SYSTEM AND METHOD FOR TELEMATICS BASED UNDERWRITING
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United States of America Patent
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N/A
Issued Date -
Jul 2, 2015
app pub date -
Dec 31, 2013
filing date -
Dec 31, 2013
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A system for determining insurance pricing information comprising a computer memory for storing biographical information, including an expected total mileage driven by a vehicle and an initial risk assessment based on at least the expected total mileage driven; the processor further configured to determine, based on telematics data, a plurality of relativity factors, wherein relativity factors are numerical values generated based on a comparison of the information associated with the received telematics data with other drivers; the processor configured to calculate the product of the plurality of relativity factors with a starting discount and compare the product with a predetermined threshold; the processor further configured to adjust insurance pricing information based on the comparison of the product of the relativity factors with the predetermined threshold.
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