System and method for providing and activating commoditized insurance

• US 10,325,321 B2
• Filed: 04/23/2018
• Issued: 06/18/2019
• Est. Priority Date: 04/30/2012
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Czaja, Ian J., Whiten, Wayne K.
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US15/960,108
• Publication Number:
  US 20180240196A1
• Time in Patent Office: 421 Days
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 2220/12 Usage or charge determination
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for providing commoditized insurance products to at least one consumer is disclosed. The system includes a commoditized insurance product including an activation code and an insurance company that underwrites the commoditized insurance product and provides the commoditized insurance product to a retail outlet. Based on consumer purchase of the commoditized product at the retail outlet and initiation of an activation process, the insurance company receives an activation code associated with the commoditized insurance product and provides verification queries to the consumer, and based on positive responses to the queries activates the policy providing the selected insurance coverage for the consumer.

Claims

1. A product provided by a carrier, the carrier receiving payment for the product and identifying an activation code, via a web server upon a consumer purchase of the product, the product comprising:

a plurality of parameters defining the product; and

an activation code associated with the product, the activation code identifying the plurality of parameters defining the product to the web server upon initiation of the product,

wherein the web server provides a set of verification queries associated with the activation code, the set of verification queries related to the plurality of parameters allowing the carrier to screen for eligibility of the product when a user device is used to attempt to activate the product and receives responses to the verification queries, and on a condition that the received responses to the provided set of verification queries are in accordance with the product, the product is activated.

2. The product of claim 1 further comprising software that when initiated on a computing device begins the activation of the product via a network connection.

3. The product of claim 2 wherein the activation includes screening for eligibility of the product based on the set of verification queries and the received responses.

4. The product of claim 3 wherein the activation includes determining applicability of the product based on received responses.

5. The product of claim 1 wherein the product identifies pre-defined insurance coverage that is purchased for a set price.

6. The product of claim 1 wherein the product includes small business insurance.

7. The product of claim 1 wherein the product identifies a type of insurance.

8. The product of claim 1 further associating therewith a payment code received from paying for the product.

9. The product of claim 8 wherein the payment code is utilized to activate the product.

10. A non-transitory computer readable medium including hardware design code stored thereon which when executed by a processor causes a method of activation of a product including an activation code associated with a product and a payment code identifying the purchase of the product for a pre-set price, the method comprising:

loading an activation code associated with the product, the activation code identifying the plurality of parameters defining the product to a web server upon initiation of the product;

transmitting an activation code and a payment code from a user device via a communication interface in an attempt to activate the product;

receiving by the processor via the communications interface, verification queries identified via the activation code, wherein the queries screen for eligibility of the product;

transmitting a plurality of responses to the verification queries, wherein the responses are used to determine if the product is applicable; and

receive indication, if product is applicable, that product is activated.

11. The non-transitory computer readable medium of claim 10 wherein the payment code is associated with the purchased insurance policy.

12. The non-transitory computer readable medium of claim 10 wherein the product includes software that when initiated on a computing device begins the activation of the policy via a network with a server controlled by the insurance company.

13. The non-transitory computer readable medium of claim 10 wherein the policy includes small business insurance.

14. The non-transitory computer readable medium of claim 10 wherein the product is purchased in a retail store.

15. The non-transitory computer readable medium of claim 10 wherein the product identifies pre-defined insurance coverage that is purchased for a set price.

16. The non-transitory computer readable medium of claim 10 wherein the product includes small business insurance.

17. The non-transitory computer readable medium of claim 10 wherein the product identifies a type of insurance.

18. The non-transitory computer readable medium of claim 10 wherein the payment code is received from paying for the product.

19. The non-transitory computer readable medium of claim 18 wherein the payment code is utilized to activate the product.