Method and system for the life insurance industry
First Claim
1. A method to improve the efficiency of the life insurance sales process comprising:
- initiating the creation of an insurability documentation file in a centralized insurance file assembly system for a possible life insurance policy concerning a prospective insured party by an insurance policy request initiator;
receiving, at the centralized insurance file assembly system, from one or more information sources, information and documentation concerning the prospective insured party, said information and documentation being that which is expected by insurance providers to allow assessment of the insurability of the prospective insured party;
creating the insurability documentation file at the centralized insurance file assembly system, said insurability documentation file being a single digital document containing the information and documentation concerning the prospective insured;
securely transmitting the insurability documentation file from the centralized insurance file assembly system to a first set of one or more evaluators of the insurability of the prospective insured party.
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Accused Products
Abstract
A method for the life insurance industry in which an insurance policy request initiator initiates the creation of an Insurability Documentation File that contains the information needed by underwriters or insurers to evaluate the insurability rating of the prospective insured party. The Insurability Documentation File is created by assembling, in electronic form, the Insurability Documentation from one or more Service Providers.
The single Insurability Documentation File in conjunction with a Universal Bid Request is submitted to one or more insurers for evaluation of the rating of the proposed life insurance policy. This collection of the expected insurability information into a single electronic file allows for more rapid and efficient handling and evaluation. The insurers may then respond to the Universal Bid Request with an insurability rating bid, which may be used by the prospective insured party to select an insurer for issuing a policy. Additional rounds of bidding by the same or different insurers may occur to increase the likelihood of the prospective insurer to find an insurance policy that fits his or her needs.
152 Citations
33 Claims
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1. A method to improve the efficiency of the life insurance sales process comprising:
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initiating the creation of an insurability documentation file in a centralized insurance file assembly system for a possible life insurance policy concerning a prospective insured party by an insurance policy request initiator;
receiving, at the centralized insurance file assembly system, from one or more information sources, information and documentation concerning the prospective insured party, said information and documentation being that which is expected by insurance providers to allow assessment of the insurability of the prospective insured party;
creating the insurability documentation file at the centralized insurance file assembly system, said insurability documentation file being a single digital document containing the information and documentation concerning the prospective insured;
securely transmitting the insurability documentation file from the centralized insurance file assembly system to a first set of one or more evaluators of the insurability of the prospective insured party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19, 20)
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14. A system for the life insurance industry comprising:
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a central insurance file assembler to collect and assemble an insurability documentation file;
the insurance file assembler comprising one or more electronic computers, connected via a communications network, which assemble insurability documentation inputs into the insurability documentation file;
the insurability documentation file containing insurability documentation inputs about a prospective insured party expected by one or more insurability evaluator;
a first communications pathway to allow transmission of the insurability documentation inputs to the insurance file assembler from one or more input sources; and
a second communications pathway to allow the transmission of the single insurability documentation file to the one or more insurability evaluator.
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21. A system for collecting and assembling an insurability documentation file comprising:
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insurability documentation inputs about a prospective insured party expected by one or more insurability evaluators;
one or more electronic computers connected via a communications network to the insurability documentation inputs, the one or more electronic computers implementing assembly of the insurability documentation file; and
an electronic transmission network connecting the one or more electronic computers and one or more insurability evaluators. - View Dependent Claims (22, 23, 24, 27, 28, 29, 30, 31)
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25. A method of improving the efficiency of the life insurance industry comprising creating a single digital insurability documentation file, said file containing the information expected by a plurality of insurance rating evaluators for rating a prospective insured party.
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26. A system for the life insurance industry comprising:
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a central insurance file assembler to collect and assemble an insurability documentation file;
the insurance file assembler comprising one or more electronic computers, connected via a communications network, which assemble insurability documentation inputs into the insurability documentation file;
the insurability documentation file containing insurability documentation inputs about a prospective insured party expected by a plurality of insurability evaluators;
a first communications pathway to allow transmission of the insurability documentation inputs to the insurance file assembler from one or more input sources; and
a second communications pathway to allow the transmission of the single insurability documentation file to the one or more insurability evaluator.
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33. A means for creating single insurability documentation file for a plurality of insurability evaluators from one or more insurability documentation inputs comprising:
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a centralized assembly means for assembling the insurability documentation file;
a reception means for receiving the insurability documentation file inputs; and
a transmission means for transmitting the single insurability documentation file to the plurality of insurability evaluators. - View Dependent Claims (32)
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Specification