Automated system and method for evaluating insurable risks at point of sale
First Claim
1. An automated method of evaluating an insurable risk and providing an immediate binding insurance offer to cover that risk, comprising the steps of:
- a. collecting self-reported information relating to the insurable risk from an applicant;
b. collecting objective information relating to the insurable risk;
c. providing the self-reported information and the objective information to an automated underwriting system;
d. using the automated underwriting system, evaluating and rating the insurable risk; and
e. providing an insurance offer relating to a specific insurance product for review and acceptance by the applicant.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for evaluating an insurable risk and providing an immediate, binding insurance offer to cover that risk, includes the collection of self-reported and objective information relating to the risk. The information is provided to an automated underwriting program that evaluates and rates the insurable risk and produces a binding insurance quote. Certain embodiments of the system and method utilize an automated application form and information gathering apparatus to collect the self-reported information. Objective information is obtained by a variety of means, including the direct measurement of certain physical and medical parameters. Certain embodiments may provide for the collection of information relating to payment for the insurance product, and the obtaining of an electronic signature from an applicant.
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Citations
46 Claims
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1. An automated method of evaluating an insurable risk and providing an immediate binding insurance offer to cover that risk, comprising the steps of:
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a. collecting self-reported information relating to the insurable risk from an applicant;
b. collecting objective information relating to the insurable risk;
c. providing the self-reported information and the objective information to an automated underwriting system;
d. using the automated underwriting system, evaluating and rating the insurable risk; and
e. providing an insurance offer relating to a specific insurance product for review and acceptance by the applicant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A system for evaluating an insurable risk and providing an immediate binding insurance offer to cover that risk, comprising:
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a. means for collecting self-reported information relating to the insurable risk from an applicant;
b. means for collecting objective information relating to the insurable risk;
c. an automated underwriting program; and
d. means for providing the self-reported information and the objective information to the automated underwriting program;
e. wherein said automated underwriting program evaluates and rates the insurable risk and produces a binding insurance rate quote relating to an insurance product to cover the risk. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A system for evaluating an applicant for life insurance and for providing an immediate binding insurance offer for review and acceptance by the applicant, comprising:
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a. information collecting apparatus comprising a display, an automated life insurance application which can viewed by the applicant using the display, and an input device for use by the applicant in entering self-reported information;
b. one or more stations for collecting objective information from the applicant;
c. a processor for hosting a life insurance underwriting program;
d. means for inputting information from the apparatus for collecting self-reported information and the objective information from said one or more stations to the processor for use by the life insurance underwriting program;
e. means for displaying to the applicant at least one of a preliminary quote based upon the self-reported information and a final quote based upon the self-reported information and the objective information; and
f. an input device for use by the applicant in acknowledging at least one of the preliminary and final quotes. - View Dependent Claims (32, 33, 34, 35, 36, 37)
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38. A computer-based system for capturing data at a point of sale relating to mortality or morbidity risk assessment and a related insurance product, said system comprising:
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a processor;
a memory;
an input device connected to the processor for use in entering data relating to an applicant, including the applicant'"'"'s age, for storage in the memory;
a plurality of stations for collecting medical and/or physical data relating to the applicant; and
data communications link connecting the stations to the processor;
wherein said processor is programmed to receive the medical and/or physical data via the data communications links, and to store the received medical and/or physical data in the memory. - View Dependent Claims (39, 40, 41, 42, 43, 44, 45, 46)
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Specification