Systems and Methods for Usage Based Insurance Via Blockchain

Abstract

The present embodiments relate to systems and methods for using a blockchain or shared ledger to generate Usage-Based Insurance quotes for a vehicle tracked over its lifecycle according to a Vehicle Identification Number (VIN), or other vehicle identifier. A mileage report stored on the shared ledger may be searched according to the vehicle's VIN and a Usage-Based Insurance quote may be generated based upon the mileage report. Periodic updates to the mileage report may be broadcast to the blockchain in transactions that updated the shared ledger. An estimated vehicle usage may be determined based upon the cryptographic proof of the blockchain and a Usage-Based Insurance quote generated thereon.

What is claimed: 
     
         1 . A computer-implemented method of utilizing blockchain technology to provide UBI (Usage-Based Insurance), the method comprising:
 accessing, via one or more processors, a blockchain operated by nodes on a distributed network,   retrieving, via the one or more processors, a vehicle history regarding a vehicle identified on the blockchain according the Vehicle Identification Number (VIN);   generating, via the one or more processors, a UBI quote for insuring the vehicle, the UBI quote being based the vehicle history retrieved from the blockchain;   transmitting, via the one or more processors, the UBI quote for insuring the vehicle to a vehicle owner; and   receiving, via the one or more processors, an acceptance of the UBI quote from the vehicle owner.   
     
     
         2 . The method of  claim 1 , wherein the vehicle history includes at least one of a vehicle mileage and a vehicle collision history. 
     
     
         3 . The method of  claim 1 , wherein the vehicle history includes a proof-of-identity of at least one of: an automotive repair services provider, a government registrar, a vehicle inspector, and a trusted third party. 
     
     
         4 . The method of  claim 1 , further comprising receiving a token by the blockchain, the token having a value equal to the value of an insurance premium payment. 
     
     
         5 . The method of  claim 1 , wherein the UBI quote includes a requirement of periodic mileage updates to the blockchain. 
     
     
         6 . The method of  claim 1 , further comprising retrieving a driving history regarding the vehicle owner from the blockchain, and wherein the generating operation depends at least in part on a driving history. 
     
     
         7 . The method of  claim 1 , wherein the vehicle history comprises a generated safety rating for a one or more safety features. 
     
     
         8 . The method of  claim 7 , wherein the safety rating is generated via a machine learning algorithm. 
     
     
         9 . The method of  claim 8 , wherein the machine learning algorithm generates the safety rating via assigning weight to the one or more safety features. 
     
     
         10 . A system for utilizing blockchain technology to provide UBI (Usage-Based Insurance), the system comprising:
 a server communicatively coupled to a blockchain; and   program instructions stored in a program memory that, when executed by the server, cause one or more processors of the server to:
 access a blockchain operated by nodes on a distributed network, 
 retrieve a vehicle history regarding a vehicle identified on the blockchain according the Vehicle Identification Number (VIN); 
 generate a UBI quote for insuring the vehicle, the UBI quote being based the vehicle history retrieved from the blockchain; 
 transmit the UBI quote for insuring the vehicle to a vehicle owner; and 
 receive an acceptance of the UBI quote from the vehicle owner. 
   
     
     
         11 . The system of  claim 10 , wherein the vehicle history includes at least one of a vehicle mileage and a vehicle collision history. 
     
     
         12 . The system of  claim 10 , wherein the vehicle history includes a proof-of-identity of at least one of: an automotive repair services provider, a government registrar, a vehicle inspector, and a trusted third party. 
     
     
         13 . The system of  claim 10 , wherein the program instructions further cause the server to: receive a token by the blockchain, the token having a value equal to the value of an insurance premium payment. 
     
     
         14 . The system of  claim 10 , wherein the UBI quote includes a requirement of periodic mileage updates to the blockchain. 
     
     
         15 . The system of  claim 10 , wherein the program instructions further cause the server to: retrieve a driving history regarding the vehicle owner from the blockchain, and wherein the generating operation depends at least in part on a driving history. 
     
     
         16 . The system of  claim 10 , wherein the vehicle history comprises a generated safety rating for a one or more safety features. 
     
     
         17 . The system of  claim 16 , wherein the safety rating is generated via a machine learning algorithm. 
     
     
         18 . The system of  claim 17 , wherein the machine learning algorithm generates the safety rating via assigning weight to the one or more safety features. 
     
     
         19 . A tangible, non-transitory computer-readable medium storing instructions for utilizing blockchain technology to provide UBI (Usage-Based Insurance) that, when executed by one or more processors of a computing device, cause the computing device to:
 access a blockchain operated by nodes on a distributed network,   retrieve a vehicle history regarding a vehicle identified on the blockchain according the Vehicle Identification Number (VIN);   generate a UBI quote for insuring the vehicle, the UBI quote being based the vehicle history retrieved from the blockchain;   transmit the UBI quote for insuring the vehicle to a vehicle owner; and   receive an acceptance of the UBI quote from the vehicle owner.   
     
     
         20 . The tangible, non-transitory computer-readable medium of  claim 19 , wherein the non-transitory computer-readable medium further includes instructions that, when executed by the one or more processors, cause the computing device to: retrieve a driving history regarding the vehicle owner from the blockchain, and wherein the generating operation depends at least in part on a driving history