System and method for real-time rating, underwriting and policy issuance
First Claim
1. A method of providing an offer of insurance for an applicant in real-time using an automated offer generation system, the method comprising the steps of:
- a) receiving applicant specified information associated with the applicant;
b) establishing an initial connection to an initial information source from a set of available information sources;
c) transmitting an initial request for applicant relevant information from the offer generation system to the initial information source via the established initial connection, wherein the initial transmitted request comprises at least a portion of the received applicant specified information;
d) receiving applicant relevant information from the initial information source;
e) generating an offer of insurance based at least in part upon the applicant information selected from the group consisting of received applicant specified information, received applicant relevant information and combinations thereof; and
f) transmitting the generated offer to an offer output device associated with the applicant.
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Abstract
The present invention is directed to systems and methods for real-time rating, underwriting and policy issuance for the insurance industry. A process according to the present invention, as may be implemented via an appropriate computer environment, will include several steps in providing real-time rating, underwriting and policy issuance. Accordingly, identification information associated with a particular applicant is received. A connection is established with one or more information sources that may have data related to the applicant that may be relevant to the real-time rating and underwriting of an insurance policy for the applicant. A request for relevant data is transmitted over the respective connections. The relevant data is received from the information sources. Based upon the received relevant data, an offer of insurance is generated for the particular applicant. In some embodiments, a dynamic pricing factor may be used in generating the offer. The generated offer is then communicated to the applicant via an offer output device.
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Citations
103 Claims
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1. A method of providing an offer of insurance for an applicant in real-time using an automated offer generation system, the method comprising the steps of:
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a) receiving applicant specified information associated with the applicant;
b) establishing an initial connection to an initial information source from a set of available information sources;
c) transmitting an initial request for applicant relevant information from the offer generation system to the initial information source via the established initial connection, wherein the initial transmitted request comprises at least a portion of the received applicant specified information;
d) receiving applicant relevant information from the initial information source;
e) generating an offer of insurance based at least in part upon the applicant information selected from the group consisting of received applicant specified information, received applicant relevant information and combinations thereof; and
f) transmitting the generated offer to an offer output device associated with the applicant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 80, 81, 82, 83, 84, 86, 87, 88, 89, 90, 91, 92)
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45. An automated offer generation system for providing an offer of insurance for an applicant in real-time, the system comprising:
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a) a system data store for storing information associated with the applicant;
b) a system processor comprising one or more processing units;
c) a link to at least one communication channel allowing communication between the system processor and one or more information sources;
wherein the system processor is in communication with the system data store and the link and wherein the system processor;
i) receives applicant specified information;
ii) establishes via the link an initial connection to an initial information source from a set of available information sources;
iii) transmits via the link an initial request for applicant relevant information to the initial information source over the established initial connection, wherein the initial transmitted request comprises at least a portion of the received applicant specified information;
iv) receives applicant relevant information from the initial information source;
v) stores the received applicant relevant information in the system data store;
vi) generates the offer of insurance based at least in part upon applicant information selected from the group consisting of received applicant specified information, received applicant relevant information and combinations thereof; and
vii) transmits the generated offer to an offer output device associated with the applicant.
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79. A computer readable storage device storing instructions that upon execution by a computer cause the computer to provide an offer of insurance to an applicant in real-time by performing the steps comprising of:
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a) receiving applicant specified information associated with the applicant;
b) establishing connections with one or more information sources from a set of available information sources;
c) for each information source to which a connection has been established, transmitting a request for applicant relevant information from the computer to the information source via the established connection, wherein the transmitted request comprises at least a portion of the received applicant specified information or information selected from any applicant relevant information previously obtained from other information sources;
d) receiving applicant relevant information from at least one information source to which a request was transmitted;
e) generating an offer of insurance based at least in part upon applicant information selected from the group consisting of received applicant specified information, received applicant relevant information and combinations thereof by at least generating a rate component of the offer and a fee component of the offer; and
f) transmitting the generated offer to an offer output device associated with the applicant.
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85. The storage device of 84, wherein the stored instructions that upon execution cause the computer to perform the step of receiving payment information comprise instructions that cause the computer to receive the payment information by parsing the payment information from the received acceptance signal.
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93. An automated offer generation system for generating an offer of insurance for an applicant in real-time, the system comprising:
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a) first communication means for communicating with the applicant;
b) second communication means for communicating with one or more information sources from a set of available information sources;
c) processing means in communication with the first and second communication means, the processing means for providing the offer to the applicant by performing the steps comprising of;
i) receiving applicant specified information associated with the applicant via the first communication means;
ii) establishing connections with one or more information sources from a set of available information sources via the second communication means;
iii) for each information source to which a connection has been established, transmitting a request for applicant relevant information from the computer to the information source over the established connection, wherein the transmitted request comprises at least a portion of the received applicant specified information or information selected from any applicant relevant information previously obtained from other information sources;
iv) receiving applicant relevant information from at least one of information sources over the established connection;
v) generating an offer of insurance based at least in part upon applicant information selected from the group consisting of received applicant specified information, received applicant relevant information and combinations thereof by at least generating a rate component of the offer and a fee component of the offer; and
vi) transmitting the generated offer to an offer output device associated with the applicant via the first communication means. - View Dependent Claims (94, 95, 96, 97, 98, 99, 100, 101, 102, 103)
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Specification