STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY (20240338776). Ecosystem for Prediction and/or Prevention of Loss simplified abstract
Contents
Ecosystem for Prediction and/or Prevention of Loss
Organization Name
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
Inventor(s)
John Hurliman of Bloomington IL (US)
Kami Lavallier of Knoxville TN (US)
Sondra Mulford of Bloomington IL (US)
Amy L. Starr of Roswell GA (US)
Christopher Sawula of Decatur GA (US)
Ecosystem for Prediction and/or Prevention of Loss - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240338776 titled 'Ecosystem for Prediction and/or Prevention of Loss
The abstract describes a home ecosystem and home ecosystem app that utilize data from various sources to predict and prevent damage to insured assets.
- Receive data from smart home devices, weather databases, insurance companies, real estate & property data companies, AI companies, electrical data companies, security companies, and property risk data companies.
- Predict potential damage to insured assets based on the data received from these sources.
- Initiate actions to prevent or mitigate the predicted damage.
Potential Applications: This technology can be used in the insurance industry to prevent losses and improve risk management. It can also be applied in smart home systems to enhance security and safety measures.
Problems Solved: This technology addresses the issue of predicting and preventing damage to insured assets, improving overall risk management strategies.
Benefits: The technology can help insurance companies reduce losses, improve customer satisfaction, and enhance the overall safety and security of homes.
Commercial Applications: This technology can be commercially used by insurance companies, smart home device manufacturers, and property management companies to enhance their services and offerings.
Questions about the technology: 1. How does this technology improve risk management in the insurance industry? 2. What are the potential implications of using this technology in smart home systems?
Frequently Updated Research: Stay updated on the latest advancements in predictive analytics, AI technology, and smart home devices to enhance the capabilities of this home ecosystem app.
Original Abstract Submitted
the following relates generally to a home ecosystem and home ecosystem app. in some embodiments, one or more processors: (1) receive data from a plurality of data sources, the plurality of data sources including: smart home devices, a weather database, an insurance company, a real estate & property data company, artificial intelligence (ai) company, an electrical data company, a security company, and/or a property risk data company; (2) predict, based upon the received data from the plurality of data sources, that an event will occur that will damage an insured asset; and/or (3) initiate an action based upon the prediction that the event will occur.
