Methods of providing insurance savings based upon telematics and insurance incentives
A system and method may collect telematics and/or other data, and apply the data to insurance-based applications. From the data, an insurance provider may determine accurate vehicle usage information, including information regarding who is using a vehicle and under what conditions. An insurance provider may likewise determine risk levels or a risk profile for an insured driver (or other drivers), which may be used to adjust automobile or other insurance policies. The insurance provider may also use the data collected to adjust behavior based insurance using incentives, recommendations, or other means. For customers that opt-in to the data collection program offered, the present embodiments present the opportunity to demonstrate a low or moderate risk lifestyle and the chance for insurance-related savings based upon that low or moderate risk.
1. A computer-implemented method for providing insurance-based incentives or recommendations for vehicle insurance, comprising:
collecting, at one or more processors, telematics data associated with driving behavior of an insured driver from one or more sensors;
analyzing, by one or more processors, the collected telematics data to determine the following usage characteristics for the insured driver:
(i) driving characteristics associated with the driving behavior of the insured driver, and
(ii) driving environments associated with the driving behavior of the insured driver, wherein each driving environment includes a location and the location is associated with a frequency index indicating an amount of time the insured driver spends driving in the location;
determining, by one or more processors, a driving behavior summary for the insured driver based upon the determined usage characteristics;
determining, by one or more processors, one or more risky driving behaviors of the insured driver based upon the driving behavior summary, wherein the one or more risky driving behaviors include interactions of the insured driver with distracting features or components within a vehicle while controlling the vehicle, and wherein the one or more risky driving behaviors are weighted according to the frequency index;
determining, by one or more processors, one or more recommendations to be implemented by the insured driver based upon the one or more risky driving behaviors, wherein the one or more recommendations include one or more changes to control actions to be taken by the insured driver while controlling the vehicle in order to reduce one or more risks associated with the determined one or more risky driving behaviors, wherein the one or more changes to control actions include one or more of the following: reducing speed, increasing following distance, or following an alternative route;
causing, by one or more processors, the one or more recommendation to be transmitted to a computing device associated with the insured driver and presented to the insured driver; and
limiting, by one or more processors, operation of the distracting features or components while the insured driver is controlling the vehicle.
2. The computer-implemented method of claim 1 , wherein:
the driving characteristics include one or more of the following: vehicle speed, vehicle braking, vehicle acceleration, vehicle turning, vehicle position in a lane, vehicle distance from other vehicles, use of safety equipment, or insured driver alertness; and
the driving environments include one or more of the following: geographic location, time of day, type of road, weather conditions, traffic conditions, construction conditions, or route traveled.
3. The computer-implemented method of claim 1 , wherein the driving environment includes a daily commute of the insured driver to and from a workplace.
4. The computer-implemented method of claim 1 , wherein the computing device associated with the insured driver includes one or more of the following: a mobile device or a computer system of a vehicle associated with the insured driver.
5. The computer-implemented method of claim 1 , further comprising:
determining, by one or more processors, an estimated cost savings on a vehicle insurance policy associated with the insured driver, wherein the estimated cost savings is associated with the insured driver taking the one or more recommended actions; and
causing, by one or more processors, the estimated cost savings to be transmitted to a computing device associated with the insured driver.
6. The computer-implemented method of claim 1 , further comprising:
monitoring, by one or more processors, the driving behavior of the insured driver following transmission of the one or more recommendations;
determining, by one or more processors, that the insured driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior; and
causing, by one or more processors, an adjustment to be made to an insurance policy associated with the insured driver based upon the determination that the driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior, wherein one or more of the following is adjusted: a premium, a rate, a discount, a reward, a deductible, or a limit.
7. The computer-implemented method of claim 1 , wherein the one or more sensors are disposed within or communicatively connected to one or more of the following: a mobile device or a computer system of at least one of the one or more insured vehicles.
8. The computer-implemented method of claim 1 , wherein the telematics data further includes data generated by one or more of the following: (i) a vehicle other than an insured vehicle associated with the insured driver; (ii) the insured vehicle, based upon vehicle-to-vehicle communication with one or more other vehicles; (iii) an infrastructure component; or (iv) road side equipment.
9. A computer system for providing insurance-based incentives or recommendations for vehicle insurance, comprising:
one or more processors;
one or more communication modules adapted to communicate data; and
a program memory coupled to the one or more processors and storing executable instructions that when executed by the one or more processors cause the computer system to:
collect telematics data associated with driving behavior of an insured driver from one or more sensors via the one or more communication modules;
analyze the collected telematics data to determine the following usage characteristics for the insured driver:
(i) driving characteristics associated with the driving behavior of the insured driver, and
(ii) driving environments associated with the driving behavior of the insured driver, wherein each driving environment includes a location and the location is associated with a frequency index indicating an amount of time the insured driver spends driving in the location;
determine a driving behavior summary for the insured driver based upon the determined usage characteristics;
determine one or more risky driving behaviors of the insured driver based upon the driving behavior summary, wherein the one or more risky driving behaviors include interactions of the insured driver with distracting features or components within a vehicle while controlling the vehicle, and wherein the one or more risky driving behaviors are weighted according to the frequency index;
determine one or more recommendations to be implemented by the insured driver based upon the one or more risky driving behaviors, wherein the one or more recommendations include one or more changes to control actions to be taken by the insured driver while controlling the vehicle in order to reduce one or more risks associated with the determined one or more risky driving behaviors, wherein the one or more changes to control actions include one or more of the following: reducing speed, increasing following distance, or following an alternative route;
cause the one or more recommendation to be transmitted to a computing device associated with the insured driver via the one or more communication modules and presented to the insured driver; and
limit operation of the distracting features or components while the insured driver is controlling the vehicle.
10. The computer system of claim 9 , wherein:
the driving characteristics include one or more of the following: vehicle speed, vehicle braking, vehicle acceleration, vehicle turning, vehicle position in a lane, vehicle distance from other vehicles, use of safety equipment, or insured driver alertness; and
the driving environments include one or more of the following: geographic location, time of day, type of road, weather conditions, traffic conditions, construction conditions, route traveled, or a daily commute of the insured driver to and from a workplace.
11. The computer system of claim 9 , wherein the program memory further includes executable instructions that cause the computer system to:
determine an estimated cost savings on a vehicle insurance policy associated with the insured driver, wherein the estimated cost savings is associated with the insured driver taking the one or more recommended actions; and
cause the estimated cost savings to be transmitted to a computing device associated with the insured driver.
12. The computer system of claim 9 , wherein the program memory further includes executable instructions that cause the computer system to:
monitor the driving behavior of the insured driver following transmission of the one or more recommendations;
determine that the insured driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior; and
cause an adjustment to be made to an insurance policy associated with the insured driver based upon the determination that the driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior, wherein one or more of the following is adjusted: a premium, a rate, a discount, a reward, a deductible, or a limit.
13. The computer system of claim 9 , wherein the one or more sensors are disposed within or communicatively connected to one or more of the following: a mobile device or a computer system of at least one of the one or more insured vehicles.
14. The computer system of claim 9 , wherein the telematics data further includes data generated by one or more of the following: (i) a vehicle other than an insured vehicle associated with the insured driver; (ii) the insured vehicle, based upon vehicle-to-vehicle communication with one or more other vehicles; (iii) an infrastructure component; or (iv) road side equipment.
15. A tangible, non-transitory computer-readable medium storing instructions for providing insurance-based incentives or recommendations for vehicle insurance that, when executed by one or more processors of a computer system, cause the computer system to:
collect telematics data associated with driving behavior of an insured driver from one or more sensors;
analyze the collected telematics data to determine the following usage characteristics for the insured driver:
(i) driving characteristics associated with the driving behavior of the insured driver, and
(ii) driving environments associated with the driving behavior of the insured driver, wherein each driving environment includes a location and the location is associated with a frequency index indicating an amount of time the insured driver spends driving in the location;
determine a driving behavior summary for the insured driver based upon the determined usage characteristics;
determine one or more risky driving behaviors of the insured driver based upon the driving behavior summary, wherein the one or more risky driving behaviors include interactions of the insured driver with distracting features or components within a vehicle while controlling the vehicle, and wherein the one or more risky driving behaviors are weighted according to the frequency index;
determine one or more recommendations to be implemented by the insured driver based upon the one or more risky driving behaviors, wherein the one or more recommendations include one or more changes to control actions to be taken by the insured driver while controlling a vehicle in order to reduce one or more risks associated with the determined one or more risky driving behaviors, wherein the one or more changes to control actions include one or more of the following: reducing speed, increasing following distance, or following an alternative route; and
cause the one or more recommendation to be transmitted to a computing device associated with the insured driver and presented to the insured driver; and
limit operation of the distracting features or components while the insured driver is controlling the vehicle.
16. The tangible, non-transitory computer-readable medium of claim 15 , wherein:
the driving characteristics include one or more of the following: vehicle speed, vehicle braking, vehicle acceleration, vehicle turning, vehicle position in a lane, vehicle distance from other vehicles, use of safety equipment, or insured driver alertness; and
the driving environments include one or more of the following: geographic location, time of day, type of road, weather conditions, traffic conditions, construction conditions, route traveled, or a daily commute of the insured driver to and from a workplace.
17. The tangible, non-transitory computer-readable medium of claim 15 , further comprising executable instructions that cause the computer system to:
determine an estimated cost savings on a vehicle insurance policy associated with the insured driver, wherein the estimated cost savings is associated with the insured driver taking the one or more recommended actions; and
cause the estimated cost savings to be transmitted to a computing device associated with the insured driver.
18. The tangible, non-transitory computer-readable medium of claim 15 , further comprising executable instructions that cause the computer system to:
monitor the driving behavior of the insured driver following transmission of the one or more recommendations;
determine that the insured driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior; and
cause an adjustment to be made to an insurance policy associated with the insured driver based upon the determination that the driver has taken some or all of the one or more recommended actions based upon the monitored driving behavior, wherein one or more of the following is adjusted: a premium, a rate, a discount, a reward, a deductible, or a limit.
19. The tangible, non-transitory computer-readable medium of claim 15 , wherein the one or more sensors are disposed within or communicatively connected to one or more of the following: a mobile device or a computer system of at least one of the one or more insured vehicles.
20. The tangible, non-transitory computer-readable medium of claim 15 , wherein the telematics data further includes data generated by one or more of the following: (i) a vehicle other than an insured vehicle associated with the insured driver; (ii) the insured vehicle, based upon vehicle-to-vehicle communication with one or more other vehicles; (iii) an infrastructure component; or (iv) road side equipment.