Dynamic Auto Insurance Policy Quote Creation Based on Tracked User Data

• US 20140257871A1
• 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: Christensen, Scott T., Hayward, Gregory, Gay, Christopher E., Cielocha, Steven, Binion, Todd
• Granted Patent: US 9,141,996 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 system and method may create auto insurance quotes using data collected from a device that tracks vehicle usage data and other data. Usage data may be tracked by an On Board Diagnostic (OBD) device or other portable computing device such as a smart phone. Based on a received coverage type, the usage data and other data may be analyzed to determine auto insurance quotes. A potential customer may then purchase an auto insurance policy. Once the purchased policy has been determined to have expired, new usage data will be collected, and new quotes will be created for the customer.

Claims

1. A computer-implemented method for creating insurance policy quotes for a potential customer based at least in part on usage data corresponding to property to be insured by an insurance policy, the method comprising:

providing for display, by one or more processors, a selectable option to track usage data corresponding to a potential customer vehicle;

receiving, by the one or more processors, a selection to track usage data corresponding to the potential customer vehicle;

tracking, by the one or more processors, usage data of the potential customer vehicle;

receiving, by the one or more processors, usage data corresponding to the potential customer vehicle and other data corresponding to a potential customer;

receiving, by the one or more processors, a coverage type for the one or more potential customer vehicles; and

creating, by the one or more processors, one or more insurance policy quotes based at least in part on the received usage data and the received other data, wherein each policy quote corresponds to the received coverage type.

2. The computer-implemented method of claim 1, wherein usage data comprises, for one or more potential customer vehicles, one or more of:

a number of times a potential customer vehicle is turned on and off, a distance traveled by the potential customer vehicle, a number of times the potential customer enters or exits the potential customer vehicle, a total idle time for the potential customer vehicle, a total driving time for the potential customer vehicle, a number of times the potential customer vehicle enters and exits a particular location, a time of day which the potential customer vehicle is used, a frequency of driving events, a severity of driving events, an average miles per gallon the potential customer vehicle achieves, a carbon footprint the potential customer vehicle achieves, the potential customer vehicle location, a number or percent of times the vehicle surpasses a speed limit threshold, a travel route of the potential customer vehicle, a crime statistic along a travel route, a measure of traffic along the travel route, a weather event along the travel route, an accident report along the travel route, an average or percentiles of speed along the travel route, or a top speed along the travel route.

3. The computer-implemented of claim 1, wherein the received coverage type is based at least in part on one or more of time parameters, distance parameters, or different types of auto insurance coverage.

4. The computer-implemented method of claim 1, wherein receiving, using the one or more processors, the usage data corresponding to the potential customer vehicle and the other data corresponding to the potential customer further comprises receiving, using the one or more processors, the usage data corresponding to the potential customer vehicle and the other data corresponding to the potential customer through one or more databases of potential customer information.

5. The computer-implemented method of claim 1, further comprising tracking, by one or more processors, usage data with an On Board Diagnostic (OBD) device.

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

receiving, by the one or more processors, a purchase transaction from a potential customer;

tracking, by the one or more processors, usage data until the purchased policy has expired;

collecting and using, by the one or more processors, new usage data and other data to calculate new insurance policy quotes once the purchased policy has expired.

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

sending, by the one or more processors, a prompt to a mobile computing device of the potential customer, the prompt to take a photo of an odometer of the potential customer vehicle; and

analyzing, by the one or more processors, the photo at one or more of the mobile computing device or a backend server to determine a set of numbers from the photo;

wherein the set of numbers indicates a mileage of the vehicle.

8. The computer implemented method of claim 7, wherein sending, by the one or more processors, the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle includes sending at periodic intervals, by the one or more processors, the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle.

9. The computer implemented method of claim 1, wherein a smart phone of the potential customer tracks the usage data.

10. The computer implemented method of claim 1, wherein one or more of a smart phone of the potential customer or a vehicle sensor tracks the usage data.

11. The computer implemented method of claim 2, wherein receiving, by the one or more processors, the selection to track usage data corresponding to the potential customer vehicle includes receiving, by the one or more processors, the selection to track a subset of the usage data corresponding to the potential customer vehicle.

12. A dynamic insurance policy system configured to create insurance policy quotes for a potential customer based at least in part on usage data corresponding to one or more vehicles to be insured by an insurance policy, the system comprising:

a data system server including one or more processors and one or more memories, the memories including instructions executed on the one or more processors to;

provide for display, a selectable option to track usage data corresponding to a potential customer vehicle;

receive a selection to track usage data corresponding to the potential customer vehicle;

track usage data of one or more potential customer vehicles in response to;

receive usage data corresponding to the one or more potential customer vehicles and other data corresponding to a potential customer;

receive at least one coverage type for the one or more potential customer'"'"'s vehicles; and

create one or more insurance policy quotes based at least in part on the received usage data and the received other data, wherein each policy quote corresponds to the received coverage type.

13. The computer system of claim 12, wherein usage data comprises, for one or more potential customer vehicles, one or more of:

a number of times a potential customer vehicle is turned on and off, a distance traveled by the potential customer vehicle, a number of times the potential customer enters or exits the potential customer vehicle, a total idle time for the potential customer vehicle, a total driving time for the potential customer vehicle, a number of times the potential customer vehicle enters and exits a particular location, a time of day which the potential customer vehicle is used, a frequency of driving events, a severity of driving events, an average miles per gallon the potential customer vehicle achieves, a carbon footprint the potential customer vehicle achieves, the potential customer vehicle location, a number or percent of times the vehicle surpasses a speed limit threshold, a travel route of the potential customer vehicle, a crime statistic along a travel route, a measure of traffic along the travel route, a weather event along the travel route, an accident report along the travel route, an average or percentiles of speed along the travel route, or a top speed along the travel route.

14. The computer system of claim 12, wherein the received coverage type is based at least in part on one or more of a time parameter, a distance parameter, or a type of auto insurance coverage.

15. The computer system of claim 12, wherein usage data and other data is further received through one or more databases of potential customer information.

16. The computer system of claim 12, wherein an On Board Diagnostics (OBD) device tracks usage data.

17. The computer system of claim 12, further comprising:

an instruction to receive a purchase transaction from a potential customer;

an instruction to track usage data until the purchased policy has expired; and

an instruction to collect and use new usage data and other data to calculate new insurance policy quotes once the purchased policy has expired.

18. The computer system of claim 12, further comprising:

an instruction to send a prompt to a mobile computing device of the potential customer to take a photo of an odometer of the potential customer vehicle; and

an instruction to analyze the photo at one or more of the mobile computing device that took the photo or a backend server to determine a set of numbers from the photo;

wherein the set of numbers indicates a mileage of the vehicle.

19. The computer system of claim 17, wherein the instruction to send the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle includes an instruction to send, at periodic intervals, the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle.

20. The computer system of claim 12, wherein a smart phone of the potential customer tracks the usage data.

21. The computer implemented method of claim 12, wherein one or more of a smart phone of the potential customer or a vehicle sensor tracks the usage data.

22. The computer implemented method of claim 13, wherein receiving, by the one or more processors, the selection to track usage data corresponding to the potential customer vehicle includes receiving, by the one or more processors, the selection to track a subset of the usage data corresponding to the potential customer vehicle.

23. A tangible computer-readable medium including non-transitory computer readable instructions stored thereon for creating insurance policy quotes for a potential customer based at least in part on usage data corresponding to one or more vehicles to be insured by an insurance policy, the instructions to:

provide for display, a selectable option to track usage data corresponding to a potential customer vehicle;

receive a selection to track usage data corresponding to the potential customer vehicle;

track usage data of one or more potential customer vehicles;

receive usage data corresponding to the one or more potential customer vehicles and other data corresponding to a potential customer;

receive a coverage type for the one or more potential customer vehicles; and

create one or more insurance policy quotes, based at least in part on the received usage data and the received other data, wherein each policy quote corresponds to the received coverage type.

24. The tangible computer-readable medium of claim 23, wherein usage data comprises one or more of:

a number of times a potential customer vehicle is turned on and off, a distance traveled by the potential customer vehicle, a number of times the potential customer enters or exits the potential customer vehicle, a total idle time for the potential customer vehicle, a total driving time for the potential customer vehicle, a number of times the potential customer vehicle enters and exits a particular location, a time of day which the potential customer vehicle is used, a frequency of driving events, a severity of driving events, an average miles per gallon the potential customer vehicle achieves, an carbon footprint the potential customer vehicle achieves, the potential customer vehicle location, a number or percent of times the vehicle surpasses a speed limit threshold, a travel route of the potential customer vehicle, a crime statistic along a travel route, a measure of traffic along the travel route, a weather event along the travel route, an accident report along the travel route, an average or percentiles of speed along the travel route, or a top speed along the travel route.

25. The tangible computer-readable medium of claim 23, wherein the received coverage type is based at least in part on one or more of a time parameter, a distance parameter, or a type of auto insurance coverage.

26. The tangible computer-readable medium of claim 23, wherein the instruction to receive usage and other data comprises further instructions to receive the usage and other data through one or more databases of potential customer information.

27. The tangible computer-readable medium of claim 23, wherein an On Board Diagnostic (OBD) device tracks usage data.

28. The tangible computer-readable medium of claim 23, further comprising:

an instruction to receive a purchase transaction from a potential customer;

an instruction to track usage data until the purchased policy has expired; and

an instruction to collect and use new usage data and other data to calculate new insurance policy quotes once the purchased policy has expired.

29. The tangible computer-readable medium of claim 23, further comprising:

an instruction to send a prompt to a mobile computing device of the potential customer to take a photo of an odometer of the potential customer vehicle; and

an instruction to analyze the photo at one or more of the mobile computing device that took the photo or a backend server to determine a set of numbers from the photo;

wherein the set of numbers indicates a mileage of the vehicle.

30. The tangible computer-readable medium of claim 29, wherein the instruction to send the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle includes an instruction to send, at periodic intervals, the prompt to the mobile computing device of the potential customer, the prompt to take the photo of the odometer of the potential customer vehicle.