Systems and methods for managing insurance for devices located within a property based on insurance-related events
Methods and systems for processing insurance policies associated with properties may be provided. A property may be populated with a plurality of smart devices or devices that are connected to a central controller, such as via wired or wireless communication. The plurality of devices may be covered by an insurance policy, such as a homeowners, renters, or personal articles insurance policy. The central controller may detect an insurance-related event and may retrieve sensor data and pricing information from one or more of the devices. The central controller may assess damage to the devices and may generate a proposed insurance claim based upon damage to the identified devices. Additionally, the central controller may facilitate a processing of the proposed insurance claim with a customer and an insurance provider. The smart devices may be, or be attached to, appliances, electronics, computers, televisions, jewelry, vehicles, furniture, or other equipment or personal belongings.
1. A computer-implemented method of processing insurance claims for an insurance policy associated with a property, the property populated with a controller in communication with a plurality of devices in the property, each of the plurality of devices configured to monitor various conditions associated with the property, the method comprising:
receiving, via a first communication network, a set of sensor data from at least one of the plurality of devices;
determining, by one or more processors from the set of sensor data, that the at least one of the plurality of devices is damaged;
retrieving a replacement cost of the at least one of the plurality of devices, the replacement cost retrieved, via a short range communication, from a data tag associated with the at least one of the plurality of devices;
automatically generating, by the one or more processors, a proposed insurance claim for the insurance policy, the proposed insurance claim including the replacement cost of the at least one of the plurality of devices; and
communicating, to an electronic device associated with a customer having the insurance policy, the proposed insurance claim.
2. The computer-implemented method of claim 1 , further comprising:
receiving, from the electronic device associated with the customer, an acceptance of the proposed insurance claim; and
facilitating a processing of the proposed insurance claim with an insurance provider.
3. The computer-implemented method of claim 1 , further comprising:
communicating the proposed insurance claim to an insurance provider, wherein the insurance provider reconciles the replacement cost with additional replacement costs associated with additional devices similar to the at least one of the plurality of devices.
4. The computer-implemented method of claim 3 , further comprising:
receiving, from the insurance provider, a set of modifications to the proposed insurance claim.
5. The computer-implemented method of claim 1 , further comprising:
accessing additional replacement cost data associated with additional devices similar to the at least one of the plurality of devices;
comparing the replacement cost to the additional replacement cost data; and
modifying the replacement cost based upon the comparing.
6. The computer-implemented method of claim 1 , further comprising:
receiving, from a third-party source, an updated replacement cost of the at least one of the plurality of devices; and
modifying the replacement cost according to the updated replacement cost.
7. The computer-implemented method of claim 1 , wherein communicating the proposed insurance claim comprises:
communicating the proposed insurance claim to the electronic device associated with the customer via a second communication network.
8. The computer-implemented method of claim 1 , wherein receiving the set of sensor data is responsive to:
detecting an insurance-related event.
9. A system for processing an insurance policy associated with a property, the property populated with a plurality of devices configured to monitor various conditions associated with the property, comprising:
a memory for storing non-transitory computer executable instructions;
a communication module for communicating data; and
a processor interfacing with the communication module, wherein the processor is configured to execute the non-transitory computer executable instructions to cause the processor to:
receive, via the communication module, a set of sensor data from at least one of the plurality of devices,
determine, from the set of sensor data, that the at least one of the plurality of devices is damaged,
retrieve, via the communication module, a replacement cost of the at least one of the plurality of devices, the replacement cost retrieved, via a short range communication, from a data tag associated with the at least one of the plurality of devices,
automatically generate a proposed insurance claim for the insurance policy, the proposed insurance claim including the replacement cost of the at least one of the plurality of devices, and
communicate, via the communication module to an electronic device associated with a customer having the insurance policy, the proposed insurance claim.
10. The system of claim 9 , wherein the processor is further configured to:
receive, from the electronic device associated with the customer via the communication module, an acceptance of the proposed insurance claim, and
facilitate a processing of the proposed insurance claim with an insurance provider.
11. The system of claim 9 , wherein the processor is further configured to:
communicate the proposed insurance claim to an insurance provider, wherein the insurance provider reconciles the replacement cost with additional replacement costs associated with additional devices similar to the at least one of the plurality of devices.
12. The system of claim 11 , wherein the processor is further configured to:
receive, from the insurance provider, a set of modifications to the proposed insurance claim.
13. The system of claim 9 , wherein the processor is further configured to:
access additional replacement cost data associated with additional devices similar to the at least one of the plurality of devices,
compare the replacement cost to the additional replacement cost data, and
modify the replacement cost based upon the comparing.
14. The system of claim 9 , wherein the processor is further configured to:
receive, from a third-party source, an updated replacement cost of the at least one of the plurality of devices, and
modify the replacement cost according to the updated replacement cost.
15. The system of claim 9 , wherein to communicate the proposed insurance claim, the processor is configured to:
communicate the proposed insurance claim to the electronic device associated with the customer via a second communication network.
16. A computer-implemented method of processing insurance claims for an insurance policy associated with a property, the property populated with a controller in communication with a plurality of devices in the property, each of the plurality of devices configured to monitor various conditions associated with the property, the method comprising:
receiving, via a first communication network, a set of sensor data associated with least one of the plurality of devices;
determining, by one or more processors from the set of sensor data, that the at least one of the plurality of devices is damaged;
retrieving a replacement cost of the at least one of the plurality of devices, the replacement cost retrieved, via a short range communication, from a data tag associated with the at least one of the plurality of devices;
automatically generating, by the one or more processors, a proposed insurance claim for the insurance policy, the proposed insurance claim including the replacement cost of the at least one of the plurality of devices; and
causing, by the one or more processors, the proposed insurance claim to be presented on a display of an electronic device for customer review.