Systems and Methods for Customizing Homeowner's Insurance
First Claim
Patent Images
1. A method of providing insurance coverage, the method comprising:
- (a) receiving from an insured a premium for an insurance coverage package that includes a standard homeowner'"'"'s coverage component and at least one homeowner'"'"'s component having an optimized grouping of insurance features that share a common attribute; and
(b) indemnifying the insured when an event covered by the insurance coverage occurs.
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Abstract
Systems and methods provide customizable insurance according to consumer preferences. Demand simulators may be used to guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common characteristics. In addition, methods are provided for selling insurance products formed through an optimization process and providing corresponding insurance services.
126 Citations
24 Claims
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1. A method of providing insurance coverage, the method comprising:
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(a) receiving from an insured a premium for an insurance coverage package that includes a standard homeowner'"'"'s coverage component and at least one homeowner'"'"'s component having an optimized grouping of insurance features that share a common attribute; and
(b) indemnifying the insured when an event covered by the insurance coverage occurs. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method of providing insurance coverage, the method comprising:
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(a) offering to provide homeowner'"'"'s insurance in accordance with an insurance policy that includes at least one optional term, wherein the insurance policy will be associated with a first premium if at least one optional term is selected and a second premium, different from the first premium, if at least one optional term is not selected;
(b) receiving the premium; and
(c) in exchange for the premium, providing insurance coverage in accordance with the insurance policy.
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17. A method of providing insurance coverage, the method comprising:
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(a) receiving a premium for a homeowner'"'"'s insurance coverage package; and
(b) in exchange for the premium, providing insurance coverage that includes a standard homeowner'"'"'s coverage component and at least one homeowner'"'"'s component having an optional optimized grouping of insurance features that share a common attribute. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
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Specification