20240037669. SYSTEMS AND METHODS FOR ASSIGNING DAMAGE CAUSED BY AN INSURANCE-RELATED EVENT simplified abstract (STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY)

SYSTEMS AND METHODS FOR ASSIGNING DAMAGE CAUSED BY AN INSURANCE-RELATED EVENT

Organization Name

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY

Inventor(s)

Daryoush Hakimi-boushehri of Bloomington IL (US)

Jackie O. Jordan, Ii of Bloomington IL (US)

Shawn M. Call of Bloomington IL (US)

John H. Weekes of Bloomington IL (US)

Ronny S. Bryant of Bloomington IL (US)

Jennifer Criswell Kellett of Phoenix AZ (US)

Todd Binion of Bloomington IL (US)

Elisabeth Mcdermeit of Bloomington IL (US)

John Donovan of Bloomington IL (US)

SYSTEMS AND METHODS FOR ASSIGNING DAMAGE CAUSED BY AN INSURANCE-RELATED EVENT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037669 titled 'SYSTEMS AND METHODS FOR ASSIGNING DAMAGE CAUSED BY AN INSURANCE-RELATED EVENT

Simplified Explanation

Methods and systems for assigning damage to a property to causes of loss are provided. A smart home controller and/or an insurance provider remote processor (or server) may generate a time sequence of events for damage associated with an insure-related event. The time-sequence of events may be analyzed to identify causes of loss associated with damage to the property. The smart home controller or insurance provider remote processor may further analyze the time-sequence of event to determine a portion of the overall damage associated with each cause of loss. Subsequently, according to certain aspects, the smart home controller or insurance provider remote processor may automatically generate a prepopulated insurance claim for damage associated with the insurance-related event, and/or transmit the automatically prepared insurance claim to an insured for their review, approval, and/or modification, such as via wireless communication to a mobile device associated with the insured.

• The invention involves methods and systems for determining the causes of damage to a property and assigning them to specific events.
• A smart home controller or insurance provider remote processor generates a time sequence of events for damage associated with an insurance-related event.
• The time-sequence of events is analyzed to identify the causes of loss that led to the property damage.
• The smart home controller or insurance provider remote processor further analyzes the time-sequence of events to determine the extent of damage associated with each cause of loss.
• Based on this analysis, the smart home controller or insurance provider remote processor automatically generates a prepopulated insurance claim for the damage.
• The insured can review, approve, and modify the automatically prepared insurance claim using their mobile device.

Potential applications of this technology:

• Insurance industry: This technology can streamline the claims process by automatically generating prepopulated insurance claims, reducing the time and effort required by both the insured and the insurance provider.
• Smart homes: The smart home controller can provide valuable data on the causes and extent of damage to a property, allowing homeowners to take preventive measures and improve their home security systems.
• Risk assessment: The analysis of time-sequence events can help insurance providers assess the risk associated with different events and causes of loss, leading to more accurate underwriting and pricing.

Problems solved by this technology:

• Manual claims processing: This technology eliminates the need for manual claim filing and processing, reducing paperwork and administrative burden for both the insured and the insurance provider.
• Uncertainty in claims assessment: By analyzing the time-sequence of events, this technology provides a more accurate assessment of the causes and extent of damage, reducing disputes and ensuring fair compensation for the insured.
• Lack of real-time information: The smart home controller provides real-time data on property damage, allowing for immediate response and mitigation measures.

Benefits of this technology:

• Efficiency: The automatic generation of prepopulated insurance claims saves time and effort for both the insured and the insurance provider, leading to faster claim settlement.
• Accuracy: The analysis of time-sequence events provides a more accurate assessment of the causes and extent of damage, reducing disputes and ensuring fair compensation.
• Convenience: The ability to review, approve, and modify insurance claims using a mobile device provides convenience and flexibility for the insured.

Original Abstract Submitted

methods and systems for assigning damage to a property to causes of loss are provided. a smart home controller and/or an insurance provider remote processor (or server) may generate a time sequence of events for damage associated with an insure-related event. the time-sequence of events may be analyzed to identify causes of loss associated with damage to the property. the smart home controller or insurance provider remote processor may further analyze the time-sequence of event to determine a portion of the overall damage associated with each cause of loss. subsequently, according to certain aspects, the smart home controller or insurance provider remote processor may automatically generate a prepopulated insurance claim for damage associated with the insurance-related event, and/or transmit the automatically prepared insurance claim to an insured for their review, approval, and/or modification, such as via wireless communication to a mobile device associated with the insured.