Capacity optimized electronic model based prediction of changing physical hazards and inventory items

• Main Authors: Eder, Marc, Jakka, Anoop, Rattner, Zachary, Waltman, Devin, Halber, Maciej, Mohan, Siddharth
• Format: Patent
• Language: English
• Published: 23.05.2023
• Subjects: ANALOGOUS ARRANGEMENTS USING OTHER WAVES; CALCULATING; COMPUTER SYSTEMS BASED ON SPECIFIC COMPUTATIONAL MODELS; COMPUTING; COUNTING; DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES; DETERMINING DISTANCE OR VELOCITY BY USE OF RADIO WAVES; ELECTRIC COMMUNICATION TECHNIQUE; ELECTRIC DIGITAL DATA PROCESSING; ELECTRICITY; IMAGE DATA PROCESSING OR GENERATION, IN GENERAL; LOCATING OR PRESENCE-DETECTING BY USE OF THE REFLECTION ORRERADIATION OF RADIO WAVES; MEASURING; PHYSICS; PICTORIAL COMMUNICATION, e.g. TELEVISION; RADIO DIRECTION-FINDING; RADIO NAVIGATION; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR; TESTING

The process of obtaining an insurance quote is currently based on information provided by filing online forms. Insurance companies use the consumer input data from online the forms to provide a quote for property insurance and for insurance underwriting. To complete the underwriting, the insurance companies have to make assumptions on various factors; for example, the structure and layout of a consumer's home, what type of content the consumer owns, its value, and its condition, among several others. It is desirable to get more accurate data on the consumer content, the structure and layout of the home, as well as other factors (e.g., hazards such as whether a house is on a canyon) in an automated fashion which would let insurance companies underwrite policies with a more accurate risk profile as well as save costs by not having to send an onsite inspector.