METHODS FOR FACILITATING A MOTOR VEHICLE INSURANCE EXCHANGE AND DEVICES THEREOF
A method, non-transitory computer readable medium, and an insurance exchange device that obtains at least historical risk event data and telematic data for at least one motor vehicle driver in response to a received request for an insurance underwriting offer for the motor vehicle driver(s). The at least one motor vehicle driver can be an individual driver, in which case the request can be received from a consumer customer, or a plurality of motor vehicle drivers, in which case the request can be received from a commercial customer representing a fleet of vehicles and associated drivers, for example. A performance profile is generated for the motor vehicle driver(s) based on the historical risk event data and telematic data. The performance profile is provided to motor vehicle insurance providers. An insurance underwriting offer is received from at least one of the insurance providers and sent in response to the request.
1 . A method for facilitating a motor vehicle insurance exchange, the method comprising:
obtaining, with an insurance exchange device, at least historical risk event data and telematic data for a motor vehicle driver in response to a received request for an insurance underwriting offer for the motor vehicle driver, wherein at least a portion of the historical risk event data is obtained from a plurality of third parties other than the motor vehicle driver, the third parties comprising at least one government entity and at least one of a current or past insurance provider or broker for the motor vehicle driver or a leasing company associated with the motor vehicle driver;
generating, with the insurance exchange device, a performance profile for the motor vehicle driver, wherein the performance profile comprises the historical risk event data and telematic data;
requesting, with the insurance exchange device, an insurance underwriting offer for the motor vehicle driver from a plurality of motor vehicle insurance providers, the requesting comprising providing the performance profile comprising the historical risk event data and telematic data for the motor vehicle driver to the plurality of motor vehicle insurance providers;
receiving, with the insurance exchange device, an insurance underwriting offer from at least one of the plurality of motor vehicle insurance providers; and
sending, with the insurance exchange device, the insurance underwriting offer in response to the received request.
2 . The method of claim 1 , wherein:
the at least one government entity comprises a state department of motor vehicles or a federal government agency; and
the historical risk event data comprises incident, collision, or violation data associated with the motor vehicle driver.
3 . The method of claim 1 , further comprising generating, with the insurance exchange device, an overall score for the motor vehicle driver based on the historical risk event data, wherein the performance profile further includes the overall score.
4 . The method of claim 1 , further comprising generating, with the insurance exchange device, one or more metrics based on the performance data, wherein the driver performance profile further includes the one or more metrics.
5 . The method of claim 1 , wherein:
the request is received from a computing device associated with a representative of a fleet vehicle operator;
the motor vehicle driver comprises a plurality of motor vehicle drivers associated with the fleet vehicle operator; and
the sending further comprising sending the insurance underwriting offer to the computing device associated with the representative of the fleet vehicle operator.
6 . The method of claim 1 , further comprising:
receiving, with the insurance exchange device, an acceptance of the insurance underwriting offer from one of the motor vehicle insurance providers; and
providing, with the insurance exchange device, an indication of the acceptance to the one of the motor vehicle insurance providers.
7 . The method of claim 1 , wherein the generating the performance profile for the one or more motor vehicle drivers further comprises removing any personally identifiable information from the historical risk event data and telematic data.
8 . A non-transitory computer readable medium having stored thereon instructions for facilitating a motor vehicle insurance exchange comprising machine executable code which when executed by a processor, causes the processor to perform steps comprising:
obtaining at least historical risk event data and telematic data for a motor vehicle driver in response to a received request for an insurance underwriting offer for the motor vehicle driver, wherein at least a portion of the historical risk event data is obtained from a plurality of third parties other than the motor vehicle driver, the third parties comprising at least one government entity and at least one of a current or past insurance provider or broker for the motor vehicle driver or a leasing company associated with the motor vehicle driver;
generating a performance profile for the motor vehicle driver, wherein the performance profile comprises the historical risk event data and telematic data;
requesting an insurance underwriting offer for the motor vehicle driver from a plurality of motor vehicle insurance providers, the requesting comprising providing the performance profile comprising the historical risk event data and telematic data for the motor vehicle driver to the plurality of motor vehicle insurance providers;
receiving an insurance underwriting offer from at least one of the plurality of motor vehicle insurance providers; and
sending the insurance underwriting offer in response to the received request.
9 . The medium of claim 8 , wherein:
the at least one government entity comprises a state department of motor vehicles or a federal government agency; and
the historical risk event data comprises incident, collision, or violation data associated with the motor vehicle driver.
10 . The medium of claim 8 , further having stored thereon instructions that when executed by the processor cause the processor to perform steps further comprising generating an overall score for the motor vehicle driver based on the historical risk event data, wherein the performance profile further includes each of the overall scores.
11 . The medium of claim 8 , further having stored thereon instructions that when executed by the processor cause the processor to perform steps further comprising generating one or more metrics based on the performance data, wherein the driver performance profile further includes the one or more metrics.
12 . The medium of claim 8 , wherein:
the request is received from a computing device associated with a representative of a fleet vehicle operator;
the motor vehicle driver comprises a plurality of motor vehicle drivers associated with the fleet vehicle operator; and
the sending further comprising sending the insurance underwriting offer to the computing device associated with the representative of the fleet vehicle operator.
13 . The medium of claim 8 , further having stored thereon instructions that when executed by the processor cause the processor to perform steps further comprising:
receiving an acceptance of the insurance underwriting offer from one of the motor vehicle insurance providers; and
providing an indication of the acceptance to the one of the motor vehicle insurance providers.
14 . The medium of claim 8 , wherein the generating the performance profile for the one or more motor vehicle drivers further comprises removing any personally identifiable information from the historical risk event data and telematic data.
15 . An insurance exchange device, comprising:
a processor coupled to a memory and configured to execute programmed instructions stored in the memory comprising:
obtaining at least historical risk event data and telematic data for a motor vehicle driver in response to a received request for an insurance underwriting offer for the motor vehicle driver, wherein at least a portion of the historical risk event data is obtained from a plurality of third parties other than the motor vehicle driver, the third parties comprising at least one government entity and at least one of a current or past insurance provider or broker for the motor vehicle driver or a leasing company associated with the motor vehicle driver;
generating a performance profile for the motor vehicle driver, wherein the performance profile comprises the historical risk event data and telematic data;
requesting an insurance underwriting offer for the motor vehicle driver from a plurality of motor vehicle insurance providers, the requesting comprising providing the performance profile comprising the historical risk event data and telematic data for the motor vehicle driver to the plurality of motor vehicle insurance providers;
receiving an insurance underwriting offer from at least one of the plurality of motor vehicle insurance providers; and
sending the insurance underwriting offer in response to the received request.
16 . The device of claim 15 , wherein:
the at least one government entity comprises a state department of motor vehicles or a federal government agency; and
the historical risk event data comprises incident, collision, or violation data associated with the motor vehicle driver.
17 . The device of claim 15 , wherein the processor is further configured to execute programmed instructions stored in the memory further comprising generating an overall score for the motor vehicle driver based on the historical risk event data, wherein the performance profile further includes each of the overall scores.
18 . The device of claim 15 , wherein the processor is further configured to execute programmed instructions stored in the memory further comprising generating one or more metrics based on the performance data, wherein the driver performance profile further includes the one or more metrics.
19 . The device of claim 15 , wherein:
the request is received from a computing device associated with a representative of a fleet vehicle operator;
the motor vehicle driver comprises a plurality of motor vehicle drivers associated with the fleet vehicle operator; and
the sending further comprising sending the insurance underwriting offer to the computing device associated with the representative of the fleet vehicle operator.
20 . The device of claim 15 , wherein the processor is further configured to execute programmed instructions stored in the memory further comprising:
receiving an acceptance of the insurance underwriting offer from one of the motor vehicle insurance providers; and
providing an indication of the acceptance to the one of the motor vehicle insurance providers.
21 . The device of claim 15 , wherein the generating the performance profile for the one or more motor vehicle drivers further comprises removing any personally identifiable information from the historical risk event data and telematic data.