Systems and methods for managing insurance contracts using telematics data

A computer system for managing insurance contracts, the computer system including:

• at least one memory device;
• and
• at least one processor in communication with the at least one memory device, the at least one processor is programmed to:
• collect telematics data associated with a vehicle of a user using one or more sensors, the telematics data being indicative of at least the location of the vehicle, the condition of the vehicle, and the surroundings of the vehicle, the one or more sensors including a global positioning system;
• generate, based at least in part upon the telematics data, a usage profile including a plurality of usage characteristics representing risk behaviors exhibited by the user, the plurality of usage characteristics including:
• a first indicator representing how frequently the user drives above a posted speed limit;
• a second indicator representing how frequently the user drives at high-risk times of the day;
• or
• a third indicator representing how timely the user maintains the vehicle;
• receive a plurality of offers for insurance contracts from a plurality of insurance providers, each offer of the plurality of offers including a plurality of target usage characteristics and a maximum price the associated insurance provider is willing to pay to be matched with a user satisfying the plurality of target usage characteristics, the plurality of target usage characteristics defines limits of usage of the vehicle covered by the offered insurance contract;
• automatically determine, from the plurality of offers, a plurality of acceptable offers based at least in part upon comparing the plurality of usage characteristics to the plurality of target usage characteristics;
• and
• automatically determine, from the plurality of acceptable offers, a desired offer based at least in part upon the associated maximum prices.

A computer-implemented method for managing insurance contracts, the method implemented on an insurance management (“IM”) computer device including at least one processor in communication with at least one memory device, the method comprising:

• collecting telematics data associated with a vehicle of a user using one or more sensors, the telematics data being indicative of at least the location of the vehicle, the condition of the vehicle, and the surroundings of the vehicle, the one or more sensors including a global positioning system;
• generating, based at least in part upon the telematics data, a usage profile including a plurality of usage characteristics representing risk behaviors exhibited by the user, the plurality of usage characteristics including:
• a first indicator representing how frequently the user drives above a posted speed limit;
• a second indicator representing how frequently the user drives at high-risk times of the day;
• or
• a third indicator representing how timely the user maintains the vehicle;
• receiving a plurality of offers for insurance contracts from a plurality of insurance providers, each offer of the plurality of offers including a plurality of target usage characteristics and a maximum price the associated insurance provider is willing to pay to be matched with a user satisfying the plurality of target usage characteristics, the plurality of target usage characteristics defines limits of usage of the vehicle covered by the offered insurance contract;
• automatically determining, from the plurality of offers, a plurality of acceptable offers based at least in part upon comparing the plurality of usage characteristics to the plurality of target usage characteristics;
• and
• automatically determining, from the plurality of acceptable offers, a desired offer based at least in part upon the associated maximum prices.

A non-transitory computer-readable medium with instructions stored thereon, that upon execution by a processor, causes the processor to perform:

• collecting telematics data associated with a vehicle of a user using one or more sensors, the telematics data being indicative of at least the location of the vehicle, the condition of the vehicle, and the surroundings of the vehicle, the one or more sensors including a global positioning system;
• generating, based at least in part upon the telematics data, a usage profile including a plurality of usage characteristics representing risk behaviors exhibited by the user, the plurality of usage characteristics including:
• a first indicator representing how frequently the user drives above a posted speed limit;
• a second indicator representing how frequently the user drives at high-risk times of the day;
• or
• a third indicator representing how timely the user maintains the vehicle;
• receiving a plurality of offers for insurance contracts from a plurality of insurance providers, each offer of the plurality of offers including a plurality of target usage characteristics and a maximum price the associated insurance provider is willing to pay to be matched with a user satisfying the plurality of target usage characteristics, the plurality of target usage characteristics defines limits of usage of the vehicle covered by the offered insurance contract;
• automatically determining, from the plurality of offers, a plurality of acceptable offers based at least in part upon comparing the plurality of usage characteristics to the plurality of target usage characteristics;
• and
• automatically determining, from the plurality of acceptable offers, a desired offer based at least in part upon the associated maximum prices.