Methods and systems for managing a portfolio of insurance products

• US 20050278198A1
• Filed: 06/09/2004
• Published: 12/15/2005
• Est. Priority Date: 06/09/2004
• Status: Abandoned Application

• Current Assignee: Employers Reinsurance Corp. (Swiss Re AG)
• Original Assignee: Employers Reinsurance Corp. (Swiss Re AG)
• Inventors: Gupta, Ajay, Rayner, Andrew, Huxol, Darren, Schaal, Andreas, Patterman, Jennifer
• Application Number:
  US10/864,144
• Publication Number:
  US 20050278198A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method for managing a portfolio of insurance products is provided. The method uses a computer system coupled to a database. The database has data relating to insurance products stored therein. The data relates to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses. The method includes analyzing data stored within the database using the computer system including segmenting the insurance products included within the portfolio into predefined risk categories, analyzing market trends for at least a segment of an insurance industry, and recommending a sales indicator for each risk category based on the portfolio analysis and the market trends analysis wherein the sales indicator indicates whether an insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category.

Claims

1. A method for managing a portfolio of insurance products using a computer system coupled to a database, the database having data relating to insurance products stored therein, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses, said method comprising:

analyzing data stored within the database using the computer system including segmenting the insurance products included within the portfolio into predefined risk categories;

analyzing market trends for at least a segment of an insurance industry; and

recommending a sales indicator for each risk category based on the portfolio analysis and the market trends analysis, the sales indicator indicates whether an insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category.

2. A method in accordance with claim 1 further comprising:

approving by the insurer the recommended sales indicator for each risk category;

storing the approved sales indicators in the database; and

displaying the approved sales indicators for each risk category on the computer system to enable a user to solicit business for the insurer based on the portfolio analysis and the market trends analysis.

3. A method in accordance with claim 2 wherein the computer system is in communication with an underwriting computer system, the method further comprising:

creating at the computer system a data file representing an approved sales indicator including data relating to the risk category corresponding to the approved sales indicator;

exporting the data file from the computer system to the underwriting computer system;

mapping the data file at the underwriting computer system; and

utilizing the mapped data file to assign the approved sales indicator for the risk category to at least one insurance contract included within the underwriting computer system.

4. A method in accordance with claim 2 wherein storing the approved sales indicators in the database further comprises:

automatically creating data files representing each approved sales indicator for uploading to an underwriting computer system;

automatically creating an internal web showcase for an intranet for each approved sales indicator in an appropriate format and template;

automatically creating an external web showcase for the Internet for each approved sales indicator in an appropriate format and template; and

automatically creating a downloaded file showing each approved sales indicator and corresponding risk category for printing purposes.

5. A method in accordance with claim 2 wherein approving by the insurer the recommended sales indicator for each risk category further comprises:

accessing a sales indicator for a selected risk category by a product leader for the insurer;

prompting the product leader to propose updating the sales indicator for the selected risk category, the proposed updated sales indicator includes a proposal to at least one of change and maintain the selected sales indicator, and a reason for updating the sales indicator; and

communicating the proposed updated sales indicator from the product leader to a portfolio manager for the insurer.

6. A method in accordance with claim 5 wherein approving by the insurer the recommended sales indicator for each risk category further comprises:

accessing by the portfolio manager the updated sales indicator proposed by the product leader;

prompting the portfolio manager to accept or decline the updated sales indictor proposed by the product leader; and

communicating, if declined by the portfolio manager, the updated sales indicator proposed by the product leader to the product leader for further review until the product leader and the portfolio manager agree on the proposed updated sales indicator for the selected risk category.

7. A method in accordance with claim 6 wherein approving by the insurer the recommended sales indicator for each risk category further comprises:

communicating the proposed updated sales indicator approved by the product leader and the portfolio manager to a risk manager for further review;

prompting the risk manager to confirm or question the proposed updated sales indicator; and

communicating, if questioned by the risk manager, the proposed updated sales indicator including at least one question submitted by the risk manager to the product leader such that the product leader can respond to the at least one submitted question.

8. A method in accordance with claim 7 wherein approving by the insurer the recommended sales indicator for each risk category further comprises:

communicating the proposed updated sales indicator approved by the product leader, the portfolio manager, and the risk manager to a customer leader for further review;

prompting the customer leader to confirm or request a market update from the product leader for the proposed updated sales indicator; and

communicating a market update from the customer leader to the product leader such that the product leader can respond to the market update.

9. A method in accordance with claim 8 wherein approving by the insurer the recommended sales indicator for each risk category further comprises recording the approved sales indicator for the selected risk category in the database after the proposed updated sales indicator for the selected risk category has been approved by the product leader, the portfolio manager, the risk manager, and the customer leader.

10. A method in accordance with claim 2 wherein approving by the insurer the recommended sales indicator for each risk category further comprises storing in the database a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

11. A method in accordance with claim 2 wherein approving by the insurer the recommended sales indicator for each risk category further comprises enabling a system manager to monitor the approval process of each recommended risk-level indicator including an amount of time elapsed at each stage of the approval process.

12. A method in accordance with claim 2 wherein displaying the approved sales indicators for each risk category further comprises displaying on the computer system a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

13. A method in accordance with claim 2 wherein displaying the approved sales indicators for each risk category further comprises displaying on the computer system a capacity limit for each risk category.

14. A method in accordance with claim 2 further comprising enabling a user to generate a plurality of reports showing the approved sales indicators for each risk category including at least one of customizable reports, workflow events reports, strikezones overview reports, published strikezones reports, and system reports.

15. A method in accordance with claim 2 wherein analyzing data stored within the database further comprises segmenting the insurance products included within the portfolio into customer segments including at least one of global, national (U.S.), national (Rest of World), none, regional, and specialty.

16. A method in accordance with claim 2 wherein analyzing data stored within the database further comprises segmenting the insurance products included within the portfolio by agreement types including at least one of none, excess of loss (XOL), pro-rata, surplus, working, excess, catastrophic (Cat), per risk/per event, treaty excess liability, and facultative excess liability.

17. A method in accordance with claim 2 wherein analyzing data stored within the database further comprises segmenting the insurance products included within the portfolio into at least one of major lines of business and regions.

18. A method in accordance with claim 2 wherein the computer system is a server system, and said method further comprises connecting a client system and the server system via a network that includes one of a wide area network, a local area network, an intranet and the Internet.

19. A method for managing a portfolio of reinsurance products using a computer system coupled to a database, the computer system in communication with an underwriting computer system, the database having data relating to reinsurance products stored therein, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses, said method comprising:

analyzing data stored within the database using the computer system including segmenting the reinsurance products included within the portfolio into predefined risk categories including major lines of business, sublines, customer segments, regional segments, and agreement types;

analyzing market trends for at least a segment of an insurance and reinsurance industry;

recommending a sales indicator for each risk category based on the portfolio analysis and the market trends analysis, the sales indicator indicates whether a reinsurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category;

approving by the reinsurer the recommended sales indicator for each risk category;

storing the approved sales indicators in the database;

displaying the approved sales indicators for each risk category on the computer system;

creating at the computer system a data file representing an approved sales indicator including data relating to the risk category corresponding to the approved sales indicator;

exporting the data file from the computer system to the underwriting computer system;

mapping the data file at the underwriting computer system; and

utilizing the mapped data file to assign the approved sales indicator for the risk category to at least one insurance contract included within the underwriting computer system.

20. A network-based system for managing a portfolio of insurance products, said system comprising:

a database for storing data relating to insurance products, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses; and

a first computer system configured to be coupled to said database, said first computer system further configured to;

store data in said database;

analyze the data including segmenting the insurance products included within the portfolio into predefined risk categories;

analyze market trends for at least a segment of an insurance industry; and

prompt a user to recommend a sales indicator for each risk category based on the portfolio analysis and the market trends analysis, the sales indicator indicates whether an insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category.

21. A system in accordance with claim 20 wherein said first computer system is further configured to:

transmit the recommended sales indicators for each risk category to an approval process;

store the approved sales indicators in said database; and

display the approved sales indicators for each risk category to enable a user to solicit business for the insurer based on the portfolio analysis and the market trends analysis.

22. A system in accordance with claim 21 further comprising an underwriting computer system in communication with said first computer system, said first computer system is further configured to:

create a data file representing an approved sales indicator including data relating to the risk category corresponding to the approved sales indicator; and

export the data file to the underwriting computer system for assigning the approved sales indicator for the risk category to at least one insurance contract included within the underwriting computer system.

23. A system in accordance with claim 21 wherein said first computer system is further configured to:

automatically create data files representing each approved sales indicator for uploading to an underwriting computer system;

automatically create an internal web showcase for an intranet for each approved sales indicator in an appropriate format and template;

automatically create an external web showcase for the Internet for each approved sales indicator in an appropriate format and template; and

automatically create a downloaded file showing each approved sales indicator and corresponding risk category for printing purposes.

24. A system in accordance with claim 21 further comprising a remote computer system in communication with said first computer system, said first computer system is further configured to transmit the recommended sales indicator for each risk category to said remote computer system for the approval process.

25. A system in accordance with claim 21 wherein said first computer system is further configured to:

prompt a product leader to propose updating a sales indicator for a selected risk category, the proposed updated sales indicator includes a proposal to at least one of change and maintain the sales indicator, and a reason for updating the sales indicator; and

communicate the proposed updated sales indicator from the product leader to a portfolio manager for the insurer.

26. A system in accordance with claim 25 wherein said first computer system is further configured to:

enable a portfolio manager for the insurer to access the updated sales indicator proposed by the product leader;

prompt the portfolio manager to accept or decline the updated sales indicator proposed by the product leader; and

communicate, if declined by the portfolio manager, the updated sales indicator proposed by the product leader to the product leader for further review until the product leader and the portfolio manager agree on the proposed updated sales indicator for the selected risk category.

27. A system in accordance with claim 26 wherein said first computer system is further configured to:

communicate the proposed updated sales indicator approved by the product leader and the portfolio manager to a risk manager for further review;

prompt the risk manager to confirm or question the proposed updated sales indicator; and

communicate, if questioned by the risk manager, the proposed updated sales indicator including at least one question submitted by the risk manager to the product leader such that the product leader can respond to the at least one submitted question.

28. A system in accordance with claim 27 wherein said first computer system is further configured to:

communicate the proposed updated sales indicator approved by the product leader, the portfolio manager, and the risk manager to a customer leader for further review;

prompt the customer leader to confirm or provide a market update to the product leader for the proposed updated sales indicator; and

communicate a market update from the customer leader to the product leader such that the product leader can respond to the market update.

29. A system in accordance with claim 28 wherein said first computer system is further configured to record the approved sales indicator for the selected risk category in said database after the proposed updated sales indicator for the selected risk category has been approved by the product leader, the portfolio manager, the risk manager, and the customer leader.

30. A system in accordance with claim 21 wherein said first computer system is further configured to store in said database a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

31. A system in accordance with claim 21 wherein said first computer system is further configured to enable a system manager to monitor the approval process of each recommended sales indicator including an amount of time elapsed at each stage of the approval process.

32. A system in accordance with claim 21 wherein said first computer system is further configured to display a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

33. A system in accordance with claim 21 wherein said first computer system is further configured to display a capacity limit for each risk category.

34. A system in accordance with claim 21 wherein said first computer system is further configured to segment the insurance products included within the portfolio into customer segments including at least one of global, national, (U.S.), national (Rest of World), none, regional, and specialty.

35. A system in accordance with claim 21 wherein said first computer system is further configured to segment the insurance products included within the portfolio by agreement types including at least one of none, excess of loss (XOL), pro-rata, surplus, working, excess, catastrophic (Cat), per risk/per event, treaty excess liability, and facultative excess liability.

36. A system in accordance with claim 21 wherein said first computer system is further configured to segment the insurance products included within the portfolio into at least one of major lines of business and regions.

37. A system in accordance with claim 21 wherein said first computer system is further configured to generate a plurality of reports showing the approved risk-level indicators for each risk category including at least one of customizable reports, workflow events reports, strikezones overview reports, published strikezones reports, and system reports.

38. A system in accordance with claim 21 wherein said first computer system is coupled to a remote computer system and said database using a network including one of a wide area network, a local area network, an intranet and the Internet.

39. A network-based system for managing a portfolio of reinsurance products, said system comprising:

an underwriting computer system;

a database for storing data relating to reinsurance products, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses; and

a computer system configured to be coupled to said database and said underwriting computer system, said computer system further configured to;

store data in said database;

analyze the data including segmenting the reinsurance products included within the portfolio into predefined risk categories including major lines of business, sublines, customer segments, regional segments, and agreement types;

analyze market trends for at least a segment of an insurance and reinsurance industry;

prompt a user to recommend a sales indicator for each risk category based on the portfolio analysis and the market trends analysis, the sales indicator indicates whether a reinsurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category;

transmit the recommended sales indicators for each risk category to an approval process;

store the approved sales indicators in said database;

display the approved sales indicators for each risk category;

create a data file representing an approved sales indicator including data relating to the risk category corresponding to the approved sales indicator; and

export the data file to the underwriting computer system for assigning the approved sales indicator for the risk category to at least one insurance contract included within the underwriting computer system.

40. A computer program embodied on a computer readable medium for managing a portfolio of insurance products, said program comprising at least one code segment that:

receives data relating to insurance products, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses;

maintains a database by adding, deleting and updating data;

analyzes the data including segmenting the insurance products included within the portfolio into predefined risk categories;

analyzes market trends for at least one segment of an insurance industry; and

prompts a user to recommend a sales indicator for each risk category based on the portfolio analysis and the market trends analysis, the sales indicator indicates whether an insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding risk category.

41. A computer program in accordance with claim 40 further comprising at least one code segment that:

prompts the user to submit the recommended sales indicator for each risk category to an approval process of the insurer;

stores the approved sales indicators in the database; and

displays the approved sales indicators for each risk category on a computer system to enable a user to solicit business for the insurer based on the portfolio analysis and the market trends analysis.

42. A computer program in accordance with claim 41 further comprising a code segment that:

creates a data file representing an approved sales indicator including data relating to the risk category corresponding to the approved sales indicator; and

transmits the data file to an underwriting computer system for assigning the approved sales indicator for the risk category to at least one insurance contract included within the underwriting computer system.

43. A computer program in accordance with claim 41 further comprising a code segment that:

automatically creates data files representing each approved sales indicator for uploading to an underwriting computer system;

automatically creates an internal web showcase for an intranet for each approved sales indicator in an appropriate format and template;

automatically creates an external web showcase for the Internet for each approved sales indicator in an appropriate format and template; and

automatically creates a downloaded file showing each approved sales indicator and corresponding risk category for printing purposes.

44. A computer program in accordance with claim 41 further comprising a code segment that:

prompts a product leader for the insurer to propose updating a sales indicator for a selected risk category, the proposed updated sales indicator includes a proposal to at least one of change and maintain the selected sales indicator, and a reason for updating the sales indicator; and

communicates the proposed updated sales indicator from the product leader to a portfolio manager for the insurer.

45. A computer program in accordance with claim 44 further comprising a code segment that:

prompts the portfolio manager to accept or decline the updated sales indictor proposed by the product leader; and

communicates, if declined by the portfolio manager, the updated sales indicator proposed by the product leader to the product leader for further review until the product leader and the portfolio manager agree on the proposed updated sales indicator for the selected risk category.

46. A computer program in accordance with claim 45 further comprising a code segment that:

communicates the proposed updated sales indicator approved by the product leader and the portfolio manager to a risk manager for further review;

prompts the risk manager to confirm or question the proposed updated sales indicator; and

communicates, if questioned by the risk manager, the proposed updated sales indicator including at least one question submitted by the risk manager to the product leader such that the product leader can respond to the at least one submitted question.

47. A computer program in accordance with claim 46 further comprising a code segment that:

communicates the proposed updated sales indicator approved by the product leader, the portfolio manager, and the risk manager to a customer leader for further review;

prompts the customer leader to confirm or provide a market update to the product leader for the proposed updated sales indicator; and

communicates a market update from the customer leader to the product leader such that the product leader can respond to the market update.

48. A computer program in accordance with claim 47 further comprising a code segment that records the approved sales indicator for the selected risk category in the database after the proposed updated sales indicator for the selected risk category has been approved by the product leader, the portfolio manager, the risk manager, and the customer leader.

49. A computer program in accordance with claim 41 further comprising a code segment that stores in the database a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

50. A computer program in accordance with claim 41 further comprising a code segment that enables a system manager to monitor the approval process of each recommended sales indicator including an amount of time elapsed at each stage of the approval process.

51. A computer program in accordance with claim 41 further comprising a code segment that displays on the computer system a history for each risk category including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

52. A computer program in accordance with claim 41 further comprising a code segment that displays on the computer system a capacity limit for each risk category.

53. A computer program in accordance with claim 41 further comprising a code segment that segments the insurance products included within the portfolio into customer segments including at least one of global, national (U.S.), national (Rest of World), none, regional, and specialty.

54. A computer program in accordance with claim 41 further comprising a code segment that segments the insurance products included within the portfolio by agreement types including at least one of none, excess of loss (XOL), pro-rata, surplus, working, excess, catastrophic (Cat), per risk/per event, treaty excess liability, and facultative excess liability.

55. A computer program in accordance with claim 41 further comprising a code segment that segments the insurance products included within the portfolio into major lines of business.

56. A computer program in accordance with claim 41 further comprising a code segment that enables a user to generate a plurality of reports showing the approved risk-level indicators for each risk category including at least one of customizable reports, workflow events reports, strikezones overview reports, published strikezones reports, and system reports.

57. A method for targeting sales of insurance products using a computer system coupled to a database, the database storing data relating to insurance products previously sold by an insurer, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses, said method comprising:

determining a profitability for an insurance product sold by the insurer using the computer system to analyze data stored within the database;

analyzing market trends for at least a segment of an insurance industry; and

recommending a sales indicator for the insurance product for targeting future sales of the insurance product, the sales indicator is based on the profitability of the insurance product and the market trends analysis, the sales indicator indicates whether the insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the insurance product.

58. A method in accordance with claim 57 wherein determining a profitability for an insurance product further comprises determining a profitability for each insurance product sold by the insurer using the computer system to analyze data stored within the database.

59. A method in accordance with claim 58 wherein recommending a sales indicator for the insurance product further comprises recommending a sales indicator for each insurance product offered for sale by the insurer for targeting future sales of the insurance products, the sales indicator is based on the profitability of each insurance product and the market trends analysis, the sales indicator indicates whether the insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding insurance product.

60. A method in accordance with claim 57 further comprising:

approving by the insurer the recommended sales indicator for the insurance product;

storing the approved sales indicator in the database; and

displaying the approved sales indicator for the insurance product on the computer system.

61. A method in accordance with claim 60 wherein approving by the insurer the recommended sales indicator for the insurance product further comprises:

prompting a product leader to propose updating the sales indicator for the insurance product, the proposed updated sales indicator includes a proposal to at least one of change and maintain the sales indicator for the insurance product, and a reason for updating the sales indicator; and

communicating the proposed updated sales indicator from the product leader to a portfolio manager for the insurer.

62. A method in accordance with claim 61 wherein approving by the insurer the recommended sales indicator for the insurance product further comprises:

accessing by the portfolio manager the updated sales indicator proposed by the product leader;

prompting the portfolio manager to accept or decline the updated sales indictor proposed by the product leader; and

communicating, if declined by the portfolio manager, the updated sales indicator proposed by the product leader to the product leader for further review until the product leader and the portfolio manager agree on the proposed updated sales indicator for the insurance product.

63. A method in accordance with claim 62 wherein approving by the insurer the recommended sales indicator for the insurance product further comprises:

communicating the proposed updated sales indicator approved by the product leader and the portfolio manager to a risk manager for further review;

prompting the risk manager to confirm or question the proposed updated sales indicator; and

communicating, if questioned by the risk manager, the proposed updated sales indicator including at least one question submitted by the risk manager to the product leader such that the product leader can respond to the at least one submitted question.

64. A method in accordance with claim 63 wherein approving by the insurer the recommended sales indicator for the insurance product further comprises:

communicating the proposed updated sales indicator approved by the product leader, the portfolio manager, and the risk manager to a customer leader for further review;

prompting the customer leader to confirm or provide a market update to the product leader for the proposed updated sales indicator; and

communicating a market update from the customer leader to the product leader such that the product leader can respond to the market update.

65. A method in accordance with claim 64 wherein approving by the insurer the recommended sales indicator for the insurance product further comprises recording the approved sales indicator for the insurance product in the database after the proposed updated sales indicator for the insurance product has been approved by the product leader, the portfolio manager, the risk manager, and the customer leader.

66. A method in accordance with claim 60 wherein displaying the approved sales indicator for the insurance product further comprises displaying on the computer system a history for the insurance product including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

67. A method in accordance with claim 60 wherein displaying the approved sales indicator for the insurance product further comprises displaying on the computer system a capacity limit for the insurance product.

68. A network-based system for targeting sales of insurance products, said system comprising:

a database for storing data relating to insurance products previously sold by an insurer, the data relating to at least one of premiums, commissions, insurance policies, reinsurance policies, contracts, policy limits, claims, and losses; and

a computer system configured to be coupled to said database, said first computer system further configured to;

store data in said database;

determine a profitability for an insurance product sold by the insurer using the computer system to analyze data stored within the database;

analyze market trends for at least a segment of an insurance industry; and

prompt a user to recommend a sales indicator for the insurance product for targeting future sales of the insurance product, the sales indicator is based on the profitability of the insurance product and the market trends analysis, the sales indicator indicates whether the insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the insurance product.

69. A system in accordance with claim 68 wherein said computer system is further configured to determine a profitability for each insurance product sold by the insurer using the computer system to analyze data stored within the database.

70. A system in accordance with claim 69 wherein said computer system is further configured to prompt a user to recommend a sales indicator for each insurance product offered for sale by the insurer for targeting future sales of the insurance products, the sales indicator is based on the profitability of each insurance product and the market trends analysis, the sales indicator indicates whether the insurer will increase, decrease, or maintain an amount of business currently being solicited from potential insureds for the corresponding insurance product.

71. A system in accordance with claim 68 wherein said computer system is further configured to:

transmit the recommended sales indicator for the insurance product to an approval process;

store the approved sales indicator in the database; and

display the approved sales indicator for the insurance product.

72. A system in accordance with claim 68 wherein said computer system is further configured to:

prompt a product leader to propose updating the sales indicator for the insurance product, the proposed updated sales indicator includes a proposal to at least one of change and maintain the sales indicator for the insurance product, and a reason for updating the sales indicator; and

communicate the proposed updated sales indicator from the product;

leader to a portfolio manager for the insurer.

73. A system in accordance with claim 72 wherein said computer system is further configured to:

enable a portfolio manager for the insurer to access the updated sales indicator proposed by the product leader;

prompt the portfolio manager to accept or decline the updated sales indictor proposed by the product leader; and

communicate, if declined by the portfolio manager, the updated sales indicator proposed by the product leader to the product leader for further review until the product leader and the portfolio manager agree on the proposed updated sales indicator for the insurance product.

74. A system in accordance with claim 73 wherein said computer system is further configured to:

communicate the proposed updated sales indicator approved by the product leader and the portfolio manager to a risk manager for further review;

prompt the risk manager to confirm or question the proposed updated sales indicator; and

communicate, if questioned by the risk manager, the proposed updated sales indicator including at least one question submitted by the risk manager to the product leader such that the product leader can respond to the at least one submitted question.

75. A system in accordance with claim 74 wherein said computer system is further configured to:

communicate the proposed updated sales indicator approved by the product leader, the portfolio manager, and the risk manager to a customer leader for further review;

prompt the customer leader to confirm or provide a market update to the product leader for the proposed updated sales indicator; and

communicate a market update from the customer leader to the product leader such that the product leader can respond to the market update.

76. A system in accordance with claim 71 wherein said computer system is further configured to display a history for the insurance product including at least one of proposed updates to the sales indicator, reasons for updating the sales indicator, whether the proposed update was accepted or declined, whether the proposed update was confirmed or questioned, questions relating to the proposed update, and market update requests for the proposed update.

77. A system in accordance with claim 71 wherein said computer system is further configured to display a capacity limit for the insurance product.

78. A system in accordance with claim 71 further comprising an underwriting computer system in communication with said computer system, said computer system is further configured to:

create a data file representing an approved sales indicator including data relating to the insurance product corresponding to the approved sales indicator; and

export the data file to the underwriting computer system for assigning the approved sales indicator for the insurance product to at least one insurance contract included within the underwriting computer system.

79. A system in accordance with claim 71 wherein said computer system is further configured to:

automatically create a data file representing the approved sales indicator for uploading to an underwriting computer system;

automatically create an internal web showcase for an intranet for the approved sales indicator in an appropriate format and template;

automatically create an external web showcase for the Internet for the approved sales indicator in an appropriate format and template; and

automatically create a downloaded file showing the approved sales indicator and the corresponding insurance product for printing purposes.