“Providing Temporary Insurance Coverage Using Temporary Risk Data” in Patent Application Approval Process (USPTO 20210272209): Patent Application

2021 SEP 20 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A patent application by the inventors Chan, Leo Nelson (Normal, IL, US); Davis, Justin (Normal, IL, US); Gaudin, Kristopher Keith (Bloomington, IL, US); Williams, Aaron (Congerville, IL, US), filed on January 5, 2018, was made available online on September 2, 2021, according to news reporting originating from Washington, D.C., by NewsRx correspondents.

This patent application has not been assigned to a company or institution.

The following quote was obtained by the news editors from the background information supplied by the inventors: “A party, such as a person or business, may have one or more types of insurance coverage issued by an insurance provider. Thus, in some scenarios, the party may have life insurance coverage, liability insurance coverage, homeowners or renters insurance coverage, automotive insurance coverage, health insurance coverage, etc. Typically, such insurance coverage is on an annual or other basis that may be chosen by the insurance provider with respect to a number of insured parties or that may be conventional in the insurance industry. Obtaining and maintaining conventional insurance coverage of various types in this manner has several drawbacks.”

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventors’ summary information for this patent application: “The present embodiments may relate to providing on-demand services or products. For instance, a predictive offering may be based upon smart/cognitive analytics to prompt on-demand offers for insurance or increased coverage for a finite, and generally shorter timeframe than traditional insurance.

“In one aspect, it may be determined whether a risk of a loss associated with a party (which may or may not be a party already insured by an insurance provider) is temporarily higher, lower, or otherwise different from an ordinary (e.g., predetermined) risk of the loss. For instance, the ordinary risk of the loss may be an average risk of a loss of the same type for which the risk is determined. When the risk of the loss is temporarily higher (or lower, or otherwise different from ordinary), terms of temporary insurance coverage may be determined, and such temporary insurance coverage may be offered and/or provided to the party. As described herein, a risk of a loss that is “temporarily different” than ordinary may include a risk of a loss associated with a party that is temporarily higher than an ordinary risk of the loss, a risk of the loss associated with the party that is temporarily lower than the ordinary risk of the loss, and/or a risk of the loss associated with the party that otherwise temporarily differs from the ordinary risk of the loss. Providing of such temporary insurance coverage for a short duration and in an “on demand” fashion, where the party obtains the temporary insurance coverage when the temporary insurance coverage is likely to be needed and for a duration for which the temporary insurance coverage is likely to be needed, better customizes insurance coverage to the actual needs and risks of the party. As described herein, temporary insurance coverage may refer to insurance coverage that provides, among other attributes of such insurance coverage, (i) an increased or reduced level or levels of insurance coverage relative to a level or levels of insurance coverage that the party has (or does not have) under a conventional (e.g., annual-basis) insurance policy or policies, and/or (ii) otherwise different insurance coverage (e.g., different terms of insurance coverage).

“In another aspect, a computer-implemented method of providing insurance coverage using temporary risk data may be provided. The method may include: (1) receiving, at one or more insurance provider computing devices by at least one of (i) one or more processors or (ii) one or more transceivers, data indicative of a risk of a loss associated with a party; (2) determining, by the one or more processors of the one or more insurance provider computing devices, based upon the data indicative of the risk of the loss associated with the party, whether the risk of the loss associated with the party is temporarily higher (or lower, or otherwise different) than an ordinary risk of the loss, the risk of the loss being temporarily higher (or otherwise different or lower) than the ordinary risk of the loss when the risk of the loss is higher (or otherwise different or lower, respectively) than the ordinary risk of the loss for at least one of (i) a predetermined amount of time, (ii) less than the predetermined amount of time, or (iii) less than a period of an insurance policy that covers the loss and is issued to the party; (3) determining, by the one or more processors of the one or more insurance provider computing devices when the risk of the loss is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss, one or more terms of temporary insurance coverage for the loss having the risk that is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss based upon at least one of an amount by which the risk of the loss is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss or a duration for which the risk of the loss is to be temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss; and/or (4) providing, by the at least one of the one or more processors of the one or more insurance provider computing devices or the one or more transceivers of the one or more insurance provider computing devices, for an amount of time based upon the duration for which the risk of the loss is to be temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss, the temporary insurance coverage for the loss having the risk that is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss. As a result, temporary insurance coverage may be provided to customers. The method may include additional, less, or alternate actions, including those discussed elsewhere herein.

“In yet another aspect, a computer system for providing insurance coverage using temporary risk data may be provided. The computer system may include at least one of (i) one or more processors, or (ii) one or more transceivers. The computer system may be configured to: (1) receive data indicative of a risk of a loss associated with a party; (2) determine, based upon the data indicative of the risk of the loss associated with the party, whether the risk of the loss associated with the party is temporarily higher (or otherwise different or lower) than an ordinary risk of the loss, the risk of the loss being temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss when the risk of the loss is higher (or otherwise different or lower, respectively) than the ordinary risk of the loss for at least one of (i) a predetermined amount of time, (ii) less than the predetermined amount of time, or (iii) less than a period of an insurance policy that covers the loss and is issued to the party; (3) determine, when the risk of the loss is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss, one or more terms of temporary insurance coverage for the loss having the risk that is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss based upon at least one of an amount by which the risk of the loss is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss or a duration for which the risk of the loss is to be temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss; and/or (4) provide, for an amount of time based upon the duration for which the risk of the loss is to be temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss, the temporary insurance coverage for the loss having the risk that is temporarily higher (or otherwise different or lower, respectively) than the ordinary risk of the loss. The computer system may be configured with additional, less, or alternate functionality, including that discussed elsewhere herein.

“Advantages will become more apparent to those skilled in the art from the following description of the preferred embodiments which have been shown and described by way of illustration. As will be realized, the present embodiments may be capable of other and different embodiments, and their details are capable of modification in various respects. Accordingly, the drawings and description are to be regarded as illustrative in nature and not as restrictive.

“The Figures depict preferred embodiments for purposes of illustration only. Alternative embodiments of the systems and methods illustrated herein may be employed without departing from the principles of the invention described herein.”

The claims supplied by the inventors are:

“1. A computer-implemented method of providing insurance coverage using temporary risk data, the method comprising: receiving, at one or more insurance provider computing devices by one or more processors, data indicative of a risk of a loss associated with a party, wherein the data indicative of the risk of the includes at least hazard data associated with a surrounding landscape, comprising data indicating one or more natural hazards used for hazardous pedestrian activity are present in the surrounding landscape; determining, by the one or more processors, based upon the data indicative of the risk of the loss, whether the risk of the loss is temporarily different from an ordinary risk of the loss, the risk of the loss being temporarily different when the risk of the loss is lower or higher than the ordinary risk of the loss for at least one of (i) a predetermined amount of time, (ii) less than the predetermined amount of time, or (iii) less than a period of an insurance policy that covers the loss and is issued to the party; determining, by the one or more processors, one or more terms of temporary insurance coverage for the loss having the risk that is temporarily different based upon at least one of an amount by which the risk of the loss is temporarily lower or higher than the ordinary risk of the loss, or a duration for which the risk of the loss is to be temporarily lower or higher than the ordinary risk of the loss; and providing, by the one or more processors, for an amount of time based upon the duration for which the risk of the loss is to be temporarily different, the temporary insurance coverage for the loss having the risk that is temporarily different from the ordinary risk of the loss.

“2. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes vehicle telematics data, and wherein the vehicle telematics data includes at least one of Global Positioning System (GPS) location, speed, heading, direction, lane, braking, cornering, acceleration, or route data associated with an autonomous or other smart vehicle.

“3. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes at least one of (i) data from one or more computing devices associated with an autonomous or other smart vehicle, the party being associated with the vehicle, (ii) data from one or more computing devices associated with one or more additional autonomous or other smart vehicles, or (iii) data available at the one or more insurance provider computing devices, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining at least one of (i) that the vehicle is within an area that includes or is devoid of at least one of: congestion, a collision, an abnormal or different collision risk, or a predetermined weather occurrence, (ii) that the vehicle is within a predetermined distance of, or a predetermined distance from, the at least one of the congestion, the collision, the abnormal or different collision risk, or the predetermined weather occurrence, or (iii) that the vehicle is estimated to reach, exit, or avoid the area that includes the at least one of the congestion, the collision, the abnormal or different collision risk, or the predetermined weather occurrence within a predetermined time.

“4. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes at least one of (i) data generated by one or more devices associated with a vehicle, the party being associated with the vehicle, or (ii) data available at the one or more insurance provider computing devices, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining that an animal associated with the party is or is not present within the vehicle.

“5. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes at least one of (i) data generated by one or more devices associated with the party, or (ii) data available at the one or more insurance provider computing devices, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining that the party is or is not riding a bicycle.

“6. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes previous activity data corresponding to previous activity of the party, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes: determining habit data of the party based upon the previous activity data, the habit data being indicative of at least one habit of the insured party; and determining, based upon the habit data, whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss.

“7. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes at least one of (i) data generated by one or more devices associated with the party, (ii) data generated by one or more devices associated with a provider of a travel service, or (iii) data available at the one or more insurance provider computing devices, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining that the party is at least one of traveling using the travel service, or expected to travel using the travel service within a predetermined amount of time.

“8. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes location data indicative of at least one of a location of the party or an expected future location of the party, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, the at least one of the location of the party or the expected future location of the party.

“9. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes data indicative of a rating associated with a service provider, the service provider at least one of providing a service to the party or expected to provide a service to the party within a predetermined amount of time, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining that the rating associated with the service provider is at least one of at a predetermined level, above the predetermined level, or below the predetermined level.

“10. The computer-implemented method of claim 1, wherein the data indicative of the risk of the loss associated with the party includes data that indicates an engagement of the party in a transaction with another party, and wherein determining whether the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss includes determining, based upon the data indicative of the risk of the loss associated with the party, that the risk of the loss associated with the party is temporarily different from the ordinary risk of the loss by determining that the other party has an associated risk of a fraudulent transaction that is higher or lower than a predetermined risk.”

There are additional claims. Please visit full patent to read further.

URL and more information on this patent application, see: Chan, Leo Nelson; Davis, Justin; Gaudin, Kristopher Keith; Williams, Aaron. Providing Temporary Insurance Coverage Using Temporary Risk Data. Filed January 5, 2018 and posted September 2, 2021. Patent URL: https://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.html&r=1&f=G&l=50&s1=%2220210272209%22.PGNR.&OS=DN/20210272209&RS=DN/20210272209

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