Risk unit based policies
Methods, computer-readable media, systems and apparatuses for determining and implementing risk unit based insurance policies are presented. A user may receive a plurality of risk units associated with an insurance policy. The risk units may be stored in a risk unit account associated with the user, the vehicle, etc. During operation of the vehicle, sensor data may be received. The sensor data may provide information associated with driving behaviors of the user, environmental conditions in which the vehicle is being operated, and the like. A consumption rate of the risk units may be determined based, at least in part, on the received sensor data. If a number of risk units in a risk unit account is below a predetermined threshold, a notification may be transmitted to the user and/or a predetermined number of risk units may be automatically added to the risk unit account.
1. A risk unit based system, comprising:
an on-board vehicle computing device including at least a first processor and at least a first memory storing computer readable instructions that, when executed by the at least a first processor, cause the on-board vehicle computing device to:
receive, from at least one sensor arranged on a vehicle, driving data associated with at least one of: a user operating a vehicle and an environment in which the vehicle is being operated;
analyze, in real-time, the received driving data to determine, in real-time, a consumption rate of risk units associated with a risk unit usage-based insurance policy associated with the vehicle, the risk unit usage-based insurance policy including a plurality of risk units forming a first balance of risk units in a risk unit account, the first balance of risk units being configured to be reduced upon operation of the vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time and forming a portion of the risk unit usage-based insurance policy associated with the vehicle;
transmit, to an insurance system server and using a secure transmission protocol, the determined consumption rate of the risk units;
the insurance system server having at least a second processor and at least a second memory storing computer-readable instructions that, when executed by the at least a second processor, cause the insurance system server to:
receive, from the on-board vehicle computing device, the determined consumption rate of the risk units; and
reduce the first balance of risk units in the risk unit account associated with the user to a second balance of risk units in the risk unit account based on operation of the vehicle, wherein a rate at which the first balance of risk units is reduced is based on the determined consumption rate.
2. The risk unit based system of claim 1 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display the second balance of risk units in the risk unit account on a vehicle display.
3. The risk unit based system of claim 1 , wherein the consumption rate of risk units is determined based on driving data associated with both the user operating the vehicle and the environment in which the vehicle is being operated.
4. The risk unit based system of claim 3 , wherein the consumption rate is further based on at least one of: a driving record of the user operating the vehicle, credit information of the user operating the vehicle, and a feature of the vehicle.
5. The risk unit based system of claim 1 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display the determined consumption rate on a display of the vehicle.
6. The risk unit based system of claim 1 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to generate an alternate route to reduce the determined consumption rate.
7. The risk unit based system of claim 6 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display the generated alternate route.
8. A risk unit based system, comprising:
a mobile device including at least one processor and at least one memory storing computer readable instructions that, when executed by the at least one processor, cause the mobile device to:
receive, from at least one sensor sensing operational parameters of a vehicle, driving data associated with at least one of: a user operating the vehicle and an environment in which the vehicle is being operated;
analyze, in real-time, the received driving data to determine, in real-time, a consumption rate of risk units associated with a risk unit usage-based insurance policy associated with the vehicle, the risk unit usage-based insurance policy including a plurality of risk units forming a first balance of risk units in a risk unit account, the first balance of risk units being configured to be reduced upon operation of the vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time and forming a portion of the risk unit usage-based insurance policy associated with the vehicle;
transmit, to an insurance system server and using a secure transmission protocol, the determined consumption rate of the risk units;
the insurance system server having at least one processor and at least one memory storing computer-readable instructions that, when executed by the at least one processor, cause the insurance system server to:
receive, from the mobile device, the determined consumption rate of the risk units; and
reduce the first balance of risk units in the risk unit account associated with the user based on operation of the vehicle, wherein a rate at which the first balance of risk units is reduced is based on the determined consumption rate.
9. The risk unit based system of claim 8 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display a reduced balance of risk units in the risk unit account on a vehicle display.
10. The risk unit based system of claim 8 , wherein the consumption rate of risk units is determined based on driving data associated with both the user operating the vehicle and the environment in which the vehicle is being operated.
11. The risk unit based system of claim 10 , wherein the consumption rate is further based on at least one of: a driving record of the user operating the vehicle, credit information of the user operating the vehicle, and a feature of the vehicle.
12. The risk unit based system of claim 11 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display the determined consumption rate on a display of the vehicle.
13. The risk unit based system of claim 8 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to generate an alternate route to reduce the determined consumption rate.
14. The risk unit based system of claim 8 , the insurance system server further including instructions that, when executed by the at least a second processor, cause the insurance system server to display the generated alternate route.
15. One or more non-transitory computer-readable media storing computer executable instructions that, when executed by at least one computing device, cause the at least one computing device to:
receive, from at least one sensor arranged on a vehicle, driving data associated with at least one of: a user operating the vehicle and an environment in which the vehicle is being operated;
analyze, in real-time, the received driving data to determine, in real-time, a consumption rate of risk units associated with a risk unit usage-based insurance policy associated with the vehicle, the risk unit usage-based insurance policy including a plurality of risk units forming a first balance of risk units in a risk unit account, the first balance of risk units being configured to be reduced upon operation of the vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time and forming a portion of the risk unit usage-based insurance policy associated with the vehicle; and
reduce the first balance of risk units in the risk unit account associated with the user based on operation of the vehicle, wherein a rate at which the first balance of risk units is reduced is based on the determined consumption rate.
16. The one or more non-transitory computer-readable media of claim 15 , further including instructions that, when executed, cause the at least one computing device to display a reduced balance of risk units in the risk unit account on a vehicle display.
17. The one or more non-transitory computer-readable media of claim 15 , wherein the consumption rate of risk units is determined based on driving data associated with both the user operating the vehicle and the environment in which the vehicle is being operated.
18. The one or more non-transitory computer-readable media of claim 17 , wherein the consumption rate is further based on at least one of: a driving record of the user operating the vehicle, credit information of the user operating the vehicle, and a feature of the vehicle.
19. The one or more non-transitory computer-readable media of claim 18 , further including instructions that, when executed, cause the at least one computing device to display the determined consumption rate on a display of the vehicle.
20. The one or more non-transitory computer-readable media of claim 15 , further including instructions that, when executed, cause the at least one computing device to generate an alternate route to reduce the determined consumption rate.