Patent Issued for Systems and methods for managing insurance associated with devices populated within a property (USPTO 11361387): State Farm Mutual Automobile Insurance Company

2022 JUN 30 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Alexandria, Virginia, by NewsRx journalists, a patent by the inventors Binion, Todd (Bloomington, IL, US), Bryant, Ronny S. (Bloomington, IL, US), Call, Shawn M. (Bloomington, IL, US), Criswell, Jennifer (Lincoln, IL, US), Donovan, John (Bloomington, IL, US), Hakimi-Boushehri, Daryoush (Bloomington, IL, US), Jordan, II, Jackie O. (Bloomington, IL, US), McDermeit, Elisabeth (Bloomington, IL, US), Weekes, John H. (Bloomington, IL, US), filed on April 22, 2020, was published online on June 14, 2022.

The assignee for this patent, patent number 11361387, is State Farm Mutual Automobile Insurance Company (Bloomington, Illinois, United States).

Reporters obtained the following quote from the background information supplied by the inventors: “Homeowner and personal property insurance exists to provide financial protection against damage to the home, as well as personal property owned by the policyholder, respectively. With the proliferation of the “internet of things,” more household devices and items are gaining communication and network connectivity capabilities. The new capabilities may enable data detection and more accurate information and metrics. However, current insurance policy processing systems may not account for the connected devices and/or improved information.”

In addition to obtaining background information on this patent, NewsRx editors also obtained the inventors’ summary information for this patent: “The present embodiments may, inter alia, facilitate communications with connected devices and items, and/or facilitate insurance processing associated with the connected devices and items, among other functionalities. For instance, the present embodiments may dynamically manage insurance policies associated with a property (e.g., smart home) that may be populated with a plurality of devices. Each of the plurality of devices may be configured to monitor various conditions of the property and may have an associated value or worth. A controller may interface with the plurality of devices to receive sensor data from the plurality of devices as well as assess damage to the devices, estimate replacement costs for the devices, and generate proposed insurance claims associated with device conditions. The controller may also estimate device damage based upon a location of an associated insurance-related event. A customer may receive the proposed insurance claims and may be able to accept, reject, or modify the claims accordingly. The controller and/or an insurance provider may facilitate the insurance claim processing with the customer so that the customer may be afforded an effective and efficient channel for claims processing without having to manually initiate, populate, and submit insurance claims.

“In one aspect, a computer-implemented method for managing an insurance policy associated with a property may be provided. The property may be populated with a hardware controller in communication with a plurality of devices, and each of the plurality of devices may be configured to monitor various conditions associated with the property. The method may include (1) receiving, by the hardware controller via wired or wireless communication and/or a first communication network, a plurality of identifications respectively associated with the plurality of devices, such as smart appliances or other smart devices or items configured for wired or wireless communication described below; (2) updating, with the plurality of identifications, an inventory list associated with the property; (3) calculating, by one or more processors (such as one or more local or remote processors associated with a smart home controller and/or insurance provider, respectively) based upon the updated inventory list, a total amount of worth of the plurality of devices; and/or (4) estimating, by the one or more processors, a modified insurance coverage quote for the insurance policy based upon the total amount of worth of the plurality of devices. The method further may include (5) communicating, to a customer having the insurance policy, the modified insurance coverage quote, such as via wireless communication or data transmission; (6) receiving, from the customer, an acceptance of the modified insurance coverage quote, such as via wireless communication; and/or (7) facilitating a modification to the insurance policy, with an insurance provider, based upon the acceptance of the modified insurance coverage quote. The method may include additional, fewer, or alternate actions, including those discussed elsewhere herein.

“In another aspect, a system for managing an insurance policy may be provided. The insurance policy may be associated with a property populated with a plurality of devices (such as smart appliances or other smart devices or items configured for wired or wireless communication described below) that are configured to monitor various conditions associated with the property, such as a smart or interconnected home. The system may include a memory adapted to store non-transitory computer executable instructions, a communication module adapted to communicate data, and/or a processor adapted to interface with the communication module. The processor may be configured to execute the non-transitory computer executable instructions to cause the processor to (1) receive, via the communication module, a plurality of identifications respectively associated with the plurality of devices; (2) update, with the plurality of identifications, an inventory list associated with the property; (3) calculate, based upon the updated inventory list, a total amount of worth of the plurality of devices; and/or (4) estimate a modified insurance coverage quote for the insurance policy based upon the total amount of worth of the plurality of devices. The processor may be further configured to (5) communicate, via the communication module to a customer having the insurance policy, the modified insurance coverage quote; (6) receive, from the customer via the communication module, an acceptance of the modified insurance coverage quote; and/or (7) facilitate a modification to the insurance policy, with an insurance provider, based upon the acceptance of the modified insurance coverage quote. The system may include additional, less, or alternate components and functionality, including that discussed elsewhere herein.”

The claims supplied by the inventors are:

“1. A computer-implemented method of managing an insurance policy associated with a property and having a coverage amount and a current premium amount, the property populated with a hardware controller in communication with a plurality of devices, each of the plurality of devices configured to monitor various conditions associated with the property, the method comprising: receiving, by the hardware controller from a plurality of transmitters via a first communication network, (i) a plurality of identifications, the plurality of transmitters respectively associated with the plurality of devices, and (ii) a set of image data collected from a set of cameras within the property; updating, with the plurality of identifications, an inventory list associated with the property; determining, by the hardware controller using the set of image data collected from the set of cameras, a set of locations respectively associated with the plurality of devices; accessing, by the hardware controller via a short-range communication network, a market value for each of the plurality of devices from a data tag equipped as part of the respective device; calculating, by one or more processors, a decrease to at least one of the plurality of market values based on an age of the respective at least one of the plurality of devices; calculating, by the one or more processors based upon the plurality of market values for the plurality of devices and the calculated decrease to the at least one of the plurality of market values, a total amount of worth of the plurality of devices; estimating, by the one or more processors, a modified insurance coverage quote for the insurance policy based upon the total amount of worth of the plurality of devices; and communicating, to an electronic device of a customer having the insurance policy, the modified insurance coverage quote, wherein the electronic device concurrently presents, in a user interface, (i) a modified coverage amount, (ii) an amount that the current premium amount decreases as a result of the modified coverage amount, and (iii) a selection to accept the modified insurance coverage quote.

“2. The computer-implemented method of claim 1, the method further comprising: automatically generating a virtual map that locates the plurality of devices within the property.

“3. The computer-implemented method of claim 1, the method further comprising: receiving, from the electronic device of the customer, an acceptance of the modified insurance coverage quote; and facilitating a modification to the insurance policy, with an insurance provider, based upon the acceptance of the modified insurance coverage quote.

“4. The computer-implemented method of claim 1, wherein estimating the modified insurance coverage quote for the insurance policy comprises: communicating, to an insurance provider, the total amount of worth of the plurality of devices and an indication of the property; and receiving the modified insurance coverage quote from the insurance provider.

“5. The computer-implemented method of claim 1, wherein communicating the modified insurance coverage quote comprises: communicating, to the electronic device of the customer via one of the first communication network or a second communication network, the modified insurance coverage quote.

“6. The computer-implemented method of claim 1, wherein communicating the modified insurance coverage quote comprises: communicating, to an insurance provider, the modified insurance coverage quote and an instruction to cause the insurance provider to provide the modified insurance coverage quote to the customer.

“7. The computer-implemented method of claim 1, the method further comprising: receiving, from the electronic device of the customer via an insurance provider, an acceptance of the modified insurance coverage quote.

“8. The computer-implemented method of claim 1, the method further comprising: communicating, to an insurance provider, an identification of the insurance policy and an indication of the acceptance of the modified insurance coverage quote, wherein the insurance provider modifies the insurance policy.

“9. The computer-implemented method of claim 1, further comprising: detecting that at least one of the plurality of devices is no longer associated with the property; and removing the at least one of the plurality of devices from the inventory list.

“10. A computer system for managing an insurance policy associated with a property and having a coverage amount and a current premium amount, the property populated with a plurality of devices configured to monitor various conditions associated with the property, comprising: a memory storing non-transitory computer executable instructions; a communication module for communicating data; and a processor interfacing with the communication module, wherein the processor is configured to execute the non-transitory computer executable instructions to cause the processor to: receive, via the communication module from (i) a plurality of identifications, the plurality of transmitters respectively associated with the plurality of devices, and (ii) a set of image data collected from a set of cameras within the property, update, with the plurality of identifications, an inventory list associated with the property, determine, using the set of image data collected from the set of cameras, a set of locations respectively associated with the plurality of devices, access, via a short-range communication network, a market value for each of the plurality of devices from a data tag equipped as part of the respective device, calculate a decrease to at least one of the plurality of market values based on an age of the respective at least one of the plurality of devices, calculate, based upon the plurality of market values for the plurality of devices and the calculated decrease to the at least one of the plurality of market values, a total amount of worth of the plurality of devices, estimate a modified insurance coverage quote for the insurance policy based upon the total amount of worth of the plurality of devices, and communicate, via the communication module to an electronic device of a customer having the insurance policy, the modified insurance coverage quote, wherein the electronic device concurrently presents, in a user interface, (i) a modified coverage amount, (ii) an amount that the current premium amount decreases as a result of the modified coverage amount, and (iii) a selection to accept the modified insurance coverage quote.

“11. The computer system of claim 10, wherein the processor is further configured to: receive, from the electronic device of the customer via the communication module, an acceptance of the modified insurance coverage quote.

“12. The computer system of claim 11, wherein the processor is further configured to: facilitate a modification to the insurance policy, with an insurance provider, based upon the acceptance of the modified insurance coverage quote.

“13. The computer system of claim 10, wherein to estimate the modified insurance coverage quote for the insurance policy, the processor is configured to: communicate, to an insurance provider via the communication module, the total amount of worth of the plurality of devices and an indication of the property, and receive the modified insurance coverage quote from the insurance provider.

“14. The computer system of claim 10, wherein to communicate the modified insurance coverage quote, the processor is configured to: communicate, to the electronic device of the customer via one of a local area network or a wide area network, the modified insurance coverage quote.

“15. The computer system of claim 10, wherein to communicate the modified insurance coverage quote, the processor is configured to: communicate, to an insurance provider, the modified insurance coverage quote and an instruction to cause the insurance provider to provide the modified insurance coverage quote to the customer.

“16. The computer system of claim 10, wherein the processor is further configured to: receive, from the electronic device of the customer via an insurance provider, an acceptance of the modified insurance coverage quote.

“17. The computer system of claim 10, wherein the processor is further configured to: communicate, to an insurance provider via the communication module, an identification of the insurance policy and an indication of the acceptance of the modified insurance coverage quote, wherein the insurance provider modifies the insurance policy.

“18. The computer system of claim 10, wherein the processor is further configured to: detect that at least one of the plurality of devices is no longer associated with the property, and remove the at least one of the plurality of devices from the inventory list.”

For more information, see this patent: Binion, Todd. Systems and methods for managing insurance associated with devices populated within a property. U.S. Patent Number 11361387, filed April 22, 2020, and published online on June 14, 2022. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11361387.PN.&OS=PN/11361387RS=PN/11361387

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