SYSTEM AND METHOD FOR EXPECTATION BASED PROCESSING
First Claim
1. A system for determining insurance pricing information based on telematics data associated with a vehicle, the system comprising:
- a computer memory configured to store an initial risk profile for a driver of the vehicle based on a correlation between received biographical information of the driver and stored claim expected loss information, wherein the initial risk profile includes a plurality of risk factors with associated expected scores for the driver;
a processor configured to generate a driver proxy score (DPS) based on a combination of rating variables in an insurance class plan;
the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with a plurality of risk factors;
the processor further configured to determine a driver telematics score (DTS) based on the information associated with the telematics data;
the processor further configured to generate an expectation based rating, based on the DPS and the DTS, which measures a variance of the received telematics data information from the initial risk profile;
the processor further configured to update pricing information based on the generated expectation based rating; and
a transmitter configured to transmit the updated pricing information to a user device or a user transmission device.
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Accused Products
Abstract
A system for determining insurance pricing information based on telematics data, the system comprising, a processor configured to generate a driver proxy score (DPS) based on a combination of rating variables in a conventional class plan; the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes a plurality of risk factors; the processor further configured to determine a driver telematics score (DTS) based on the information associated with the telematics data; the processor further configured to generate an expectation based rating, based on the DPS and the DTS, which measures a variance of the telematics data from the expected value; the processor further configured to update pricing information based on the determined expectation based rating; and a transmitter configured to transmit the updated pricing information to a user device.
57 Citations
20 Claims
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1. A system for determining insurance pricing information based on telematics data associated with a vehicle, the system comprising:
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a computer memory configured to store an initial risk profile for a driver of the vehicle based on a correlation between received biographical information of the driver and stored claim expected loss information, wherein the initial risk profile includes a plurality of risk factors with associated expected scores for the driver; a processor configured to generate a driver proxy score (DPS) based on a combination of rating variables in an insurance class plan; the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with a plurality of risk factors; the processor further configured to determine a driver telematics score (DTS) based on the information associated with the telematics data; the processor further configured to generate an expectation based rating, based on the DPS and the DTS, which measures a variance of the received telematics data information from the initial risk profile; the processor further configured to update pricing information based on the generated expectation based rating; and a transmitter configured to transmit the updated pricing information to a user device or a user transmission device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computer based method for determining insurance pricing information based on telematics data associated with a vehicle, the method comprising:
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storing, by a computer memory, an initial risk profile for a driver of the vehicle based on a correlation between received biographical information of the driver and claim expected loss information, wherein the initial risk profile includes a plurality of risk factors and with associated expected scores for the driver; generating, by a processor, a driver proxy score (DPS) based on a combination of rating variables in an insurance class plan; receiving, by the processor, information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with a plurality of risk factors; determining, by the processor, a driver telematics score (DTS) based on the information associated with the telematics data; generating, by the processor, an expectation based rating, based on the DPS and the DTS, which measures a variance of the received telematics data information from the initial risk profile; updating, by the processor, pricing information based on the generated expectation based rating; and transmitting, by a transmitter, updated pricing information to a user device or a user transmission device. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
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19. A system for determining insurance pricing information based on telematics data associated with a vehicle, the system comprising:
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a computer memory configured to store an initial risk profile for a driver of the vehicle based on an insurance class plan responsive at least in part to expected claim loss information, wherein the class plan is based on a plurality of risk factors with associated expected scores for the driver; a processor configured to generate at least one driver proxy risk factor score based on the insurance class plan; the processor, configured to receive information associated with telematics data received from a telematics device, wherein the telematics data includes data associated with at least one of the risk factors in the class plan; the processor further configured to generate an expectation based rating, responsive to the at least one driver proxy risk factor score and the telematics data information, which measures a variance of the received telematics data information associated with the at least one risk factor from the class plan expected risk factor scores; and the processor further configured to update pricing information based on the generated expectation based rating. - View Dependent Claims (20)
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Specification