Blockchain controlled multi-carrier auction system for usage-based auto insurance
View Patent ↗A system for generating and managing usage-based contracts using blockchains configured to (i) store an insurance contract for a currently occurring or upcoming trip, where the insurance contract is to insure the driver, passenger, and/or vehicle during the trip, where the insurance contract includes terms, conditions, or other clauses (e.g., mileage limitations, limitations on autonomous vehicle operation, etc.) and is in a blockchain structure, and where several nodes store copies of the insurance contract in the blockchain structure; (ii) receive, from the driver and/or (autonomous) vehicle, a requested modification of one or more terms, conditions, or other clauses of the insurance contract, (iii) transmit the requested modification to an insurance auction network, (iv) receive a response to the request from the insurance auction network; and (v) store the response in a new block in the insurance contract (e.g., a smart contract) to facilitate providing trip insurance in a transparent manner.
1. An insurance monitoring (“IM”) computer system for managing usage-based insurance contract, the IM computer system including at least one processor in communication with at least one memory device, at least one vehicle controller associated with a vehicle, and an insurance server associated with an insurance contract, the at least one processor programmed to:
store, in a blockchain structure, the insurance contract for a current trip, wherein the insurance contract is for a driver of the vehicle to insure the driver during the current trip, wherein the insurance contract includes one or more terms, and wherein the current trip is a currently occurring or an impending trip;
receive, via the at least one vehicle controller, sensor information associated with the current trip, wherein the sensor information is collected by one or more sensors associated with the vehicle, and wherein the sensor information includes data related to operation of the vehicle on the current trip;
electronically compare the received sensor information with the one or more terms of the insurance contract;
determine whether the driver complied with the one or more terms based upon the comparison; and
if the determination is that the driver complied with the one or more terms, the processor is further programmed to:
transmit a notification of driver compliance to the insurance server associated with the insurance contract; and
store, in the blockchain structure, the notification of driver compliance in association with the insurance contract.
2. The IM computer system of claim 1 , wherein the blockchain structure and includes a plurality of nodes configured to store copies of the insurance contract in the blockchain structure.
3. The IM computer system of claim 1 , wherein the processor is further programmed to generate a new block of the blockchain structure for storing the insurance contract and the notification of driver compliance in response to the notification of driver compliance being generated.
4. The IM computer system of claim 1 , wherein the processor is further programmed to generate a new block of the blockchain structure for storing the insurance contract and the sensor information on a periodic basis.
5. The IM computer system of claim 1 , wherein the processor is further programmed to:
receive an indication of a discount for the insurance contract from the insurance server; and
store the indication in the insurance contract within a new block of the blockchain structure.
6. The IM computer system of claim 5 , wherein the processor is further programmed to generate the new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.
7. The IM computer system of claim 5 , wherein the processor is further programmed to:
display the indication of the discount for the insurance contract to the driver including an acknowledgement request;
receive the acknowledgement from the driver, and
store the acknowledgement with the insurance contract.
8. The IM computer system of claim 7 wherein the processor is further programmed to generate a new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.
9. The IM computer system of claim 7 , wherein the processor is further programmed to generate a new block of the blockchain structure for storing the insurance contract, the notification, the indication, and the acknowledgement.
10. A computer-implemented method for generating and managing usage-based contracts using blockchains, the method implemented on an insurance monitoring (“IM”) computer system including at least one processor in communication with at least one memory device, at least one vehicle controller associated with a vehicle, and an insurance server associated with an insurance contract, the method comprising:
storing, in a blockchain structure, the insurance contract for a current trip, wherein the insurance contract is for a driver of the vehicle to insure the driver during the current trip, wherein the insurance contract includes one or more terms, and wherein the current trip is a currently occurring or impending trip;
receiving, at the IM computer system via the at least one vehicle controller, sensor information associated with the current trip, wherein the sensor information is collected by one or more sensors associated with the vehicle, and wherein the sensor information includes data related to operation of the vehicle on the current trip;
comparing, by the IM computer system, the received sensor information with the one or more terms of the insurance contract;
determining, by the IM computer system, whether the driver complied with the one or more terms based upon the comparison; and
if the determination is that the driver complied with the one or more terms, the method further comprises:
transmitting, by the IM computer system, a notification of driver compliance to the insurance server associated with the insurance contract; and
storing, in the blockchain structure, the notification of driver compliance in association with the insurance contract.
11. The method of claim 10 , wherein the blockchain structure includes a plurality of nodes store copies of the insurance contract in the blockchain structure.
12. The method of claim 10 further comprising generating a new block of the blockchain structure for storing the insurance contract and the notification of driver compliance in response to the notification of driver compliance being generated.
13. The method of claim 10 further comprising generating a new block of the blockchain structure for storing the insurance contract and the sensor information on a periodic basis.
14. The method of claim 10 further comprising:
receiving an indication of a discount for the insurance contract from the insurance server; and
storing the indication with the insurance contract within a new block of the blockchain structure.
15. The method of claim 14 further comprising generating a new block of the blockchain structure for storing the insurance contract and the indication of the discount in response to the indication of the discount being generated.
16. The method of claim 14 further comprising:
displaying the indication of the discount of the insurance contract to the driver including an acknowledgement request;
receiving the acknowledgement from the driver; and
storing the acknowledgement with the insurance contract.
17. The method of claim 16 further comprising generating a new block of the blockchain structure for storing the insurance contract and the acknowledgement in response to the acknowledgement being received.
18. The method of claim 16 further comprising generating a new block of the blockchain structure for storing the insurance contract, the notification, the indication, and the acknowledgement.
19. At least one non-transitory computer-readable storage media having computer-executable instructions embodied thereon, wherein when executed by at least one processor, the computer-executable instructions cause the processor to:
store, in a blockchain structure, an insurance contract for a current trip, wherein the insurance contract is for a driver of a vehicle to insure the driver during the current trip, wherein the vehicle is associated with at least one vehicle controller, wherein the insurance contract includes one or more terms and is associated with an insurance server, and wherein the current trip is a currently occurring or an impending trip;
receive, via the at least one vehicle controller, sensor information associated with the current trip, wherein the sensor information is collected by one or more sensors associated with the vehicle, and wherein the sensor information includes data related to operation of the vehicle on the current trip;
electronically compare the received sensor information with the one or more terms of the insurance contract;
determine whether the driver complied with the one or more terms based upon the comparison; and
if the determination is that the driver complied with the one or more terms, the computer-executable instructions further cause the processor to:
transmit a notification of driver compliance to the insurance server associated with the insurance contract; and
store, in the blockchain structure, the notification of driver compliance in association with the insurance contract.