Smart Home Compliance Monitoring for Insurance-Linked Device Inventories
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Solution Overview
Problem
Current insurance policy processing systems fail to accurately account for connected devices and updated information, leading to inaccurate assessments of warranty coverage and building code compliance, resulting in potential losses and increased costs for both policyholders and insurance providers.
Innovation Solution
A system and method that utilize a central controller to monitor and manage warranty information and building code compliance for connected devices within a property, dynamically updating inventory lists, detecting non-compliance, and facilitating corrective actions through notifications and modifications to insurance policies.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If current insurance policy processing systems are used, then processing speed is maintained at conventional levels, but accuracy of device value and compliance assessment deteriorates due to failure to account for connected devices and updated information
Solution Approach 1:
The patent introduces a central controller as an intermediary device that mediates between connected devices and the insurance policy processing system. This controller aggregates device information, warranty status, and building code compliance data, then transmits consolidated information to the insurance provider's server, enabling accurate assessments without requiring the insurance system to directly interface with each individual device
Solution Approach 2:
The system implements continuous feedback loops where connected devices transmit operational data and status information to the central controller, which then updates the insurance policy information accordingly. This feedback mechanism ensures that the insurance assessment remains accurate and current without requiring manual intervention or system reconfiguration
2Productivity
If manual tracking of warranty information and building code compliance is performed, then system complexity is kept simple, but time consumption and processing burden increase significantly
Solution Approach 1:
The patent enables the connected devices and central controller to automatically perform tracking and monitoring functions without human intervention. The system self-updates warranty information, monitors building code compliance, and automatically transmits data to the insurance provider, eliminating manual tracking efforts while maintaining simple user interaction
Solution Approach 2:
The central controller serves multiple functions simultaneously: it acts as a data aggregator for device information, a compliance monitor for building codes, a warranty tracker, and a communication hub with the insurance provider. This multi-functionality consolidates what would otherwise require multiple separate systems into a single device
3Reliability
If connected devices are not accounted for in insurance policies, then policy processing remains simple and straightforward, but financial losses increase due to inaccurate coverage assessment
Solution Approach 1:
The system performs preliminary assessment of device values, warranty status, and building code compliance before finalizing insurance policies. The central controller proactively gathers and transmits relevant information to the insurance provider during the policy creation process, ensuring accurate coverage assessment from the outset rather than requiring later adjustments
Data Source
AI summary
Methods and systems that manage building code compliance are provided. A smart or interconnected home may be populated with multiple smart or other devices that are in wired or wireless communication with a central controller. The smart devices may be covered by an insurance policy, such as a homeowners, renters, or personal articles insurance policy. The controller may receive building code compliance information associated with the smart devices, and may update an inventory list to include the building code compliance information. The controller may detect that one or more devices do not comply with building code requirements. The controller may transmit a notification to a customer about possible corrective actions to remedy non-compliant conditions and to facilitate building code compliance. The smart devices may be associated with appliances, electronics, wiring, pipes, ducts, or other equipment or personal belongings. Insurance discounts may be provided based upon the building code compliance functionality.