Systems and methods for analyzing sensor data

A vehicle telematics data collection and analysis method, comprising:

• receiving, with a first communication device, a request to insure a vehicle of an entity;
• collecting data, while the vehicle is in operation, by one or more vehicle telematics sensors, comprising one or more of speedometers, odometers, braking sensors, air bag deployment sensors, location detectors, accelerometers, and steering monitors;
• dynamically uploading vehicle telematics sensor data by a terminal executing an automated webservice application, the terminal comprising a remote communication device in communication with the one or more vehicle telematics sensors;
• receiving, with a second communication device, from the terminal, vehicle telematics sensor data related to the vehicle, wherein the vehicle telematics sensor data includes at least one data parameter;
• storing, in a memory, a plurality of rating categories, wherein each of the plurality of rating categories is associated with a classification rule and at least one of a plurality of underwriting and pricing algorithms, wherein the one of the plurality of underwriting and pricing algorithms associated with one of the plurality of rating categories and the at least one of the plurality of underwriting and pricing algorithms associated with another one of the plurality of rating categories apply different sets of data parameters or sensor data parameter weights;
• generating, with a computer processor, a price for an insurance policy including coverage for the vehicle by:
• obtaining a value for the characteristic of the vehicle based on information received via the first communication device, wherein the characteristic of the vehicle comprises one of vehicle size, vehicle safety rating, vehicle engine size, vehicle color, vehicle cargo capacity, and vehicle age,
• determining a rating category from the plurality of stored rating categories for the coverage by applying, to the received vehicle characteristic value, the classification rule for each of the plurality of respective rating categories;
• obtaining an underwriting and pricing algorithm of the plurality of underwriting and pricing algorithms, corresponding to the identified rating category for use in determining the price;
• determining the price based at least in part by applying a set of sensor data parameter weights to the received vehicle telematics sensor data according to the obtained underwriting and pricing algorithm;
• outputting, with an output device, the price based in part on the manipulation.

A telematics system, comprising:

• one or more vehicle telematics sensors, comprising one or more of speedometers, odometers, braking sensors, air bag deployment sensors, location detectors, accelerometers, and steering monitors, collecting data while a vehicle is in operation;
• a terminal comprising a remote communication device in communication with the one or more vehicle telematics sensors and storing computer-readable instructions defining an automated webservice application configured to dynamically upload vehicle telematics sensor data;
• and
• non-transitory computer readable media encoding computer-readable instructions, which, when executed on a processor cause the processor to carry out a method comprising:
• receiving a request to insure a vehicle of an entity;
• receiving from the terminal vehicle telematics sensor data related to the vehicle, wherein the sensor data includes at least one data parameter;
• storing a plurality of rating categories, wherein each of the plurality of rating categories is associated with a classification rule and at least one of a plurality of underwriting and pricing algorithms, wherein the at least one of the plurality of underwriting and sensor algorithms associated with one of the plurality of rating categories and the at least one of the plurality of underwriting and pricing algorithms associated with another one of the plurality of rating categories apply different sets of data parameters or sensor data parameter weights;
• generating a price for an insurance policy including coverage for the vehicle by:
• obtaining a value for the characteristic of the vehicle based on information received via the first communication device, wherein the characteristic of the vehicle comprises one of vehicle size, vehicle safety rating, vehicle engine size, vehicle color, vehicle cargo capacity, and vehicle age;
• identifying a rating category from the plurality of stored rating categories for the coverage by comparing the received vehicle characteristic value to the classification rule for each of the plurality of respective rating categories;
• obtaining an underwriting and pricing algorithm corresponding to the identified rating category for use in determining the price;
• determining the price based at least in part by applying a set of sensor data parameter weights to the received vehicle telematics sensor data according to the obtained underwriting and pricing algorithm;
• outputting the price based in part on the manipulation.