State Farm Mutual Automobile Insurance Company

Blueowl, LLC

Quanata, LLC

Eric Webster

Leif Agerholm Roll

Gregory L Hayward

Craig Dean Isaacs

Sarah Mineau

Susan Beigie

Kyle Schmitt

Kathleen Lenzini

Blake Konrardy

Eric Dahl

Techniques are disclosed to calculate a 'life script.' The life script may include various behaviors and/or monetary allocations required for a user to meet one or more user-defined objectives. These objectives may indicate various lifestyle habits desired by the user such as where to live, a maximum commuting time to work, how often to travel, etc. Because each of these objectives requires the user to allocate his funds in a certain way and to live in accordance with a particular set of restraints, user information may be collected and aggregated from several sources to generate a user profile indicating the user's financial information, demographics, psychographics, and lifestyle information. The user profile may then be analyzed to calculate a constraint framework that guides the generation of a life script to allow the user to achieve the desired objectives.

Automatic life planning and execution based on personal goals

Techniques for using dynamic comparison groups to assess driving safety are provided. Customizable comparison groups of vehicle operator's may be created based upon specific parameters. Drivers belonging to each specific comparison group may be ranked among one another based upon a comparison of telematics data that is associated with each vehicle, which may indicate various metrics associated with each driver's driving safety. By providing each driver's ranking within comparison groups, a gamified interface and user interaction is achieved, which promotes competition and acts as an incentive for the drivers to drive safer and avoid risk. Additional incentives may be provided in the form of automobile insurance premium discounts and recommendations for improving the driver's ranking.

Dynamic driving comparison groups for assessing driving safety

Multiple insurance policies may be grouped or segmented into affinity groups, each of which corresponds to a respective risk level. A set of one or more financial instruments corresponding to a particular affinity group of insurance policies may be created and offered. One or more parties may be procured as investors in at least a portion of the set of financial instruments, thereby securitizing the risk associated with the insurance policies. Profits and/or losses generated by the insurance policies of the affinity group corresponding to the financial instruments may be distributed in accordance with the terms of the financial agreement.

Risk mitigation for affinity groupings

Blockchain techniques for providing insurance to an affinity group may include an enforcement server that receives a plurality of bidding actions (e.g., bid or no-bid) from a plurality of bidding entities in response to an auction of an opportunity to provide insurance for members of the affinity group. The server may compile transactions corresponding to the received bidding actions into a block of transactions (e.g., a round of bidding), distribute the block of transactions to validation entities to form a consensus on the highest bid, and update copies of a distributed ledger with the block of transactions. The server may identify a winning bid and provide affinity group member data to the winning bidding entity, thereby providing consumers with lower cost insurance and/or insurance that is more reflective of actual risk (or lack thereof). The affinity group may be updated over time and re-auctioned using the blockchain techniques.

Blockchain systems and methods for providing insurance coverage to affinity groups

Systems and methods for using a vehicle's relative speed to determine an automobile insurance risk assessment rating are provided. According to certain aspects, an average velocity may be calculated, either from real-time or historical telematics data, for a group of vehicles traveling in the same direction on a roadway. Additionally, an average velocity differential for a target vehicle may be determined based upon the average velocity of the group of vehicles. Moreover, based upon the average velocity differential, an automobile insurance risk assessment rating for an individual may be determined which may cause a change in the individual's automobile insurance premium. Further, recommendations on how to improve the individual's automobile insurance risk assessment rating may be provided to the user via the user interface of an electronic device associated with the individual.

Automobile risk assessment using average velocity differentials

Multiple insurance policies may be grouped or segmented into affinity groups, each of which corresponds to a respective risk level. A set of financial instruments corresponding to a particular affinity group of insurance policies may be created and automatically offered for auction, e.g., online. Bids received from potential investors may indicate, e.g., percentage of assumed risk, percentage of profit sharing, percentage of shared loss, service or commission fee amounts, etc. that are acceptable to the bidding party. The party or parties submitting the winning bids may be awarded investment in the financial instruments and may enter into respective financial agreements with the financial instrument provider, thereby securitizing the risk associated with the insurance policies. Profits and/or losses generated by the insurance policies of the affinity group corresponding to the financial instruments may be distributed in accordance with the terms of the financial agreement.

Growing community of inventors

Bloomington, IL, United States of America

Eric Webster