Systems and methods for processing vehicle or driver performance data
AssigneeUnited Services Automobile Association
InventorJohn Chandler Hopkins, III
Life of this patent
Estimating the term…
Abstract
Apparatus and methods to process vehicle or driver behavior data are described herein. In some examples, the behavior data is used by a premium calculating engine to derive a premium for a vehicle insurance policy using the data. The behavior data may be associated with a single driver, or may be associated with all drivers of a vehicle without regard to the actual drivers, in some examples. Data received from the vehicle may also include vehicle performance data, in further examples. Additionally, a method of underwriting a dynamic vehicle insurance policy is described, in one example.
Claims21
A method of processing data received from a vehicle covered by a vehicle insurance policy, the method comprising:
- receiving, by a computing device having a computer processor and computer-readable code stored on a computer-readable medium and executable by the computer processor, behavior data from a data processing module installed in the vehicle, wherein the behavior data is a measure of driving behavior of one or more drivers operating the vehicle and is derived by the data processing module from vehicle performance data for the vehicle acquired by the data processing module;
- calculating, by the computing device, at least one insurance risk for the vehicle using the behavior data;
- and
- determining, by the computing device, a premium for the vehicle insurance policy for the vehicle using the at least one insurance risk;
- issuing, by the computing device, the vehicle insurance policy for the vehicle, the issued vehicle insurance policy having the premium;
- receiving, by the computing device, further behavior data from the data processing module;
- calculating, by the computing device, at least one insurance risk for the vehicle using the further behavior data;
- determining, by the computing device, a modified premium for the vehicle insurance policy for the vehicle using the at least one insurance risk calculated using the further behavior data;
- determining, by the computing device, if a threshold change between the premium and the modified premium is exceeded;
- and
- modifying, by the computing device, only if it is determined the threshold change is exceeded, the issued vehicle insurance policy to have the modified premium.
A machine-readable medium for processing data received from a vehicle covered by a vehicle insurance policy, which when executed by a machine, cause the machine to perform the following operations:
- receiving behavior data from a data processing module installed in the vehicle, wherein the behavior data is a measure of driving behavior of one or more drivers operating the vehicle and is derived by the data processing module from vehicle performance data for the vehicle acquired by the data processing module;
- calculating at least one insurance risk for the vehicle using the behavior data;
- and
- determining a premium for the vehicle insurance policy for the vehicle using the at least one insurance risk;
- issuing the vehicle insurance policy for the vehicle, the issued vehicle insurance policy having the premium;
- receiving further behavior data from the data processing module;
- calculating at least one insurance risk for the vehicle using the further behavior data;
- determining a modified premium for the vehicle insurance policy for the vehicle using the at least one insurance risk calculated using the further behavior data;
- determining if a threshold change between the premium and the modified premium is exceeded;
- and
- modifying, only if it is determined the threshold change is exceeded, the issued vehicle insurance policy to have the modified premium.
A device for processing data received from a vehicle covered by a vehicle insurance policy, the device comprising:
- a memory;
- and
- a processor coupled to the memory, wherein the processor is configured to:
- receive behavior data from a data processing module installed in the vehicle, wherein the behavior data is a measure of driving behavior of one or more drivers operating the vehicle and is derived by the data processing module from vehicle performance data for the vehicle acquired by the data processing module;
- calculate at least one insurance risk for the vehicle using the behavior data;
- determine a premium for a vehicle insurance policy for the vehicle using the at least one insurance risk;
- issue the vehicle insurance policy for the vehicle, the issued vehicle insurance policy having the premium;
- receive further behavior data from the data processing module;
- calculate at least one insurance risk for the vehicle using the further behavior data;
- determine a modified premium for the vehicle insurance policy for the vehicle using the at least one insurance risk calculated using the further behavior data;
- determine if a threshold change between the premium and the modified premium is exceeded;
- and
- modify, only if it is determined the threshold change is exceeded, the issued vehicle insurance policy to have the modified premium.
Dependencies are inferred from the claim text.