20240046366. CONNECTED HOME SYSTEM WITH RISK UNITS simplified abstract (Allstate Insurance Company)

CONNECTED HOME SYSTEM WITH RISK UNITS

Organization Name

Allstate Insurance Company

Inventor(s)

Floyd M. Yager of Park Ridge IL (US)

Orlando E. Mercado of Rolling Meadows IL (US)

Ralph Adam Benjamin Tyner of Gurnee IL (US)

Jennifer L. Snyder of Northbrook IL (US)

Laurie Pellouchoud of Northbrook IL (US)

Peggy Klingel of Northbrook IL (US)

Trent Bohacz of Northbrook IL (US)

John Bradley Moats of Gurnee IL (US)

CONNECTED HOME SYSTEM WITH RISK UNITS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046366 titled 'CONNECTED HOME SYSTEM WITH RISK UNITS

Simplified Explanation

The abstract of this patent application describes aspects related to monitoring and sensing of home devices, using the data to determine insurance rates or premiums, discounts, incentives, etc. It also mentions aspects related to computer hardware and software, specifically in the connected home or smart home market.

• The patent application relates to monitoring and sensing of home devices from one or more homes.
• Data from sensors associated with home devices is received and used to determine insurance rates, premiums, discounts, incentives, etc.
• The disclosure also includes aspects related to computer hardware and software.
• It specifically focuses on the connected home or smart home market, which is rapidly evolving and growing.

Potential applications of this technology:

• Insurance companies can use the data from home devices to determine personalized insurance rates and premiums for homeowners.
• Homeowners can receive discounts or incentives based on the data collected from their home devices.
• The technology can be used to improve home security systems by monitoring and sensing various aspects of the home.

Problems solved by this technology:

• Traditional insurance rates and premiums are often based on generalized risk assessments, whereas this technology allows for personalized rates based on actual data from home devices.
• Homeowners may have limited control over their insurance rates, but this technology provides an opportunity for them to actively participate in reducing their premiums through data collection.

Benefits of this technology:

• Insurance companies can offer more accurate and personalized rates, leading to fairer pricing for homeowners.
• Homeowners can potentially save money on insurance premiums by actively participating in data collection and demonstrating lower risks.
• The technology can contribute to improved home security and safety by monitoring and sensing various aspects of the home.

Original Abstract Submitted

aspects of the disclosure generally relate to monitoring and/or sensing of one or more home devices from one or more homes. in particular, various aspects described herein relate to receiving data from one or more sensors associated with one or more home devices from one or more homes and using the data to determine insurance rates or premiums, discounts, incentives, and the like. further, aspects of the disclosure relate to computer hardware and software. in particular, one or more aspects of the disclosure relate to the connected home or smart home market (i.e. connected devices and systems within or related to the home) which is rapidly evolving and growing.