Researchers Submit Patent Application, “Systems And Methods For Generating Mobility Insurance Products Using Ride-Sharing Telematics Data”, for Approval (USPTO 20230121796): Patent Application

2023 MAY 05 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Washington, D.C., NewsRx journalists report that a patent application by the inventors Brannan, Joseph Robert (Bloomington, IL, US); Gross, Ryan Michael (Normal, IL, US); Harvey, Brian N. (Bloomington, IL, US), filed on December 15, 2022, was made available online on April 20, 2023.

No assignee for this patent application has been made.

News editors obtained the following quote from the background information supplied by the inventors: “Transportation network companies (“TNC”), such as LIBER and LYFT, enable efficient transportation of passengers by providing “ride-sharing” systems that allow independent operators (e.g., drivers) the ability to offer transportation services to riders seeking transportation.

“Ride-sharing systems may use dynamic pricing models based upon passenger demand and the current supply of vehicles and drivers to determine a market rate. A higher price may be used to encourage drivers to offer rides during high demand or “peak” times when passenger demand is high and low driver supply occurs. By allowing drivers the ability to easily offer or discontinue transportation services, the demand for transportation may be more efficiently met by automatically adjusting the total number of vehicles in operation according to the number of passengers seeking transportation. Prices for transportation services using a flexible model may therefore be lower than if a fixed fleet of vehicles and drivers were deployed.

“Independent operators driving for a TNC may be incentivized to offer services to riders through a number of benefits offered by the TNC including flexible scheduling, freedom from substantial oversight, and potential for significant compensation in highly trafficked areas. However, these incentives may not be sufficient to motivate an adequate number of drivers.

“Drivers face a number of other difficulties that may deter offering transportation services. For example, driving during peak times may be extremely stressful when dealing with congested traffic conditions. In addition, offering driving services during peak times may also increase the possibility of accidents. Operating a vehicle in highly trafficked areas may also incur added maintenance costs further deterring drivers from offering such transportation services. Enhancing peace of mind and/or providing additional incentives may be desirable to encourage independent operators to offer these TNC transportation services.”

As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventors’ summary information for this patent application: “The present embodiments may relate to systems and methods for enhancing dynamic allocation of transportation services by improving ease of access to personalized insurance protection and rewards-based instruments. The system may include a personalized insurance (“PI”) computing device in communication with one or more transportation network companies (“TNC”), one or more financial service providers, one or more user computing devices, and/or one or more databases.

“In one aspect, a personalized insurance (“PI”) computing device may be provided. The PI computing device may be configured to determine an optimal usage-based insurance (“UBI”) product for a driver operating a vehicle for a transportation network company (“TNC”) during a period of increased demand for transportation services. The PI computing device may have at least one processor (and/or associated transceiver) in communication with at least one memory. The processor and/or associated transceiver may be configured to receive, from the TNC, data indicating the increased demand for transportation services. The processor may further be configured to retrieve driver data for a driver operating a vehicle for the transportation network company, wherein the driver data includes at least the driver history. The processor may be further configured to generate an optimal pricing model for the driver based upon the increased demand and the driver data. The processor may be further configured to execute the model to determine an optimal insurance product, where the optimal insurance product includes characteristics reflecting at least one risk factor associated with the increased demand for transportation services and a risk profile determined from analyzing the driver data. The processor and/or associated transceiver may be further configured to transmit, to a user computing device, an offer, to the driver, to provide transportation services at an increased earnings rate and with the determined optimal insurance product. The PI computing device may be configured to perform additional, less, or alternate functionality, including that discussed elsewhere herein.

“In another aspect, a computer-implemented method for determining an optimal usage-based insurance (“UBI”) product for a driver operating a vehicle for a transportation network company (“TNC”) during a period of increased demand for transportation services using a personal insurance (“PI”) computing device may be provided. The PI computing device may have at least one processor (and/or associated transceiver) in communication with at least one memory. The method may include receiving, via the processor and/or associated transceiver (such as via wireless communication or data transmission over one or more radio frequency links), data from the TNC indicating an increased demand for transportation services. The method may further include retrieving, via the processor, driver data for a driver operating a vehicle for the TNC, where the driver data includes at least the driver history. The method may further include generating, via the processor, an optimal pricing model for the driver based upon the increased demand and the driver data. The method may further include executing, via the processor, the model to determine an optimal insurance product, where the optimal insurance product includes characteristics reflecting at least one risk factor associated with the increased demand for transportation services and a risk profile determined from analyzing the driver data. The method may further include transmitting, via the processor and/or transceiver (such as via wireless communication or data transmission over one or more radio frequency links), to a user computing device, an offer, to the driver, to provide transportation services at an increased earnings rate and with the determined optimal insurance product. The method may include additional, less, or alternate functionality, including that discussed elsewhere herein.

“In another aspect, a non-transitory computer-readable storage media having computer-executable instructions embodied thereon may be provided. When the computer-executable instructions are executed by a personalized insurance (“PI”) computing device having at least one processor (and/or associated transceiver) in communication with at least one memory, the computer-executable instructions may cause the at least one processor and/or associated transceiver to receive, from a transportation network company (“TNC”), data indicating an increased demand for transportation services. The computer-executable instructions may also cause the at least one processor to retrieve driver data for a driver operating a vehicle for the TNC, where the driver data includes at least the driver history. The computer-executable instructions may further cause the at least one processor to generate an optimal pricing model for the driver based upon the increased demand and the driver data. The computer-executable instructions may also cause the at least one processor to execute the model to determine an optimal insurance product where the optimal insurance product includes characteristics reflecting at least one risk factor associated with the increased demand for transportation services and a risk profile determined from analyzing the driver data. The computer-executable instructions may further cause the at least one processor and/or associated transceiver to transmit, to a user computing device, an offer, to the driver, to provide transportation services at an increased earnings rate and with the determined optimal insurance product. The instructions may direct additional, less, or alternate functionality, including that discussed elsewhere herein.

“In yet another aspect, a personalized insurance (“PI”) computing device for facilitating automatic insurance payments through a hybrid savings account (“HSA”) associated with a driver operating a vehicle for a transportation network company (“TNC”) may be provided. The PI computing device may have at least one processor (and/or associated transceiver) in communication with at least one memory. The processor and/or associated transceiver may be configured to receive, from the TNC, funds earned by a driver operating the vehicle for the TNC. The processor and/or associated transceiver may also be configured to transmit the funds to a financial institution to be deposited into the HSA associated with the driver. The processor and/or associated transceiver may be further configured to receive, from a user computing device associated with the driver, a signal indicating (i) initiation of a ride for a passenger, and (ii) a request for insurance coverage for the ride. The processor and/or associated transceiver may also be configured to transfer, from the HSA to an insurance provider, payment for the requested insurance coverage. The PI computing device may be configured to perform additional, less, or alternate functionality, including that discussed elsewhere herein.

“In a further aspect, a computer-implemented method for facilitating automatic insurance payments through a hybrid savings account (“HSA”) associated with a driver operating a vehicle for a transportation network company (“TNC”) using a personal insurance (“PI”) computing device may be provided. The PI computing device may have at least one processor (and/or associated transceiver) in communication with at least one memory. The method may include, via the processor and/or associated transceiver, receiving, from the TNC, funds earned by a driver operating the vehicle for the TNC. The method may also include transmitting, via the processor and/or associated transceiver, the funds to a financial institution to be deposited into the hybrid savings account associated with the driver. The method may further include receiving, via the processor and/or associated transceiver, from a user computing device associated with the driver, a signal indicating (i) initiation of a ride for a passenger, and (ii) a request for insurance coverage for the ride. The method may also include transferring, via the processor and/or associated transceiver, from the hybrid savings account to an insurance provider, payment for the requested insurance coverage. The method may include additional, less, or alternate functionality, including that discussed elsewhere herein.

“In another aspect, a non-transitory computer-readable storage media having computer-executable instructions embodied thereon may be provided. When the computer-executable instructions are executed by a personalized insurance (“PI”) computing device having at least one processor (and/or associated transceiver) in communication with at least one memory, the computer-executable instructions may cause the at least one processor and/or associated transceiver to receive, from a transportation network company (“TNC”), funds earned by a driver operating a vehicle for the TNC. The computer-executable instructions may further cause the at least one processor and/or associated transceiver to transmit the funds to a financial institution to be deposited into a hybrid savings account (“HSA”) associated with the driver. The computer-executable instructions may further cause the at least one processor and/or associated transceiver to receive, from a user computing device associated with the driver, a signal indicating (i) initiation of a ride for a passenger, and (ii) a request for insurance coverage for the ride. The computer-executable instructions may further cause the at least one processor and/or associated transceiver to transfer, from the HSA to an insurance provider, payment for the requested insurance coverage. The instructions may direct additional, less, or alternate functionality, including that discussed elsewhere herein.”

There is additional summary information. Please visit full patent to read further.”

The claims supplied by the inventors are:

“1. A computing device for applying an optimized model to an operating vehicle, the computing device having at least one processor in communication with at least one memory, the at least one processor configured to: receive, by executing a communications component of the computing device in communication with a user computing device associated with a driver of the operating vehicle, a data signal indicating (i) initiation of providing rides as a driver for a transportation network company (TNC), and (ii) a request for insurance coverage for providing the rides; receive, by executing the communications component of the computing device in communication with a data source, current conditions data associated with current conditions of an area where the rides are provided; generate, in real-time by executing a modeling component and using the optimized model, a price amount for the requested insurance coverage by an insurance provider by applying the current conditions data to the optimized model, wherein the optimized model is generated by applying one or more machine learning programs to historical conditions data and historical driver data of a plurality of drivers; and transmit computer instructions to a remote computing device, the computer instructions causing the remote computing device to electronically transfer funds equal to the price amount from an account associated with the driver to the insurance provider so that the requested insurance coverage is applied to the rides.

“2. The computing device of claim 1, wherein the at least one processor is further configured to transmit a message to an insurance provider computing device associated with the insurance provider indicating completion of the rides provided to terminate the requested insurance coverage.

“3. The computing device of claim 1, wherein the at least one processor is further configured to transmit a message to an insurance provider computing device associated with the insurance provider instructing the insurance provider computing device to automatically request for a new insurance coverage upon termination of the requested insurance coverage.

“4. The computing device of claim 1, wherein the at least one processor is further configured to: receive a message instructing closure of the account associated with the driver; determine a balance owed to the insurance provider; instruct the remote computing device associated with the account to withdraw funds from the account; and transmit the balance to the insurance provider, and remaining funds to the driver.

“5. The computing device of claim 1, wherein the at least one processor is further configured to withdraw funds from the account by executing a transaction with an institution issuing the account.

“6. The computing device of claim 1, wherein the at least one processor is further configured to: transmit a message to the user computing device indicating that the requested insurance coverage has been initiated; and upon completion of the rides provided, transmit an additional message to the user computing device indicating the requested insurance coverage has been terminated.

“7. The computing device of claim 1, wherein the at least one processor is in communication with a third-party, and wherein the at least one processor is further configured to (i) receive a user request from the user computing device for a purchase from the third-party and (ii) transmit funds to the third-party from the account.

“8. The computing device of claim 1, wherein the at least one processor is further configured to: initiate, in real-time, the requested insurance coverage for the driver of the operating vehicle; and upon completion of the rides provided: compare telematics data to historical telematics data, the telematics data associated with the driver and the rides provided, the historical telematics data associated with the plurality of drivers; determine, based upon the comparison, a comparison threshold for the driver; and automatically deposit a reward to the account of the driver based upon the comparison threshold of the driver.

“9. The computing device of claim 1, wherein the at least one processor is further configured to: receive, from a TNC computing device associated with the TNC by executing the communications component, a message including an indication of funds earned by the driver of the operating vehicle for the TNC; and transmit the message to the remote computing device associated with the account, the message instructing the remote computing device to deposit the funds earned by the driver into the account associated with the driver.

“10. The computing device of claim 1, wherein the current conditions data includes information related to at least one of demand conditions, weather conditions, traffic conditions, or road conditions of the area where the rides are provided.

“11. A computer-implemented method for applying an optimized model to an operating vehicle, the method implemented by a computing device having at least one processor in communication with at least one memory, the method comprising: receiving, by executing a communications component of the computing device in communication with a user computing device associated with a driver of the operating vehicle, a data signal indicating (i) initiation of providing rides as a driver for a transportation network company (TNC), and (ii) a request for insurance coverage for providing the rides; receiving, by executing the communications component of the computing device in communication with a data source, current conditions data associated with current conditions of an area where the rides are provided; generating, in real-time by executing a modeling component and using the optimized model, a price amount for the requested insurance coverage by an insurance provider by applying the current conditions data to the optimized model, wherein the optimized model is generated by applying one or more machine learning programs to historical conditions data and historical driver data of a plurality of drivers; and transmitting computer instructions to a remote computing device, the computer instructions causing the remote computing device to electronically transfer funds equal to the price amount from an account associated with the driver to the insurance provider so that the requested insurance coverage is applied to the rides.

“12. The computer-implemented method of claim 11 further comprising transmitting a message to an insurance provider computing device associated with the insurance provider indicating completion of the rides provided to terminate the requested insurance coverage.

“13. The computer-implemented method of claim 11 further comprising transmitting a message to an insurance provider computing device associated with the insurance provider instructing the insurance provider computing device to automatically request for a new insurance coverage upon termination of the requested insurance coverage.

“14. The computer-implemented method of claim 11 further comprising: receiving a message instructing closure of the account associated with the driver; determining a balance owed to the insurance provider; instructing the remote computing device associated with the account to withdraw funds from the account; and transmitting the balance to the insurance provider, and remaining funds to the driver.

“15. The computer-implemented method of claim 11 further comprising withdrawing funds from the account by executing a transaction with an institution issuing the account.

“16. The computer-implemented method of claim 11 further comprising: transmitting a message to the user computing device indicating that the requested insurance coverage has been initiated; and upon completion of the rides provided, transmitting an additional message to the user computing device indicating the requested insurance coverage has been terminated.

“17. The computer-implemented method of claim 11, wherein the at least one processor is in communication with a third-party, and wherein the method further comprises (i) receiving a user request from the user computing device for a purchase from the third-party and (ii) transmitting funds to the third-party from the account.

“18. The computer-implemented method of claim 11 further comprising: initiating, in real-time, the requested insurance coverage for the driver of the operating vehicle; and upon completion of the rides provided: comparing telematics data to historical telematics data, the telematics data associated with the driver and the rides provided, the historical telematics data associated with the plurality of drivers; determining, based upon the comparison, a comparison threshold for the driver; and automatically depositing a reward to the account of the driver based upon the comparison threshold of the driver.

“19. The computer-implemented method of claim 11 further comprising: receiving, from a TNC computing device associated with the TNC by executing the communications component, a message including an indication of funds earned by the driver of the operating vehicle for the TNC; and transmitting the message to the remote computing device associated with the account, the message instructing the remote computing device to deposit the funds earned by the driver into the account associated with the driver.”

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

For additional information on this patent application, see: Brannan, Joseph Robert; Gross, Ryan Michael; Harvey, Brian N. Systems And Methods For Generating Mobility Insurance Products Using Ride-Sharing Telematics Data. U.S. Patent Application Number 20230121796, filed December 15, 2022 and posted April 20, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230121796)&db=US-PGPUB&type=ids

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