Mobility-Linked Trip Analytics for Usage-Based Insurance Premiums
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Solution Overview
Problem
Current computing devices face limitations in calculating insurance premiums based on telematics data from user mobile devices due to lack of specific data structures, inability to assess actual transportation behavior, and inefficiencies in payment processes for usage-based insurance policies with varying premiums and multiple payment obligations.
Innovation Solution
A transportation analytics computing device that receives, stores, and analyzes telematics data from user mobile devices to identify trips, calculate insurance premiums, and automatically transfer payments from transportation platform accounts to insurer accounts, utilizing AI and machine learning for accurate risk assessment.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If telematics data from mobile devices is used to calculate insurance premiums, then the accuracy of risk assessment is improved, but the complexity of data processing and payment management increases
Solution Approach 1:
The patent introduces a transportation analytics computing device as an intermediary between mobile devices and insurance systems. This intermediary collects, processes, and stores telematics data from multiple mobile devices, then provides processed data to insurance systems for premium calculation. This resolves the complexity issue by centralizing data processing functions and creating a standardized interface between data sources and insurance algorithms.
Solution Approach 2:
The system segments the insurance payment process into distinct components: data collection by mobile devices, data transmission to the analytics platform, data processing and storage, premium calculation by insurance systems, and automated payment execution. This segmentation allows each component to be optimized independently and reduces overall system complexity by distributing functions across multiple specialized modules.
2Adaptability or versatility
If manual reconciliation of information is performed for usage-based insurance, then flexibility in handling diverse data formats is improved, but timeliness and accuracy of premium calculation deteriorate
Solution Approach 1:
The patent replaces manual information reconciliation with automated electronic data processing. The transportation analytics computing device automatically receives, validates, and processes telematics data from mobile devices using standardized protocols. This automated system eliminates the need for human intervention in data reconciliation while maintaining flexibility through configurable data validation rules and automated error handling mechanisms.
Solution Approach 2:
The system implements self-service capabilities where the transportation analytics platform automatically performs data validation, cleaning, and transformation without human intervention. The system autonomously handles diverse data formats from different mobile devices, applies consistent processing rules, and generates ready-to-use datasets for insurance premium calculation, thereby achieving both flexibility and timeliness.
3Ease of operation
If insurance premiums vary by usage period, then the fairness of insurance pricing is improved, but the complexity of payment processes increases
Solution Approach 1:
The patent implements preliminary action by pre-configuring payment workflows and establishing automated payment rules before usage periods begin. The system pre-sets premium calculation parameters, payment schedules, and transfer protocols based on expected usage patterns. When usage data becomes available, the system automatically executes pre-planned payment processes, eliminating the need for complex manual calculations and negotiations during the actual payment phase.
Data Source
AI summary
A transportation analytics (TA) computing device may be provided. The TA computing device may include at least one processor and/or associated transceiver. The at least one processor and/or associated transceiver may be configured to: (1) receive, from a user mobile device, telematics data including an indicator that the user mobile device is communicatively linked to a transportation device; (2) identify each period that the user mobile device is communicatively linked to a transportation device as a trip using the transportation device; (3) store, the telematics data in a database in association with a trip identifier corresponding to the identified trips and a time stamp; (4) perform a lookup in the database to identify, based upon the timestamps, telematics data corresponding to a time period; and/or (5) calculate, based upon the identified telematics data, a premium amount for insuring the user during the trips taken during the time period.