REAL-TIME INSURANCE PREMIUM COMPUTATION SYSTEM AND METHOD THEREOF

摘要

The present invention provides a method and system for charging insurance premium of an insured premises in real-time. In one embodiment, a system includes a risk factor monitoring device configured for collecting the static and dynamic conditions associated with an insured premises from one or more monitoring devices, and periodically computing a risk factor associated with each of the static and dynamic conditions. The system also includes a backend server wirelessly connected to the risk factor monitoring device for estimating an insurance premium for the insured premises in real-time based on the risk factor associated with each of the static and dynamic conditions, and deducting the insurance premium from a prepaid account associated with the insured premises.