Patent ID: 11954736
Assignee: STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 8:
9. A computer-implemented method for developing a model to determine a ratings-based insurance product for a driver of a transportation network company (TNC) operating a vehicle for the TNC using a personalized insurance (“PI”) computing device, the PI computing device in communication with TNC computing device associated with the TNC, a plurality of sensors via a vehicle computing device associated with the vehicle, and a financial institution that manages a health savings account for the driver, the PI computing device having at least one processor in communication with at least one memory, the method comprising:
retrieving ratings for the driver and the vehicle operated by the driver;
receiving telematics data from the vehicle computing device, the telematics data associated with operation of the vehicle and collected by the plurality of sensors;
generating, using one or more machine learning programs, a risk model for the driver based upon the ratings and the telematics data;
receiving additional ratings for the driver and the vehicle, additional telematics data associated with current operation of the vehicle, and environment data indicative of current environmental conditions of an area where the vehicle is being operated;
receiving, in real-time from the TNC computing device, supply and demand data indicative of current supply and demand for the TNC;
training, using the one or more machine learning programs, the risk model by applying the additional telematics data, the environment data, the supply and demand data, and the additional ratings to the risk model;
determining, in real-time, a personalized optimal insurance product for the driver by executing the trained risk model, wherein the personalized optimal insurance product is personalized for the driver and vehicle;
transmitting, to a first user computing device associated with the driver, the personalized optimal insurance product to the driver;
receiving, from the first user computing device, a message indicating a purchase of the personalized optimal insurance product; and
transmitting a message to the financial institution to withdraw an amount of funds from the health savings account for the purchase of the personalized optimal insurance product.