Patent ID: 11935128
Assignee: STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 17:
18. A computer system for managing smart insurance contracts, the computer system including at least one processor in communication with at least one memory device, the at least one processor is programmed to:
receive, from a plurality of insurer servers, a plurality of bids for providing usage-based insurance to a user of a vehicle for a predefined trip;
generate a first block of a blockchain structure to store the plurality of bids for providing the usage-based insurance to the user of the vehicle for the predefined trip, wherein each of the plurality of bids is associated with a smart contract that is configured to generate an insurance contract between the user and an insurer associated with the bid upon the user accepting the bid;
receive, from the user via a user computer device, an acceptance of a bid of the plurality of bids stored in the first block;
provide content for causing the smart contract associated with the accepted bid to be executed generating the insurance contract between the user accepting the bid and the insurer associated with the accepted bid;
generate a second block within the blockchain structure to store the smart contract associated with the accepted bid, wherein the second block is subsequent to the first block in the blockchain structure, and wherein a plurality of nodes hosted on a plurality of computer systems each store a copy of the insurance contract in the blockchain structure;
receive from a plurality of sensors of the vehicle, sensor information indicating a deviation from the predefined trip;
receive, from the user via the user computer device, an acceptance of a modification to the insurance contract based upon the deviation from the predefined trip; and
update the smart contract with the modification to the insurance contract.