Dynamic insurance based on environmental monitoring

Abstract

An interface mechanism in a system receives sensor data from environmental monitoring devices in environments, where the sensor data represent environmental conditions in the environments. Then, a control mechanism in the system analyzes the sensor data to determine a probability of an environmental condition occurring during a time interval in at least one of the environments. Moreover, the control mechanism calculates a price-duration range of a service in the environment necessary for profitability of the service based on the determined probability and an estimated cost associated with the service. Next, the interface mechanism provides a service offer for the service associated with the environmental condition to an electronic device of an entity, where the service offer includes at least a price and a duration based on the calculated price-duration range, and the entity is associated with the environment.

Description

CROSS-REFERENCE TO RELATED APPLICATION[0001]This application claims priority under 35 U.S.C. §119(e) to U.S. Provisional Application Ser. No. 62 / 047,440, entitled “Systems and Methods for Transferring Data and Revenue,” by Nina S. Joshi, Adam M. Gettings, Eddy Y. Chan, Andrew G. Stevens, Lucas D. Ivers and Bjorn H. Hovland, Attorney Docket Number LEEOPZ01300, filed on Sep. 8, 2014, the contents of which are herein incorporated by reference.BACKGROUND[0002]1. Field[0003]The described embodiments relate generally to environmental monitoring of environments, and more specifically to techniques for dynamically providing insurance based on the environmental monitoring.[0004]2. Related Art[0005]Trends in connectivity and in portable electronic devices are resulting in dramatic changes in people's lives. For example, the Internet now allows individuals access to vast amounts of information, as well as the ability to identify and interact with individuals, organizations and companies around...

AI Technical Summary

Benefits of technology

[0009]The described embodiments relate to a system. This system includes: an interface mechanism that communicates with environmental monitoring devices and an electronic device (such as a computer or a cellular telephone), where the environmental monitoring devices are associated with second entities that are different from a third entity associated with the system, and the electronic device is associated with an entity; and a control mechanism coupled to the interface mechanism. The control mechanism: receives, via the interface mechanism, sensor data from environmental monitoring devices in environments, where the sensor data represent environmental conditions in the environments; and analyzes the sensor data to determine a probability of an environmental condition occurring during a time interval in at least one of the environments, where the entity is associated with at least the one of the environments. Moreover, the control mechanism: calculates a price-duration range of a service in the environment necessary for profitability of the service based on the determined probability and an estimated cost associated with the service; and provides, via the interface mechanism, a service offer for the service associated with the environmental condition to the electronic device, where the service offer includes at least a price and a duration based on the calculated price-duration range.

Problems solved by technology

However, the overwhelming majority of the existing background electronic devices in people's homes, offices and vehicles have neither enhanced computing capabilities (such as a processor that can execute a wide variety of applications) nor networking subsystems.

These barriers to entry and change are obstacles to widely implementing the Internet of things.

For example, in the absence of enhanced computing capabilities and / or networking subsystems it may be difficult to communicate with the legacy electronic devices.

Furthermore, even when electronic devices include enhanced computing capabilities and / or networking subsystems, it may be difficult to communicate with electronic devices that use different communication protocols.

These challenges may make it difficult to perform basic tasks such as identifying particular electronic devices and exchanging data, and thus may limit the applications and tasks that can be performed.

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