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System and method for fully automated application and sales process

  • US 20070244726A1
  • Filed: 04/12/2006
  • Published: 10/18/2007
  • Est. Priority Date: 04/12/2006
  • Status: Abandoned Application
First Claim
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1. A method for generating and processing applications for, and completing the sale of, insurance products over a network, comprising the steps of:

  • receiving application data from a third-party provider;

    confirming a deposit of an initial premium with an escrow fund;

    checking the application data and inputting the application data into an electronic application form;

    transmitting the electronic application form over the network to an insurance provider, wherein the insurance provider makes a determination whether to approve or deny the electronic application;

    sending an approval confirmation of the application to the applicant if the application is accepted by the insurance provider; and

    automatically triggering payment of the initial premium from the escrow fund.

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