Property Usage Data Matching for Address-Free Rental Detection
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Solution Overview
Problem
Existing property insurance systems struggle to accurately adjust policies in response to changes in property usage, particularly when properties are used for short-term rentals, as rental listing services often lack property addresses, making it difficult to identify and verify usage changes.
Innovation Solution
A property use identification system that compares data from rental listing services (which lack property addresses) with real estate selling services (which provide addresses) to identify overlaps in property identifying data, generating alerts for insurance providers to update policies based on usage changes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If rental listing services are used to identify property usage, then usage information can be obtained, but property addresses are not provided making verification difficult
Solution Approach 1:
The patent uses real estate selling services as an intermediary to bridge the gap between rental listing services and property address verification. The system compares property identifying data from rental listings with data from real estate selling services that do provide addresses, using the intermediary source to verify and confirm property usage changes while maintaining the ability to identify usage information from rental platforms.
2Adaptability or versatility
If property usage is not accurately tracked, then insurance policies cannot be adjusted, but tracking systems become complex
Solution Approach 1:
The system performs self-service by automatically comparing property identifying data from multiple sources and generating alerts when usage changes are detected. The insurance provider receives notifications that trigger automatic policy review processes, reducing the need for complex manual monitoring systems while maintaining accurate usage tracking and policy adaptability.
Data Source
AI summary
Systems and methods for detecting use of a property are provided. A first set of property identifying data for a first property is received from a first source. The first source indicates a use of the first property but does not publicly provide an address of the first property prior to initiation of a request for use of the first property. A second set of property identifying data for a second property from a second source is also received. The second source provides a property address of the second property. The first set of data are compared to the second set of data, to determine an amount of overlap. When the amount of overlap meets a pre-defined threshold amount, the first property and the second property are identified as a common property and a notice is provided of the property address and the use of the common property.