

a storage device storing a database identifying a plurality of technologies that reduce risk of loss to an associated structure; and

a computer processor in communication with the data storage device, configured to;

administer, by an insurance company, data relating to an insurance policy issued to an insured and covering the structure, the structure incorporating a sensor technology from the plurality of technologies identified in the database, provided by the insured;

receive a monitoring data alert electronically output by the incorporated sensor technology indicative of a current risk relating to the structure;

receive remedial action monitoring data electronically output by the incorporated sensor technology indicative of whether a remedial action has been taken to mitigate the current risk;

input, into an expert system, the monitoring data alert and the remedial action monitoring data;

receive an expert system output based on the monitoring data alert and the remedial action monitoring data indicative of whether the remedial action has been taken to mitigate the current risk;

determine, based on the expert system output, an operational status of the sensor technology; and

determine, based on the operational status of the sensor technology and the insurance policy data in the database, whether an alteration in a term of the insurance policy, after issue of the insurance policy, is warranted.

2. The system of claim 1, wherein the monitoring data alert comprises structure condition data and alert data concerning the current risk.

3. The system of claim 1, wherein the computer processor is further configured to poll the sensor technology for the monitoring data alert and the remedial action monitoring data, thereby causing the sensor technology to send the monitoring data alert and the remedial action monitoring data for the processor to receive.

4. The system of claim 1, wherein the structure comprises one of a commercial building, a residential building, a vehicle, a marine craft, and an aircraft.

5. The system of claim 1, wherein the expert system includes one or more of decision trees, neural networks, and statistical inference engines.

6. The system of claim 1, wherein the insurance policy term alteration is a premium alteration.

7. The system of claim 1, wherein the operational status of the sensor technology comprises one or more of an operational status of a sensor for sensing the current risk to the structure, an operational status of an electronic data output for reporting the current risk to the structure, and an operational status of an automatic remediation system for deploying the remedial action to mitigate the current risk to the structure.

8. A computer-implemented method for processing data related to insuring a structure comprising:

maintaining in a database stored in a storage device, data identifying a plurality of technologies that reduce risk of loss to an associated structure;

administering, by at least one computer processor in communication with the storage device, data relating to an insurance policy issued to an insured and covering the structure, the structure incorporating a sensor technology from the plurality of technologies identified in the database, provided by the insured;

receiving, by the at least one computer processor, a monitoring data alert electronically output by the incorporated sensor technology indicative of a current risk to the structure;

receiving, by the at least one computer processor, remedial action monitoring data electronically output by the incorporated sensor technology indicative of whether a remedial action has been taken to mitigate the current risk;

inputting into an expert system the monitoring data alert and the remedial action monitoring data;

receiving, by the at least one computer processor, an expert system output based on the monitoring data alert and the remedial action monitoring data;

determining, based on the expert system output, an operational status of the sensor technology; and

determining, based on the operational status of the sensor technology and the insurance policy data, whether an alteration in a term of the insurance policy is warranted.

9. The method of claim 8, wherein the at least one computer processor is further configured to poll the sensor technology, thereby causing the sensor technology to send the monitoring data alert and the remedial action monitoring data for the at least one computer processor to receive.

10. The method of claim 9, wherein the polled monitoring data alert comprises structure condition data and alert data concerning the current risk.

11. The method of claim 8, wherein the structure comprises one of a commercial building, a residential building, a vehicle, a marine craft, and an aircraft.

12. The method of claim 8, wherein the expert system includes one or more of decision trees, neural networks, and statistical inference engines.

13. The method of claim 8, wherein the insurance policy term alteration is a loss of a reduction in premium reduction.

14. The method of claim 8, wherein the operational status of the sensor technology comprises one or more of an operational status of a sensor for sensing the current risk to the structure, an operational status of an electronic data output for reporting the current risk to the structure, and an operational status of an automatic remediation system for deploying the remedial action to mitigate the current risk.

15. A system for processing data relating to insuring a structure by taking into account technologies that mitigate loss comprising:

a data storage device storing a database identifying a plurality of technologies that reduce risk of loss to an associated structure; and

at least one computer processor; and

computer executable instructions stored in a memory device for causing the at least one computer processor to;

administer, by an insurance company, data relating to an insurance policy issued to an insured and covering the structure, wherein the structure incorporates a sensor technology from the plurality of technologies identified in the database, provided by the insured;

receive a monitoring data alert electronically output by the incorporated sensor technology indicative of a current risk relating to the structure;

receive remedial action monitoring data electronically output by the incorporated sensor technology indicative of whether a remedial action has been taken to mitigate the current risk;

input, into an expert system, the monitoring data alert and the remedial action monitoring data;

receive an expert system output based on the monitoring data alert and the remedial action monitoring data indicative of whether the remedial action has been taken to mitigate the current risk,

output, responsive to the expert system output indicating whether the remedial action has been taken to mitigate the current risk, a notification identifying the current risk and a determination of whether the remedial action has deployed;

determine, based on the output of the expert system, an operational status of the sensor technology; and

determine, based on the operational status of the sensor technology and the insurance policy data, whether an alteration in a premium term of the insurance policy, after issue of the insurance policy, is warranted.

16. The system of claim 15, wherein the remedial action monitoring data comprises data from a chemical remediation system for mitigating a mold risk to the structure.

17. The system of claim 15, wherein the remedial action monitoring data comprises data from a water pumping remediation system for mitigating a water risk to the structure.

18. The system of claim 15, wherein the remedial action monitoring data comprises data relating to a type of sprinkler system for mitigating a fire risk to the structure.

19. The system of claim 15, wherein the incorporated sensor technology comprises one of smoke detectors, fire detectors, intrusion systems, radiation detectors, chemical detectors, and biological hazard detectors.

20. The system of claim 15, wherein the incorporated sensor technology comprises one of water level detectors, water leakage detectors, vibration detectors, and meteorological condition detectors.