Dynamic insurance rates

Abstract

Systems and methods that customize insurance rates in real time to correspond to unique behavior/character traits of a user/driver. A rate adjustment component can interact with insurance companies that provide bids based on the contextual data—wherein, insurance costs can be dynamically adjusted, and the user/driver switched in real-time between such insurance companies (e.g., based on bids), to ensure obtaining optimum rates. A switching component can switch user/driver) to an insurance company that bids the best rate. Hence, during a trip the user/driver can actually be insured by various suppliers during different segments of such trip.

1 . A computer implemented system that customizes insurance rates to user profiles comprising:
 a rate adjustment component that dynamically adjusts an insurance rate in real time for a user based on contextual data; and   a switching component that switches the user to an insurance provider(s) that supplies optimal rate based on the contextual data.   
     
     
         2 . The computer implemented system of  claim 1  further comprising a retrieval agent that pulls insurance data from the insurance provider(s.) 
     
     
         3 . The computer implemented system of  claim 1 , the contextual data includes data pertaining to a motor vehicle; or data related to a driver of the motor vehicle; or data related to environment that the motor vehicle operates therein; or real time data related to driving behavior; or a combination thereof. 
     
     
         4 . The computer implemented system of  claim 1  further comprising an analyzer component that employs threshold ranges to accept or reject insurance bids from the insurance provider. 
     
     
         5 . The computer implemented system of  claim 3 , the real time driving data pertains to both frequency and intensity of driving actions. 
     
     
         6 . The computer implemented system of  claim 2  further comprising sensor positioned on a body of driver for collection of biometric data. 
     
     
         7 . The computer implemented system of  claim 1  further comprising an inference component that facilitates customization of insurance rates. 
     
     
         8 . The computer implemented system of  claim 7  further comprising an artificial intelligence component that employs classifiers. 
     
     
         9 . The computer implemented system of  claim 8 , the switching component is an automatic switch. 
     
     
         10 . A computer implemented method comprising the following computer executable acts:
 employing a processor to execute computer executable instructions stored on a computer readable medium to perform the following acts:
 acquiring contextual data associated with a driver of a motor vehicle; and; 
 dynamically adjusting insurance rates in real time based on contextual data via a rate determination component that receives offers from insurance companies. 
   
     
     
         11 . The computer implemented method of  claim 10  further comprising switching insurance policy for a motor vehicle of a user to an insurance company via a switching component mounted on the motor vehicle. 
     
     
         12 . The computer implemented method of  claim 11  further comprising pulling insurance bids from the insurance company. 
     
     
         13 . The computer implemented method of  claim 11  further comprising employing an interrupt for the switching act. 
     
     
         14 . The computer implemented method of  claim 11  further comprising setting threshold values or ranges to accept or reject a bid. 
     
     
         15 . The computer implemented method of  claim 11  further comprising evaluating an insurance policy via a rule-based implementation. 
     
     
         16 . The computer implemented method of  claim 11  further comprising collecting data by cameras mounted on the motor vehicle. 
     
     
         17 . The computer implemented method of  claim 11  further comprising automatically switching a driver to an insurance provider. 
     
     
         18 . The computer implemented method of  claim 11  further comprising employing both intensity and frequency of a driving act as part of the contextual data. 
     
     
         19 . The computer implemented method of  claim 11  further comprising employing an artificial intelligence component to facilitate selection of an insurance policy. 
     
     
         20 . A computer implemented system that customizes insurance rates to user profiles comprising:
 means for dynamically adjusting an insurance rate in real time for a user based on contextual data; and   means for switching the user to an insurance provider that supplies optimal rate based on the contextual data.