Adjusting Insurance Policies Based on Common Driving Routes and Other Risk Factors

• US 20140257869A1
• Filed: 03/10/2014
• Published: 09/11/2014
• Est. Priority Date: 03/10/2013
• Status: Active Grant

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Binion, Todd, Cielocha, Steven, Hayward, Gregory, Gay, Christopher E., Christensen, Scott Thomas
• Granted Patent: US 11,068,989 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: B60C 1/00 Tyres characterised by the chemical composition or the physical arrangement or mixture of the composition
• CPC Class Codes: B60Q 1/00 Arrangement of optical signalling or lighting devices, the mounting or supporting thereof or circuits therefor for lighting vehicle interior B60Q3/00
• CPC Class Codes: B60R 25/20 Means to switch the anti-theft system on or off
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0208 Trade or exchange of goods or services in exchange for incentives or rewards
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07C 5/00 Registering or indicating the working of vehicles
• CPC Class Codes: G07C 5/008 communicating information to a remotely located station transmission systems for measured values G08C
• CPC Class Codes: G08G 1/096838 where the user preferences are taken into account or the user selects one route out of a plurality
• CPC Class Codes: H04W 4/40 for vehicles, e.g. vehicle-to-pedestrians [V2P]

Abstract

A computer implemented method for providing insurance comprises receiving a plurality of vehicle data including a start point, an end point and a frequency value. The method further comprises analyzing the plurality of vehicle data to determine a driving route associated with the vehicle. The method also comprises determining, based on the frequency value, that the driving route is a common driving route and a risk level of the common driving route. The method further comprises processing one or more insurance options, including pricing and underwriting, based at least in part on the risk level of the common driving route.

Claims

1. A computer implemented method for providing insurance, the method comprising:

receiving, via a computer network, a plurality of vehicle data, wherein the plurality of vehicle data includes, for a trip of the vehicle, at least a start point, an end point and a frequency value;

analyzing, by one or more processors, the plurality of vehicle data to determine a driving route associated with the vehicle including the start point and the end point;

determining, at the one or more processors, based on the frequency value, that the driving route is a common driving route;

determining, by the one or more processors, a risk level of the common driving route; and

processing, by the one or more processors, one or more insurance options, including pricing and underwriting, based at least in part on the risk level of the common driving route.

2. The computer implemented method of claim 1, further comprising:

transmitting, via the computer network, a plurality of survey questions relating to use of the vehicle, wherein the plurality of survey questions include questions that correspond to one or more of the start point, the end point, the frequency value of the trip of the vehicle or one or more points in between the start point and the end point.

3. The computer implemented method of claim 1 further comprising:

determining, at the one or more processors, a frequency use value of the driving route and wherein the risk level of the common driving route is based at least in part on the frequency use value.

4. The computer implemented method of claim 1 further comprising:

determining, by the one or more processors, one or more risk factors within the common driving route;

assigning, by the one or more processors, a risk score to the one or more risk factors; and

calculating, by the one or more processors, a total risk score for the common driving route, wherein the risk level of the common driving route is based at least in part on the total risk score.

5. The computer implemented method of claim 4 wherein at least one of the risk factors is at least one of a parking location of the vehicle, a traversed intersection, a road type, a road hilliness, a road curviness, a road shoulder access, a number of stoplights, a number of stop signs, a roadside hazard and wherein at least one of the risk factors corresponds to at least one of the start point, the end point or one or more points in between the start point and the end point of the common driving route.

6. The computer implemented method of claim 4 further comprising, receiving an accident history report associated with at least one of the vehicle or the common driving route and identifying one or more risk factors based on the accident history report.

7. A computer device for providing insurance, the device comprising:

one or more processors; and

one or more memories coupled to the one or more processors;

the one or more memories including computer executable instructions stored therein, that, when executed by the one or more processors, cause the one or more processors to;

receive, via a computer network, a plurality of vehicle data, wherein the plurality of vehicle data includes, for a trip of the vehicle, at least a start point, an end point and a frequency value;

analyze the plurality of vehicle data to determine a driving route associated with the vehicle including the start point and the end point;

determine, based on the frequency value, that the driving route is a common driving route;

determine a risk level of the common driving route; and

process one or more insurance options, including pricing and underwriting, based at least in part on the risk level of the common driving route.

8. The computer device of claim 7 wherein the computer executable instructions further cause the one or more processors to:

transmit, via the computer network, a plurality of survey questions relating to use of the vehicle, wherein the plurality of survey questions include questions that correspond to one or more of the start point, the end point, the frequency value of the trip of the vehicle or one or more points in between the start point and the end point.

9. The computer device of claim 7 wherein the computer executable instructions further cause the one or more processors to:

determine a frequency use value of the driving route and wherein the risk level of the common driving route is based at least in part on the frequency use value.

10. The computer device of claim 7 wherein the computer executable instructions further cause the one or more processors to:

determine one or more risk factors within the common driving route;

assign a risk score to the one or more risk factors; and

calculate a total risk score for the common driving route, wherein the risk level of the common driving route is based at least in part on the total risk score.

11. The computer device of claim 10 wherein the computer executable instructions further cause the one or more processors to determine at least one of the risk factors to be at least one of a parking location of the vehicle, a traversed intersection, a road type, a road hilliness, a road curviness, a road shoulder access, a number of stoplights, a number of stop signs, a roadside hazard and wherein at least one of the risk factors corresponds to at least one of the start point, the end point or one or more points in between the start point and the end point of the common driving route.

12. The computer device of claim 10 wherein the computer executable instructions further cause the one or more processors to receive an accident history report associated with at least one of the vehicle or the common driving route and identifying one or more risk factors based on the accident history report.

13. A non-transitory computer readable storage medium comprising non-transitory computer readable instructions stored thereon, that, when executed by one or more processors, cause the one or more processors to:

receive, via a computer network, a plurality of vehicle data, wherein the plurality of vehicle data includes, for a trip of the vehicle, at least a start point, an end point and a frequency value;

analyze the plurality of vehicle data to determine a driving route associated with the vehicle including the start point and the end point;

determine, based on the frequency value, that the driving route is a common driving route;

determine a risk level of the common driving route; and

process one or more insurance options, including pricing and underwriting, based at least in part on the risk level of the common driving route.

14. The non-transitory computer readable storage medium of claim 13, wherein the computer readable instructions when executed on the one or more processors further cause the one or more processors to:

transmit, via the computer network, a plurality of survey questions relating to use of the vehicle, wherein the plurality of survey questions include questions that correspond to one or more of the start point, the end point, the frequency value of the trip of the vehicle or one or more points in between the start point and the end point.

15. The non-transitory computer readable storage medium of claim 13, wherein the computer readable instructions when executed on the one or more processors further cause the one or more processors to:

determine a frequency use value of the driving route and wherein the risk level of the common driving route is based at least in part on the frequency use value.

16. The non-transitory computer readable storage medium of claim 13, wherein the computer readable instructions when executed on the one or more processors further cause the one or more processors to:

determine one or more risk factors within the common driving route;

assign a risk score to the one or more risk factors; and

calculate a total risk score for the common driving route, wherein the risk level of the common driving route is based at least in part on the total risk score.

17. The non-transitory computer readable storage medium of claim 16, wherein the computer readable instructions when executed on the one or more processors further cause the one or more processors to:

determine at least one of the risk factors to be at least one of a parking location of the vehicle, a traversed intersection, a road type, a road hilliness, a road curviness, a road shoulder access, a number of stoplights, a number of stop signs, a roadside hazard and wherein at least one of the risk factors corresponds to at least one of the start point, the end point or one or more points in between the start point and the end point of the common driving route.

18. The non-transitory computer readable storage medium of claim 16, wherein the computer readable instructions when executed on the one or more processors further cause the one or more processors to:

receive an accident history report associated with at least one of the vehicle or the common driving route and identifying one or more risk factors based on the accident history report.