Vehicle Security Level Risk Rating
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Solution Overview
Problem
The varying levels of electronic security in vehicle systems across manufacturers create risks of unauthorized remote access, compromising safety and security, which insurers currently cannot account for during the underwriting process.
Innovation Solution
A computer-implemented method and system that assesses vehicle security levels by analyzing protections against unauthorized electronic access, determining a risk rating, and adjusting insurance policy parameters based on this rating, incorporating software updates and security metrics to incentivize improved security measures.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If vehicle electronic systems implement security measures to prevent unauthorized access, then security level is improved, but device complexity increases
Solution Approach 1:
The system evaluates security by analyzing software version parameters and update status, transforming complex security assessments into quantifiable parameters that can be objectively measured and compared against database benchmarks
Solution Approach 2:
A computing system acts as an intermediary between the vehicle's electronic systems and the insurance policy framework, automatically collecting security data, evaluating it against known threats, and translating technical security states into insurance-relevant risk ratings
2Measurement precision
If insurers incorporate security assessment into underwriting process, then risk assessment accuracy is improved, but process complexity increases
Solution Approach 1:
The system performs preliminary security assessments by automatically collecting software version information and update status before the underwriting decision is made, preparing risk ratings in advance so that security factors are already evaluated when insurance policies are being priced
Solution Approach 2:
Manual security evaluation processes are replaced with automated electronic data collection and analysis systems that directly interface with vehicle systems, substituting human judgment with algorithmic assessment based on objective security parameters
3Reliability
If vehicle owners install latest security updates, then security level is improved, but loss of time for updates increases
Solution Approach 1:
The system provides feedback to vehicle owners about their security status and available updates, enabling them to make informed decisions about when to apply updates based on their risk tolerance and the insurer's pricing incentives, rather than forcing immediate updates that would disrupt usage
Data Source
AI summary
A computer-implemented method for determining a risk rating of a vehicle. The method includes receiving information indicative of protections against unauthorized electronic access to one or more electronic systems of a vehicle. The method includes determining a vehicle security level based at least on the information indicative of protections against unauthorized electronic access. The method includes determining a risk rating associated with the vehicle. The method includes setting at least one parameter of an insurance policy associated with the vehicle based on at least the determined risk rating.