STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY (20240338777). Ecosystem for Initiating an Action Following Occurrence of an Event simplified abstract
Contents
Ecosystem for Initiating an Action Following Occurrence of an Event
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 Initiating an Action Following Occurrence of an Event - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240338777 titled 'Ecosystem for Initiating an Action Following Occurrence of an Event
The abstract of the patent application describes a home ecosystem and home ecosystem app that utilize data from various sources to detect and prevent damage to insured assets.
- Receive data from smart home devices, weather databases, insurance companies, real estate and property data companies, AI companies, electrical data companies, security companies, and property risk data companies.
- Determine if an event has occurred or will occur that could damage an insured asset based on the data received.
- Initiate actions to prevent or mitigate damage to insured assets.
Potential Applications: - Home insurance companies could use this technology to proactively prevent damage to insured properties. - Real estate companies could utilize this system to assess property risks and make informed decisions.
Problems Solved: - This technology helps in early detection and prevention of damage to insured assets, reducing insurance claims and costs. - It provides a comprehensive approach to home ecosystem management, integrating data from multiple sources for better decision-making.
Benefits: - Improved risk management for insurance companies. - Enhanced property value assessment for real estate companies. - Increased safety and security for homeowners.
Commercial Applications: "Smart Home Ecosystem Management System for Insurance and Real Estate Industries"
Questions about the Technology: 1. How does this technology improve the efficiency of risk management in the insurance industry? 2. What are the key advantages of integrating data from multiple sources in home ecosystem management?
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) determine, based upon the received data from the plurality of data sources, that an event has occurred that will damage or has damaged an insured asset; and/or (3) initiate an action based upon the determination that the event has occurred.
