TECHNICAL FIELD
[0001] The present disclosure relates, in general, to data acquisition and processing systems, and more specifically, relates to a system and method for monitoring driver behaviour to determine insurance costs for automobile.

BACKGROUND
[0002] Currently, the premium to be paid for a standard car insurance policy is often based on the car’s model among other things and not on the driver’s driving skills. If two people purchase a similar car model, their car insurance premiums may be equal. It does not matter how they drive the vehicle or the distance they cover with their car annually. For example, a safe driver pays the same amount as that of a rash driver who utilizes the vehicle a lot and may increase the chances of an accident. To deal with this problem, driving skill-based car insurance using wireless sensors and artificial intelligence techniques is desired.
[0003] Numerous car insurance companies are providing a ‘n’ number of car insurance products for customers. They classify their car insurance coverage into five types as follows:
• Liability Coverage:
When a customer is involved in an accident, the liability coverage will recover when the accident happened before their fault/negligence.
• Collision Coverage:
If a customer subscribes to ‘Collision coverage’ in the insurance plan, the insurance company will cover their car repair.
• Personal Injury Coverage:
Personal injury protection covers all costs related to the accident. Medical bills of the driver and other passengers will be hidden by personal injury protection.
• Uninsured Motorist Coverage:
If a customer’s vehicle collides with another car that is not covered by any insurance policy, that customer may have to repair or replace the vehicle at their own expense. He could add extra rides, for example, uninsured or underinsured coverage; therefore, he can reduce his exposure. The insurance company would pay the additional or total amount to deal with the medical bills or damage very simply.
• Comprehensive Coverage:
A comprehensive insurance plan covers all types of risk factors related to customer vehicle, driver, passenger, third party vehicle, third party driver, third party vehicle passenger and third party property.
[0004] Customers need to select the best policy to cover their vehicle-specific, driver-specific and third-party-specific needs in a more capable way. As the insurance coverage rises, the premium may increase. However, the driving skill-based car insurance decreases the risk of an accident and the premium charged is lower as there is less chance of getting into the accident and less likely to raise a claim.
[0005] Therefore, there is a need in the art to provide a means that can provide driving skill-based car insurance to determine costs of insurance for automobile.

OBJECTS OF THE PRESENT DISCLOSURE
[0006] An object of the present disclosure relates, in general, to data acquisition and processing systems, and more specifically, relates to a system and method for monitoring driver behaviour to determine insurance costs for automobile.
[0007] Another object of the present disclosure is to provide a system that provides driving information that could make the driver extra conscious of their driving behaviours and assist them to improve his/her driving skills.
[0008] Another object of the present disclosure is to provide a system that enables safe driving that would guide to lesser premiums, promoting people to drive carefully and follow the predetermined speed limit.
[0009] Another object of the present disclosure is to provide a system that enables superior drivers to cooperatively decrease road accidents also encourages road safety.
[0010] Another object of the present disclosure is to provide a system that allows excellent drivers capable of saving money on insurance premiums.
[0011] Another object of the present disclosure is to provide a system that allows enabled car owners those who do not utilize their vehicles often to pay lesser premiums than the premium for traditional policies.
[0012] Yet another object of the present disclosure is to provide a system with the right kind of data, the insurance company could provide novel, enhanced helpful demand-based insurance policies to particular car owners, leading to profit development for the insurer and comprehensive insurance also fulfilment for the policyholder.

SUMMARY
[0013] The present disclosure relates, in general, to data acquisition and processing systems, and more specifically, relates to a system and method for monitoring driver behaviour to determine insurance cost for automobile.
[0014] In an aspect, the present disclosure provides a system for determining insurance cost of vehicle, the system includes one or more sensors located at various positions in the vehicle, the one or more sensors detects a set of parameters pertaining to operator actions of the vehicle, a processor operatively coupled to the one or more sensors, the processor operatively coupled to a memory, the memory storing instructions executable by the processor to receive, from the one or more sensors, the set of parameters pertaining to operator actions of the vehicle, analyse the received set of parameters to extract a set of values from the set of parameters and transmit, the set of parameters to a computing device associated with an insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor configured to estimate fair cost of insurance for the vehicle.
[0015] According to an embodiment, the set of parameters can include hand braking, rapid acceleration, acceleration, braking mode, distance of vehicle, speed of vehicle and any combination thereof.
[0016] According to an embodiment, the set of parameters is determined to correspondingly generate amount of premium to be paid by the operator.
[0017] According to an embodiment, the insurance organization examines the set of parameters to arrive at the risk profile of the operator and corresponding cost is generated.
[0018] According to an embodiment, the processor is configured to transmit the set of parameters to a mobile computing device associated with the operator to improve driving skills of the operator so as to pay a minimum cost.
[0019] According to an embodiment, the processor operatively coupled to a transceiver, wherein the transceiver configured to transmit a signal pertaining to location of the vehicle to the computing device associated with the insurance organization.
[0020] According to an embodiment, the transceiver is a global positioning system (GPS).
[0021] According to an embodiment, the system comprises a memory device operatively coupled with the processor, the memory device configured to store a log of operations of the system, the log of operations comprising any or a combination of the set of parameters, the extracted set of values for the set of parameters, the reference set of values, and the estimated cost of insurance.
[0022] According to an embodiment, the memory device is a server.
[0023] In an aspect, the present disclosure provides a method for determining insurance cost of vehicle, the method includes detecting, by one or more sensors, a set of parameters pertaining to operator actions of the vehicle, the one or more sensors located at various positions in the vehicle, receiving, at a processor, from the one or more sensors, the set of parameters pertaining to operator actions of the vehicle, analysing, at the processor, the received set of parameters to extract a set of values from the set of parameters; and transmitting, by the processor, the set of parameters to a computing device associated with an insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor configured to estimate fair cost of insurance for the vehicle.
[0024] Various objects, features, aspects, and advantages of the inventive subject matter will become more apparent from the following detailed description of preferred embodiments, along with the accompanying drawing figures in which like numerals represent like components.

BRIEF DESCRIPTION OF THE DRAWINGS
[0025] The following drawings form part of the present specification and are included to further illustrate aspects of the present disclosure. The disclosure may be better understood by reference to the drawings in combination with the detailed description of the specific embodiments presented herein.
[0026] FIG. 1 illustrate an exemplary representation of a system for determining insurance cost of vehicle, in accordance with an embodiment of the present disclosure.
[0027] FIG. 2A to FIG. 2E illustrate exemplary functional component to determine operator actions of the vehicle, in accordance with an embodiment of the present disclosure.
[0028] FIG. 3 illustrate an exemplary flow diagram of a method for determining insurance cost of vehicle, in accordance with an embodiment of the present disclosure.

DETAILED DESCRIPTION
[0029] The following is a detailed description of embodiments of the disclosure depicted in the accompanying drawings. The embodiments are in such detail as to clearly communicate the disclosure. If the specification states a component or feature “may”, “can”, “could”, or “might” be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.
[0030] As used in the description herein and throughout the claims that follow, the meaning of “a,” “an,” and “the” includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein, the meaning of “in” includes “in” and “on” unless the context clearly dictates otherwise.
[0031] The present disclosure relates, in general, to data acquisition and processing systems, and more specifically, relates to a system and method for monitoring driver behaviour to determine insurance cost for automobile. The present disclosure relates to a system for monitoring operational characteristics of automobile and behavior of driver to determine cost of insurance for the automobile. The present disclosure can be described in enabling detail in the following examples, which may represent more than one embodiment of the present disclosure.
[0032] FIG. 1 illustrate an exemplary representation of a system for determining insurance cost of vehicle, in accordance with an embodiment of the present disclosure.
[0033] Referring to FIG. 1, system 100 can be configured to monitor and record various sensors and operator actions of vehicle 102 to acquire the desired data for determining a fair cost of insurance. The system 100 can include one or more sensors 104, a processor 106, a transceiver 108, a memory 110 and a computing device 112 associated with an insurance organization. The vehicle 102 as presented in the example can be a four-wheeler e.g., a car. As can be appreciated, the present disclosure may not be limited to this configuration but may be extended to other configurations
[0034] In an embodiment, the one or more sensors 104 installed in various locations in the vehicle 102, the one or more sensors 104 configured to detect a set of parameters pertaining to operator actions of vehicle 102. In an exemplary embodiment, the one or more sensors 104 is a driving skill analyzer device. The set of parameters can include hand braking, rapid acceleration, acceleration, braking mode, location of the vehicle, distance of the vehicle, speed of the vehicle, vehicle travel history and any combination thereof.
[0035] The processor 106 is operatively coupled to the one or more sensors 104 and the processor 106 operatively coupled to a memory 110, the memory 110 storing instructions executable by the processor 106 to receive, from the one or more sensors 104, the set of parameters pertaining to operator action of the vehicles 102. The processor 106 analyses the received set of parameters to extract a set of values from the set of parameters.
[0036] In an embodiment, the processor 106 can transmit the set of parameters to the computing device 112 associated with the insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor 106 configured to estimate fair cost of insurance for the vehicle 102. The reference set of values can include the threshold ranges set for the parameters. The insurance organization examines the set of parameters such as hand braking, rapid acceleration, acceleration, braking mode, distance of the vehicle, speed of the vehicle, vehicle travel history to arrive at the risk profile of the operator and corresponding cost is charged/generated. The set of parameters is determined to correspondingly generate amount of premium to be paid by the operator.
[0037] For example, driving skill-based car insurance could be easily explained as car insurance based on driving. The analyzer device 104 is installed in the vehicle that indicates where, when, and how the car was operated, what is its speed, was the vehicle used for long trips or short trips, does the driver follow the speed limit throughout the year and the likes. Advanced analytics contains logs such as hand braking, rapid acceleration, acceleration and braking mode. The insurance company examines all this data to arrive at the car owner/driver’s risk profile, and the premium/cost is charged consequently. Driving skill-based car insurance does not need filing usage reports. The procedure is mechanical.
[0038] With car insurance based on driving ability, insurance companies may know the car owner’s risk profile based on the vehicle’s average speed, the frequency with which the vehicle is used, and the overall driving capabilities. This data is utilized to charge a suitable premium. Thus, a safe driver pays a lower premium than someone who is a rash driver and uses the car a lot, thus raising the chances of an accident and, in turn, a claim. Therefore, the premium charged is lower as there is less chance of getting into an accident and less likely to raise claim.
[0039] In one implementation, the processor 106 can transmit the set of parameters to the computing device 112 associated with the insurance organization through a communication network, where the communication network can be a wireless network, a wired network or a combination thereof. The network can be implemented as one of the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and the like. Further, the network 104 may either be a dedicated network or a shared network. The shared network represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless Application Protocol (WAP), and the like, to communicate with one another. Further the network can include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, and the like. In another implementation the network 104 can be cellular network or mobile communication network based on various technologies, including but not limited to, Global System for Mobile (GSM), General Packet Radio Service (GPRS), Code Division Multiple Access (CDMA), Long Term Evolution (LTE), WiMAX, and the like.
[0040] The processor 106 is operatively coupled to the transceiver 108, wherein the transceiver 108 is configured to transmit a signal pertaining to the location of the vehicle to the computing device 112 associated with the insurance organization, The transceiver is a global positioning system (GPS) or any suitable location monitoring system. The processor 106 is configured to transmit the set of parameters to a mobile computing device associated with the operator to improve the driving skills of the operator so as to pay a minimum cost.
[0041] The system 100 can include a memory device 114 operatively coupled with the processor 106, the memory device 114 configured to store a log of operations of the system, the log of operations comprising any or a combination of the set of parameters, the extracted set of values for the set of parameters, the reference set of values, and the estimated cost of insurance. The memory device 114 is a server. The processor 106 operatively coupled to a learning engine (not shown), where the learning engine (also referred to as artificial intelligence) is trained using a historical data of correlation of the extracted set of values of a received set of parameters.
[0042] The embodiments of the present disclosure described above provide several advantages. The one or more of the embodiments provides system 100 with information that could make the driver extra conscious of their driving behaviours and assist them in becoming well. Safe driving would guide to lesser premiums, promoting people to drive carefully and follow the predetermined speed limit. The system 100 enables superior drivers to cooperatively decrease road accidents also encourages road safety and allows excellent drivers capable of saving money on insurance premiums. The present disclosure allows enabled car owners who do not utilize their vehicles often to pay lesser premiums than the premium for traditional policies. The present disclosure provides the system with the right kind of data, the insurance company could provide novel, enhanced helpful demand-based insurance policies to particular car owners, leading to profit development for the insurer and comprehensive insurance also fulfilment for the policyholder.
[0043] FIG. 2A to FIG. 2E illustrate exemplary functional component to determine operator actions of the vehicle, in accordance with an embodiment of the present disclosure.
[0044] In most cases, the customer does not have to submit their driving-associated data to the insurance company. Instead, there are various ways in which the insurance company could monitor their vehicle driving and prepare their reports. Five components were utilized in the present disclosure, and each component performs some specific functions, which are explained below.
[0045] The insurance company may ask the customer/driver/operator to download a particular application in the mobile computing device associated with the driver/operator as shown in FIG. 2A and ask the customer to adhere to certain privacy settings to monitor the movements of the vehicle 102. As shown in FIG. 2B a tracking device 202 may be plugged into the vehicle 102 just as the customer plugs the pen drive into their computer. FIG. 2C illustrates sophisticated GPS devices 108 that can also act as tracking devices and share essential driving data with insurance companies.
[0046] On-board sensors 104 as shown in FIG. 2D may be installed on the vehicle 102 to store vehicle-associated data and share real-time or later access. FIG. 2E illustrates the circuit diagram of the installed device. The purpose of the installed device is to monitor the distance and speed of the vehicle. The insurance premium is based on the distance.
[0047] The processor 106 can be in communication with each of the memory 110, and input/output units. The processor 106 may include a microprocessor or other devices capable of being programmed or configured to perform computations and instruction processing in accordance with the disclosure.. Such other devices may include microcontrollers, digital signal processors (DSP), complex programmable logic device (CPLD), field programmable gate arrays (FPGA), application-specific assimilated circuits (ASIC), discrete gate logic, and/or other assimilated circuits, hardware or firmware in lieu of or in addition to a microprocessor.
[0048] The memory 110 can include programmable software instructions that are executed by the processor. The processor 106 may be embodied as a single processor or a number of processors. The processor and a memory may each be, for example located entirely within a single computer or other computing device. The memory, which enables storage of data and programs, may include random-access memory (RAM), read-only memory (ROM), flash memory and any other form of readable and writable storage medium.
[0049] FIG. 3 illustrate an exemplary flow diagram of a method for determining insurance cost of vehicle, in accordance with an embodiment of the present disclosure.
[0050] Referring to FIG. 3, the method 300 includes at block 302, the one or more sensors located at various positions in the vehicle, the one or more sensors detects the set of parameters pertaining to operator actions of the vehicle. The set of parameters can include hand braking, rapid acceleration, acceleration, braking mode, distance of the vehicle, speed of the vehicle and any combination thereof.
[0051] At block 304, processor receive, from the one or more sensors, the set of parameters pertaining to operator actions of the vehicle. At block 306, the processor can analyse the received set of parameters to extract a set of values from the set of parameters.
[0052] At block 310, the processor can transmit, the set of parameters to the computing device associated with an insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor configured to estimate fair cost of insurance for the vehicle.
[0053] It will be apparent to those skilled in the art that the system 100 of the disclosure may be provided using some or all of the mentioned features and components without departing from the scope of the present disclosure. While various embodiments of the present disclosure have been illustrated and described herein, it will be clear that the disclosure is not limited to these embodiments only. Numerous modifications, changes, variations, substitutions, and equivalents will be apparent to those skilled in the art, without departing from the scope of the disclosure, as described in the claims.

ADVANTAGES OF THE PRESENT DISCLOSURE
[0054] The present disclosure provides a system that provides driving information that could make the driver extra conscious of their driving behaviours and assist them to improve his/her driving skill.
[0055] The present disclosure provides a system that enables safe driving that would guide to lesser premiums, promoting people to drive carefully and follow the predetermined speed limit.
[0056] The present disclosure provides a system that enables superior drivers to cooperatively decrease road accidents also encourages road safety.
[0057] The present disclosure provides a system that allows excellent drivers capable of saving money on insurance premiums.
[0058] The present disclosure a system that allows enabled car owners those who do not utilize their vehicles often to pay lesser premiums than the premium for traditional policies.

[0059] The present disclosure provides a system with the right kind of data, the insurance company could provide novel, enhanced helpful demand-based insurance policies to particular car owners, leading to profit development for the insurer and comprehensive insurance also fulfilment for the policyholder.

We Claims:

1. A system (100) for determining insurance cost of vehicle, said system comprising:
one or more sensors (104) located at various positions in the vehicle (102), the one or more sensors (104) detects a set of parameters pertaining to operator actions of the vehicle; and
a processor (106) operatively coupled to the one or more sensors (104), the processor operatively coupled to a memory (108), the memory storing instructions executable by the processor to:
receive, from the one or more sensors (104), the set of parameters pertaining to operator actions of the vehicle;
analyse the received set of parameters to extract a set of values from the set of parameters; and
transmit the set of parameters to a computing device (112) associated with an insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor (106) configured to estimate fair insurance cost for the vehicle.

2. The system as claimed in claim 1, wherein the set of parameters comprise hand braking, rapid acceleration, acceleration, braking mode, distance of vehicle, speed of vehicle and any combination thereof.

3. The system as claimed in claim 2, wherein the set of parameters is determined to correspondingly generate amount of premium to be paid by the operator.

4. The system as claimed in claim 1, wherein the insurance organization examines the set of parameters to arrive at the risk profile of the operator and corresponding cost is generated.

5. The system as claimed in claim 1, wherein the processor (106) is configured to transmit the set of parameters to a mobile computing device associated with the operator to improve driving skills of the operator so as to pay minimum cost.

6. The system as claimed in claim 1, wherein the processor (106) operatively coupled to a transceiver (108), wherein the transceiver configured to transmit a signal pertaining to location of the vehicle to the computing device (112) associated with the insurance organization.

7. The system as claimed in claim 6, wherein the transceiver (108) is a global positioning system (GPS).

8. The system as claimed in claim 1, wherein the system (100) comprises a memory device (114) operatively coupled with the processor, the memory device configured to store a log of operations of the system, the log of operations comprising any or a combination of the set of parameters, the extracted set of values for the set of parameters, the reference set of values, and the estimated cost of insurance.

9. . The system as claimed in claim 8, wherein the memory device is a server.

10. A method (300) for determining insurance cost of vehicle, the method comprising:
detecting (302), by one or more sensors, a set of parameters pertaining to operator actions of the vehicle, the one or more sensors located at various positions in the vehicle;
receiving (304), at a processor, from the one or more sensors, the set of parameters pertaining to operator actions of the vehicle;
analysing (306), at the processor, the received set of parameters to extract a set of values from the set of parameters; and
transmitting (310), by the processor, the set of parameters to a computing device associated with an insurance organization, wherein based on the determination of the extracted set of values for the set of parameters from the reference set of values, the processor configured to estimate fair insurance cost for the vehicle.