FIELD OF THE INVENTION

This invention relates to vehicle usage. In particular, the invention relates to a method of monitoring vehicle usage, a method of allocating vehicle insurance, a vehicle usage monitoring system and a vehicle insurance monitoring system.

BACKGROUND OF THE INVENTION

Traditional vehicle insurance policies are determined on risk assessments of vehicle drivers, where the risk for drivers was assessed based on sex, age class, etc. To attract clients, insurers offer rewards to policyholders for not making an insurance claim in the preceding year(s), referred to as a no claim bonus. Such rewards are typically calculated as a percentage of the premium payable.

Other vehicle insurance policies recognise that no two individuals are alike and as such, the risk assessment of drivers differs. This brought the introduction of behavioural rewards, whereby policyholders receive rewards for “good” driving. The behaviour of drivers can be determined with vehicle telematics devices installed in vehicles and communicating with a server hosted by the insurer.

The inventor is aware of the currently available vehicle insurance policies and has identified a need for a model of comprehensive vehicle insurance which takes cognisance of vehicle usage, together with other risk-dependent factors, and ensures that insurers are fully covered whilst still presenting an attractive offering to potential policyholders. The inventor aims to address this need with this invention.

SUMMARY OF THE INVENTION

Broadly according to a first aspect of the invention there is provided a method of monitoring vehicle usage, which includes the steps of: receiving via an electronic communications interface, vehicle telematics data from a vehicle telematics device installed in a vehicle onto a server, the vehicle telematics data including at least a date stamp of use of the vehicle; storing the vehicle telematics data associated with the vehicle in a vehicle use database hosted on the server; calculating, with a processor on the server, a number of days on which the vehicle was used within a predetermined period; calculating with the processor a usage status based on the number of days on which the vehicle was used and a usage limit set by a policyholder for the vehicle; and recording the usage status in a usage outcome database hosted by the server; wherein if the number of days on which the vehicle was used is greater than the usage limit, the usage status is in the form of an exceed status and if the number of days on which the vehicle was used is less than the usage limit, the usage status is in the form of an under status.

The predetermined period may be selected from: one month, three months or the like.

The usage limit may be a number of days in the predetermined period for which the policyholder expects to use the vehicle. For example, the usage limit may be 15 days, 18 days, 24 days or the like. The method may include the prior steps of receiving a usage limit set by the policyholder and storing the usage limit in the vehicle use database.

The step of calculating a number of days may include identifying a number of date stamps which fall on different days within the predetermined period.

The method may include the prior steps of registering any one or more of: users which may include insurance brokers, sub-users which may include policyholders, and third-party users which may include financial service providers, investment service providers or the like. Registering any one or more of the aforesaid users may include receiving and storing any one or more of the following in a user database on the server: unique identifier, name, address, contact details, legal documentation or the like.

The method may include the prior step of assigning a vehicle a unique vehicle identifier, such as a number or an alphanumeric string. The method may include storing the unique vehicle identifier on any one or more of: the user database, the vehicle use database and the usage outcome database.

The method may include the subsequent step of sending any one or both of: the vehicle telematics data and the usage status via the electronic communications interface to a visual communications interface on a communication device owned by the policyholder. The communication device may be in the form of a mobile telephone, a personal computer, a tablet, or the like.

The vehicle telematics device may include any one or more of: a global positioning system (GPS) receiver, an electronic transmitter, an internal storage device, or the like. The electronic transmitter may be in the form of global packet radio service (GPRS), a global system for mobile communications (GSM) transmitter, a short message service (SMS) transmitter, or the like. The vehicle telematics data may include any one or more of: vehicle use, vehicle location, vehicle movement, vehicle status, or the like.

The at least one date stamp may include one or more time stamps on each day when the vehicle was used.

The electronic communications interface may include a receiver which is in communication with the vehicle telematics device for receiving vehicle telematics data. The receiver may be in the form of a wired receiver, a wireless receiver, or the like.

The electronic communications interface may further include a transmitter which is in communication with the server for sending vehicle telematics data. The receiver may be in the form of a wireless receiver selected from: a global packet radio service (GPRS) receiver, a global system for mobile communications (GSM) receiver, a short message service (SMS) receiver, or the like.

The vehicle use database may include any one or more of the following fields selected from: unique vehicle identifier, predetermined period, days used, times used, location co-ordinates, speed, vibration, movement score, or the like.

The usage outcome database may include any one or more of the following fields selected from: unique vehicle identifier, predetermined period, usage status, calculation date, transfer date, or the like.

The under status may be associated with a monetary transfer of a value which is dependent on the usage limit set by the policyholder. In one example, if the usage limit is fifteen (15) days, and the vehicle was on used less than fifteen (15) days, the value of the monetary transfer may be fifty percent (50%) of an initial premium paid. In another example, if the usage limit is eighteen (18) days, and the vehicle was on used less than eighteen (18) days, the value of the monetary transfer may be forty percent (40%) of an initial premium paid. In yet a further example, if the usage limit is twenty-four (24) days, and the vehicle was on used less than twenty-four (24) days, the value of the monetary transfer may be twenty-five percent (25%) of an initial premium paid.

The exceed status may be associated with a monetary transfer of a value which is dependent on the usage limit reduced by a daily charge per day which exceeds the usage limit. For example, if the usage limit is fifteen (15) days, and the vehicle was on used for sixteen (16) days or more within the predetermined period, the value of the monetary transfer may be fifty percent (50%) of an initial premium paid less 5% for each extra day that the vehicle was used. The daily charge may be determined by a minimum threshold necessary to insure the vehicle per day.

According to a further aspect of the invention, there is provided a method of allocating vehicle insurance, which includes the steps of: permitting an insurance client to select a usage limit for a vehicle in a predetermined period; charging a full insurance premium for the predetermined period to the insurance client; determining usage of the vehicle in number of days in the predetermined period; if the number of days is greater than the usage limit selected by the insurance client, recording an exceed status in a usage outcome database; and if the number of days is less than the usage limit selected by the insurance client, recording an under status in the usage outcome database.

If the under status is recorded in the usage outcome database, the method may include the subsequent step of providing a rebate on the full insurance premium based on the unused days of the usage limit to the insurance client.

If the exceed status is recorded in the usage outcome database, the method may include the subsequent step of providing a rebate on the full insurance premium based on the unused days of the usage limit apportioned by the number of days on which the vehicle was used which exceeds the usage limit.

If the exceed status is recorded in the usage outcome database, the method may include calculating an apportionment of the rebate based on a daily insurance rate which is charged per day exceeding the usage limit.

The predetermined period may be a month or three months.

The usage limit may be in the form of a monthly usage limit comprised of a number of days in a month for which the policyholder expects to use the vehicle. Specifically, the monthly usage limit may be 15 days, 18 days, 24 days or the like.

The method may include the prior step of providing to an insurance client all possible usage limits made available by an insurance provider, each usage limit being determined by insurance coverage over the predetermined period. Permitting an insurance client to select a usage limit for a vehicle may include receiving the usage limit and storing the usage limit in a vehicle use database. The step of determining usage of the vehicle in number of days may include determining a number of days within a particular month that the vehicle was used. Determining usage of the vehicle may include monitoring the usage by an electronic device. Specifically, the electronic device may be in the form of a vehicle telematics device which records at least a date stamp on which the vehicle is used.

The step of charging a full month's insurance premium to the insurance client may include debiting a personal banking account in the name of the insurance client and crediting a premium holding account in the name of the insurance client.

In this embodiment, the step of providing a rebate on the full insurance premium (regardless of the usage status: exceed or under) may include debiting the premium holding account in the name of the insurance client with a rebate amount and crediting a user reward account with the rebate amount. Advantageously, the insurance client may utilise the rebate amount in the user reward account for any financial transactions. The user reward account may be associated with a debit card or similar allowing the insurance client to utilise the rebate amount. The user reward account may further be linked with an investment account to which the insurance client can transfer a portion of the rebate amount in order to invest such portion.

The method may include the subsequent step of notifying the insurance client of an updated balance in the user reward account.

In this embodiment, the method may include the further step of debiting the premium holding account in the name of the insurance client with a charge amount (i.e. remainder of the full insurance premium once the rebate amount has been paid) and crediting a business account with the charge amount.

The usage outcome database may include any one or more of the following fields selected from: unique vehicle number, predetermined period, usage status, calculation date, transferred, transfer date or the like.

The full insurance premium may be a monthly insurance premium. According to a further aspect of the invention there is provided a vehicle usage monitoring system which includes a vehicle telematics device installed in a vehicle operable to record vehicle telematics data, including at least date stamps of usage of the vehicle, the vehicle telematics device being operable to transmit vehicle telematics data to a server hosting a vehicle usage database; a server hosting a vehicle usage database which is arranged to store vehicle telematics data, the server being operable to: calculate if the number of days is greater than or less than a usage limit set by a user; and recording a status in a usage outcome database hosted by the server if the number of days is greater or an under status if the number of days is less.

The vehicle telematics device may include any one or more of: a global positioning system (GPS) receiver, an electronic transceiver, an internal storage device, or the like.

The electronic transceiver may be in the form of global packet radio service (GPRS), global system for mobile communications (GSM), short message service (SMS) or the like.

The vehicle telematics device may be operable to monitor any one or more of: vehicle use, vehicle location, vehicle movement, and vehicle status.

The server, being referred to as a core application server, may include any one or more of the following modules: a partner interface, operable to interface with insurance partners; a report module, operable to generate reports from any selection of data accessible via the server; a broker module, operable to manage, transmit and receive server data relevant to a broker; a debit card module, operable to interface with a banking partner; an insurance underwriter module, operable to manage, transmit and receive server data relevant to and from an insurance underwriter; a client management module, operable to manage client data and to transmit and receive server data relevant to clients to and from a plurality of clients; a vehicle tracking module, operable to receive telematics data from a plurality of vehicle trackers, or to interface with a vehicle tracking service provider to receive vehicle telematics data from a vehicle tracking service provider.

It is to be appreciated that the banking partner may be a traditional bank, or a financial services provider that provide banking services.

The vehicle usage monitoring system may include a mobile application, installable on a mobile communication device, the mobile application being operable to communicate with the server and to provide a user interface to any one or more of: brokers, call centres and clients.

The mobile application may be in the form of any one of an Android application and an iPhone Operating System (iOS)

The vehicle usage monitoring system may include a shared services server running a shared services application. The shared services application may include any one or more of an audit trail manager, a thread pool, a notification engine, a logger, a session manager and a data access module.

The server may be operable to interface with the data access module which accesses a MySQL database configured as a vehicle use database and a usage outcome database. The server may be operable to serve representational state transfer (REST) webs services to the mobile applications.

The server may be implemented on any one of a Linux, Apache, MySQL, PHP (LAMP) services platform, a Java platform a Microsoft .NET platform, or the like.

Yet a further aspect of the invention provides a vehicle insurance monitoring system, which includes an insurance policyholder database in which each policyholder is associated with a particular vehicle and a usage limit selected by the respective policyholder; a vehicle telematics device installed into the particular vehicle, which monitors usage parameters of the particular vehicle; a server, operable to

- receive usage parameters from the vehicle telematics device,

- determine actual usage of the particular vehicle from the usage parameters,

- compare the actual usage of the particular vehicle with the usage limit; and

- calculate a rebate on an insurance premium if the actual usage of the particular vehicle is less or equal to the usage limit selected by the policyholder.

It is to be appreciated that a policyholder may have multiple vehicles (e.g. a fleet of commercial vehicles) and that each vehicle may have a particular usage limit as determined by the policyholder.

The invention is now described, by way of non-limiting example, with reference to the accompanying figures.

FIGURE(S)

In the figure:

Figure 1 shows the architecture of a vehicle usage monitoring system and a vehicle insurance monitoring system in accordance with two aspects of the invention.

In the figures, like reference numerals denote like parts of the invention unless otherwise indicated.

EMBODIMENT OF THE INVENTION

In Figure 1, reference numeral 10 refers to a vehicle usage monitoring system, in accordance with a first aspect of the invention. The vehicle usage monitoring system includes a vehicle telematics device (not shown) installed in a vehicle operable to record vehicle telematics data, including at least date stamps of usage of the vehicle, the vehicle telematics device being operable to transmit vehicle telematics data either directly to a server hosting a vehicle usage database or via a vehicle tracking service provider. The vehicle usage monitoring system further includes a server (12)

The vehicle telematics device includes a global positioning system (GPS) receiver, an electronic transceiver and an internal storage device. The electronic transceiver is in the form of global packet radio service (GPRS) transceiver. The vehicle telematics data include being recorded by the vehicle telematics device includes at least a vehicle use, vehicle location, vehicle movement and vehicle status.

In use, the vehicle telematics device is operable to monitor any one or more of: vehicle use, vehicle location, vehicle movement, and vehicle status.

The server (12), which in this example is being referred to as a core application server, includes the following modules: a report module (14), operable to generate reports (14.1) from any selection of data accessible via the server; a broker module (16), operable to manage, transmit and receive server data relevant to a broker; a debit card module (18), operable to interface with a banking partner in the form of either a traditional bank, or a financial services provider that provides banking services; an insurance underwriter module (20), operable to manage, transmit and receive server data relevant to and from an insurance underwriter (20.1); a client management module (22), operable to manage client data and to transmit and receive server data relevant to clients to and from a plurality of clients; and a vehicle tracking module (24), operable to receive telematics data from a plurality of vehicle trackers, or to interface with a vehicle tracking service provider to receive vehicle telematics data from a vehicle tracking service provider. The vehicle usage monitoring system may include a shared services server (26) running a shared services application. The shared services application may include any one or more of an audit trail manager (28), a thread pool (30), a notification engine (32), a logger (34), a session manager (36) and a data access module (38).

The server is operable to interface with the data access module which accesses a MySQL database (40) configured as a vehicle use database and a usage outcome database. The server is operable to serve representational state transfer (REST) webs services to the mobile applications. The implementation of the server can be done on any one of a Linux, Apache, MySQL, PHP (LAMP) services platform, a Java platform a Microsoft .NET platform, or the like.

The vehicle usage monitoring system (10) includes a mobile application (42), installable on a mobile communication device, the mobile application being operable to communicate with the server and to provide a user interface to brokers, call centres and clients. The mobile application (42) includes an administration console (44), a broker console (46) and a call centre application (48). The mobile application may be implemented on either an Android application (50) or an iPhone Operating System (iOS) (52).

The server is arranged to access a vehicle usage database, which is arranged to store vehicle telematics data. In use, the server is operable to calculate if the number of days is greater than or less than a usage limit set by a user and to record a status in a usage outcome database if the number of days is greater or an under status if the number of days is less.

In use, the vehicle usage monitoring system (10) is operated to implement a method of monitoring vehicle usage, which includes the steps of: assigning to a vehicle a unique vehicle identifier, such as a number or an alphanumeric string and storing the unique vehicle identifier/number on any one or both of the vehicle use database (40) and the usage outcome database (40); registering any one or more of: users which may include insurance brokers, sub-users which may include policyholders, and third-party users which may include financial service providers, investment service providers or the like; receiving a usage limit set by the policyholder and storing the usage limit in the vehicle use database (40); receiving vehicle telematics data from the vehicle telematics device (not shown) installed in vehicle onto the server (12), including at least a date stamp of use of the vehicle, via an electronic communications interface; storing the vehicle telematics data associated with the vehicle in a vehicle use database (40) hosted or accessed by the server (12); calculating on the server (12) a number of days on which the vehicle was used within a predetermined period; calculating on the server (12) a usage status based on the number of days on which the vehicle was used and a usage limit set by a policyholder; recording the usage status in a usage outcome database (40) hosted or accessed by the server, wherein if the number of days is greater than the usage limit, the usage status is in the form of an exceed status and if the number of days is less than the usage limit, the usage status is in the form of an under status; and sending the vehicle telematics data and the usage status via the electronic communications interface to a visual communications interface on a communication device of the policyholder, the communication device hosting a browser app (42).

Registering users include receiving and storing at least: a unique identifier, name, address, contact details, legal documentation of the user.

In this example, the predetermined period is one month.

The usage limit is defined as a number of days in the predetermined period for which the policyholder expects to use the vehicle. For example, the usage limit may be selected as 15 days, 18 days, 24 days or the like.

The step of calculating a number of days includes identifying a number of date stamps which fall on different days within the predetermined period. The vehicle use database (40) includes at least: a unique vehicle identifier, predetermined period, days used, times used, location co-ordinates, speed, vibration and movement score.

The usage outcome database (40) includes at least: a unique vehicle identifier, predetermined period, usage status, calculation date and transfer date.

The under status is associated with a monetary transfer of a value which is dependent on the usage limit set by the policyholder. It is to be appreciated that the policyholder can be the vehicle owner.

In one example, if the usage limit is fifteen (15) days, and the vehicle was on used less than fifteen (15) days, the value of the monetary transfer may be fifty percent (50%) of an initial premium paid. In another example, if the usage limit is eighteen (18) days, and the vehicle was on used less than eighteen (18) days, the value of the monetary transfer may be forty percent (40%) of an initial premium paid. In yet a further example, if the usage limit is twenty-four (24) days, and the vehicle was on used less than twenty-four (24) days, the value of the monetary transfer may be twenty-five percent (25%) of an initial premium paid.

The exceed status is associated with a monetary transfer of a value which is dependent on the usage limit reduced by a daily charge per day which exceeds the usage limit. For example, if the usage limit is fifteen (15) days, and the vehicle was on used for sixteen (16) days or more within the predetermined period, the value of the monetary transfer may be fifty percent (50%) of an initial premium paid less 5% for each extra day that the vehicle was used. The daily charge may be determined by a minimum threshold necessary to insure the vehicle per day.

In use, the vehicle usage monitoring system (10) is operated to implement a method of allocating vehicle insurance, which includes the steps of: permitting an insurance client to select a usage limit for a vehicle in a predetermined period; charging a full insurance premium for a full month to the insurance client; determining usage of the vehicle in number of days in the month; if the number of days is greater than the usage limit selected by the insurance client, recording an exceed status in a usage outcome database; and if the number of days is less than the usage limit selected by the insurance client, recording an under status in the usage outcome database.

If the under status is recorded in the usage outcome database, the method includes the subsequent step of providing a rebate on the full insurance premium based on the unused days of the usage limit to the insurance client.

If the exceed status is recorded in the usage outcome database, the method includes the subsequent step of providing a rebate on the full insurance premium based on the unused days of the usage limit apportioned by the number of days on which the vehicle was used which exceeds the usage limit.

If the exceed status is recorded in the usage outcome database, the method may include calculating an apportionment of the rebate based on a daily insurance rate which is charged per day exceeding the usage limit.

The usage limit is in the form of a monthly usage limit comprised of a number of days in a month for which the policyholder intends using the vehicle. Specifically, the monthly usage limit may be 15 days, 18 days, 24 days or the like.

Determining usage of the vehicle may include monitoring the usage by an electronic device. Specifically, the electronic device may be in the form of a vehicle telematics device which records at least a date stamp on which the vehicle is used.

The step of charging a full month's insurance premium to the insurance client includes debiting a personal banking account in the name of the insurance client and crediting a premium holding account in the name of the insurance client.

The step of providing a rebate on the full insurance premium (regardless of the usage status: exceed or under) includes debiting the premium holding account in the name of the insurance client with a rebate amount and crediting a user reward account with the rebate amount. Advantageously, the insurance client may utilise the rebate amount in the user reward account for any financial transactions. The user reward account may be associated with a debit card or similar allowing the insurance client to utilise the rebate amount. The user reward account may further be linked with an investment account to which the insurance client can transfer a portion of the rebate amount in order to invest such portion.

The method includes the subsequent step of notifying the insurance client of an updated balance in the user reward account. The method includes the further step of debiting the premium holding account in the name of the insurance client with a charge amount (i.e. remainder of the full insurance premium once the rebate amount has been paid) and crediting a business account with the charge amount. The usage outcome database includes at least the following fields: a unique vehicle number, predetermined period, usage status, calculation date and transfer date.

Use of the vehicle can be determined either if the ignition is turned on, or when the vehicle starts to move, or by whichever way defined by the insurance broker as use of the vehicle.

The inventor believes that the invention provides a new method of monitoring vehicle usage, a method of allocating vehicle insurance, a vehicle usage monitoring system and a vehicle insurance monitoring system. In particular, these systems rely of vehicle usage, calculated on days.