Methods and apparatus for developing and marketing combined insurance packages
First Claim
1. A method for assembling and marketing insurance packages including a combination of mortgage insurance and job loss insurance, comprising the steps of:
- developing specifications for a mortgage insurance policy;
developing specifications for a job loss insurance policy to make mortgage payments during a period of unemployment of a borrower obligated on a mortgage covered by the mortgage insurance policy;
combining the mortgage insurance policy and the job loss insurance policy into a package; and
pricing and marketing the package.
1 Assignment
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Accused Products
Abstract
Systems and techniques for designing and marketing combined insurance packages are described. A system according to one aspect of the present invention provides for assembling and marketing insurance packages including a combination of mortgage insurance and one or more other insurance components and comprises a risk data repository for storing risk information to be used in determining the risk and cost of providing insurance packages and an insurance data repository including information about available insurance components. The insurance data repository includes information about a mortgage insurance component and other insurance components. The system further comprises a risk evaluator for determining risks and costs associated with providing insurance, the risk evaluator being operative to compute overall risk and cost for a combined package and adjust parameters of the package components to optimize the risk and cost of the package.
108 Citations
19 Claims
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1. A method for assembling and marketing insurance packages including a combination of mortgage insurance and job loss insurance, comprising the steps of:
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developing specifications for a mortgage insurance policy;
developing specifications for a job loss insurance policy to make mortgage payments during a period of unemployment of a borrower obligated on a mortgage covered by the mortgage insurance policy;
combining the mortgage insurance policy and the job loss insurance policy into a package; and
pricing and marketing the package. - View Dependent Claims (2, 3, 4)
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5. A system for assembling and marketing insurance packages including a combination of mortgage insurance and additional insurance components, comprising:
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a risk data repository for storing risk information to be used in determining the risk and cost of providing insurance packages;
an insurance data repository including information about available insurance components, the repository including information about a mortgage insurance component and additional insurance components; and
a risk evaluator for determining risks and costs associated with providing insurance, the risk evaluator being operative to compute overall risk and cost for a combined package and adjust parameters of the package components to optimize the risk and cost of the package. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13)
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14. A method of developing and marketing combined packages of insurance including mortgage insurance and job loss insurance, comprising the steps of:
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collecting and storing data related to risks and costs of providing insurance;
developing and storing details of insurance components to be made available in the form of combined packages, the packages including a mortgage insurance component and a job loss insurance component; and
evaluating risks and costs associated with providing a package of insurance including mortgage insurance and job loss insurance, evaluation comprising evaluating each component of the package, evaluating the combined risk and cost of the package as a whole and adjusting parameters of the package to optimize the risk and cost of the package. - View Dependent Claims (15, 16, 17, 18)
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19. A software program running on a computer, operative to:
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receive and store data related to risks and costs of providing insurance;
store details of insurance components to be made available in the form of combined packages, the packages including a mortgage insurance component and a job loss insurance component; and
evaluate risks and costs associated with providing a package of insurance including mortgage insurance and job loss insurance, evaluation comprising evaluating each component of the package, evaluating the combined risk and cost of the package as a whole and adjusting parameters of the package to optimize the risk and cost of the package.
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Specification