DYNAMIC INSURANCE RATES
Systems and methods that customize insurance rates in real time to correspond to unique behavior/character traits of a user/driver. A rate adjustment component can interact with insurance companies that provide bids based on the contextual data—wherein, insurance costs can be dynamically adjusted, and the user/driver switched in real-time between such insurance companies (e.g., based on bids), to ensure obtaining optimum rates. A switching component can switch user/driver) to an insurance company that bids the best rate. Hence, during a trip the user/driver can actually be insured by various suppliers during different segments of such trip.
1 . A computer implemented system that customizes insurance rates to user profiles comprising:
a rate adjustment component that dynamically adjusts an insurance rate in real time for a user based on contextual data; and
a switching component that switches the user to an insurance provider(s) that supplies optimal rate based on the contextual data.
2 . The computer implemented system of claim 1 further comprising a retrieval agent that pulls insurance data from the insurance provider(s.)
3 . The computer implemented system of claim 1 , the contextual data includes data pertaining to a motor vehicle; or data related to a driver of the motor vehicle; or data related to environment that the motor vehicle operates therein; or real time data related to driving behavior; or a combination thereof.
4 . The computer implemented system of claim 1 further comprising an analyzer component that employs threshold ranges to accept or reject insurance bids from the insurance provider.
5 . The computer implemented system of claim 3 , the real time driving data pertains to both frequency and intensity of driving actions.
6 . The computer implemented system of claim 2 further comprising sensor positioned on a body of driver for collection of biometric data.
7 . The computer implemented system of claim 1 further comprising an inference component that facilitates customization of insurance rates.
8 . The computer implemented system of claim 7 further comprising an artificial intelligence component that employs classifiers.
9 . The computer implemented system of claim 8 , the switching component is an automatic switch.
10 . A computer implemented method comprising the following computer executable acts:
employing a processor to execute computer executable instructions stored on a computer readable medium to perform the following acts:
acquiring contextual data associated with a driver of a motor vehicle; and;
dynamically adjusting insurance rates in real time based on contextual data via a rate determination component that receives offers from insurance companies.
11 . The computer implemented method of claim 10 further comprising switching insurance policy for a motor vehicle of a user to an insurance company via a switching component mounted on the motor vehicle.
12 . The computer implemented method of claim 11 further comprising pulling insurance bids from the insurance company.
13 . The computer implemented method of claim 11 further comprising employing an interrupt for the switching act.
14 . The computer implemented method of claim 11 further comprising setting threshold values or ranges to accept or reject a bid.
15 . The computer implemented method of claim 11 further comprising evaluating an insurance policy via a rule-based implementation.
16 . The computer implemented method of claim 11 further comprising collecting data by cameras mounted on the motor vehicle.
17 . The computer implemented method of claim 11 further comprising automatically switching a driver to an insurance provider.
18 . The computer implemented method of claim 11 further comprising employing both intensity and frequency of a driving act as part of the contextual data.
19 . The computer implemented method of claim 11 further comprising employing an artificial intelligence component to facilitate selection of an insurance policy.
20 . A computer implemented system that customizes insurance rates to user profiles comprising:
means for dynamically adjusting an insurance rate in real time for a user based on contextual data; and
means for switching the user to an insurance provider that supplies optimal rate based on the contextual data.