STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY (20240233034). SYSTEMS AND METHODS FOR AUTOMATICALLY MITIGATING RISK OF PROPERTY DAMAGE simplified abstract

SYSTEMS AND METHODS FOR AUTOMATICALLY MITIGATING RISK OF PROPERTY DAMAGE

Organization Name

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY

Inventor(s)

Ronny S. Bryant of Bloomington IL (US)

Shawn M. Call of Bloomington IL (US)

Daryoush Hakimi-boushehri of Bloomington IL (US)

John H. Weekes of Bloomington IL (US)

Jennifer Criswell of Bloomington IL (US)

Todd Binion of Bloomington IL (US)

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

Elisabeth Mcdermeit of Bloomington IL (US)

John Donovan of Bloomington IL (US)

SYSTEMS AND METHODS FOR AUTOMATICALLY MITIGATING RISK OF PROPERTY DAMAGE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240233034 titled 'SYSTEMS AND METHODS FOR AUTOMATICALLY MITIGATING RISK OF PROPERTY DAMAGE

• • Simplified Explanation:**

The patent application describes methods and systems for automatically reducing risks of insurance-related events to a property by analyzing data from smart devices and issuing commands to mitigate risks.

• • Key Features and Innovation:**
• Analysis of data from smart devices to identify property risks
• Automatic issuance of commands to smart devices to mitigate risks
• Transmission of risk information and actions to insurance providers for adjustments

• • Potential Applications:**

This technology can be applied in the insurance industry to improve risk assessment and mitigation for properties, leading to more accurate premiums and policies.

• • Problems Solved:**

This technology addresses the challenge of effectively identifying and reducing risks of property damage, enhancing overall property protection and insurance coverage.

• • Benefits:**
• Improved risk assessment for insurance providers
• Enhanced property protection through automated risk mitigation
• Potential for adjusted premiums and policies based on real-time data

• • Commercial Applications:**

Enhancing Property Insurance Risk Assessment and Mitigation Technology

• • Prior Art:**

Prior art related to this technology may include research on smart home automation systems, insurance risk assessment methods, and IoT devices in property protection.

• • Frequently Updated Research:**

Research on advancements in smart home technology, IoT devices, and insurance industry trends may be relevant to this technology.

• • Questions about Property Risk Mitigation:**

1. How does this technology improve the efficiency of risk assessment for insurance providers? 2. What are the potential cost savings for property owners with the implementation of this technology?

Original Abstract Submitted

methods and systems for automatically mitigating risks of insurance-related events to a property are provided. according to certain aspects, a smart home controller or insurance provider remote processor may analyze data received from a plurality of smart devices disposed on, within, or proximate to a property, as well as data received from an insurance provider. if it is determined that an actual or potential risk of property damage exists, the smart home controller or insurance provider remote processor may automatically issue commands to one or more smart devices to take actions that mitigate the risk. the smart home controller may also transmit information about the actual or potential risks and any mitigative actions to an insurance provider. the insurance provider remote processor may interpret the transmitted data to perform insurance activities, such as providing a discount and/or adjusting an insurance premium or policy associated with the property.