System and method for administering telematics based reinsurance pools

• US 9,269,109 B2
• Filed: 12/17/2012
• Issued: 02/23/2016
• Est. Priority Date: 11/12/2009
• 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: Berg, Gregory H., Amigo, Andrew J., Peak, David F.
• Primary Examiner(s): Lemieux, Jessica L
• Application Number:
  US13/716,367
• Publication Number:
  US 20130117050A1
• Time in Patent Office: 1,163 Days
• Field of Search: 705/4
• US Class Current: 1/1
• CPC Class Codes: G06Q 10/06398 Performance of employee with respect to a job function
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07C 5/08 Registering or indicating performance data other than driving, working, idle, or waiting time, with or without registering driving, working, idle or waiting time

Abstract

A data processing system includes a processor for determining a percentage share to assign a share of relative risk in an insurance pool between an insurer, a first safety vendor and at least one other safety vendor. The processor is further configured to allocate portions of the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors, to aggregate by the insurer loss information related to the insurance pool, and transmit the loss information to the safety vendors. Also, the processor may allocate portions of a claim liability or a received premium associated with the insurance pool among the insurer and the safety vendors according to the determined shares assigned to the insurer and the safety vendors.

Claims

1. An automated data processing system for processing telematics data, comprising:

a communication device configured for receiving data indicative of monitoring by a third party of telematics sensors, the telematics sensors generating data indicative of one or more of vehicle speed, vehicle location, vehicle deceleration, environmental conditions, engine use time, or vehicles ahead of a vehicle carrying a sensor;

a processor coupled to the communication device;

a storage device in communication with said processor, the storage device storing instructions adapted to be executed by said processor for;

determining a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based on a percentage of the telematics sensors monitored by the third party, at least some of the telematics sensors being configured with a user feedback device to provide feedback to a user;

allocating the insurance pool among the insurer and the third party according to the determined telematics data based percentage share;

aggregating, by the insurer, telematics related loss information related to the telematics sensors;

transmitting, via said communication device, the telematics related loss information to the third party;

allocating a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined telematics data based percentage share; and

a memory for storing the determined percentage share assigned to the insurer and the third party;

wherein a computer system of the third party receives the telematics related loss information, generates a recommendation for transmission to a policy holder based at least in part on analysis of the received telematics related loss information and transmits the generated recommendation to the policy holder.

2. The data processing system of claim 1, wherein the telematics sensors are installed in motor vehicles.

3. The data processing system of claim 1, wherein the memory stores information indicative of a proportion of a vehicle fleet in which the telematics sensors monitored by the third party are installed, the processor determining the percentage share based at least in part on said information.

4. A method for processing data relating to telematics sensor data, comprising:

determining, by a computer processor, a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based at least in part on a percentage of telematics sensors monitored by the third party device configured for receiving data indicative of monitoring by a third party of telematics sensors, the telematics sensors generating data indicative of one or more of vehicle speed, vehicle location, vehicle deceleration, environmental conditions, engine use time, or vehicles ahead of a vehicle carrying a sensor, at least some of the telematics sensors being configured with a user feedback device to provide feedback to a user;

allocating, by the computer processor, the insurance pool among the insurer and the third party according to the determined telematics data based percentage share;

aggregating, by the insurer, telematics related loss information related to the telematics sensors deployed;

transmitting the telematics related loss information to the third party;

automatically allocating, by the computer processor, a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined telematics data based percentage share; and

receiving, by a computer system of the third party, the telematics related loss information, generating a recommendation for transmission to a policy holder based at least in part on analysis of the received telematics related loss information, and transmitting the generated recommendation to the policy holder.

5. The method of claim 4, wherein the telematics sensors monitoring devices are installed in motor vehicles.

6. The method of claim 4, further comprising:

determining information indicative of a proportion of a vehicle fleet in which the telematics sensors monitored by the third party are installed, wherein the telematics data based percentage share is determined based at least in part on said information.

7. A non-transitory computer-readable medium, for processing data relating to telematics sensor data, the medium storing instructions that, when executed by a processor, result in the performance of a method, the method comprising:

determining a percentage share to assign relative risk in a telematics based insurance pool between an insurer and a third party, wherein the percentage share is determined based at least in part on a percentage of telematics sensors monitored by the third party, the telematics sensors generating data indicative of one or more of vehicle speed, vehicle location, vehicle deceleration, environmental conditions, engine use time, or vehicles ahead of a vehicle carrying a sensor, at least some of the telematics sensors being configured with a user feedback device to provide feedback to a user;

allocating the insurance pool among the insurer and the third party according to the determined telematics data based percentage share;

aggregating, by the insurer, telematics related loss information related to the telematics sensors deployed;

transmitting the telematics related loss information to the third party; and

automatically allocating a claim liability or a received premium associated with the insurance pool among the insurer and the third party according to the determined telematics data based percentage share;

wherein a computer system of the third party receives the telematics related loss information, generates a recommendation for transmission to a policy holder based at least in part on analysis of the received telematics related loss information, and transmits the generated recommendation to the policy holder.

8. The medium of claim 7, wherein the telematics sensors are installed in motor vehicles.

9. The medium of claim 7, further comprising:

determining information indicative of a proportion of a vehicle fleet in which the telematics sensors monitored by the third party are installed, wherein the telematics data based percentage share is determined based at least in part on said information.