METHOD AND APPARATUS FOR BUNDLING INSURANCE COVERAGES IN ORDER TO GAIN A PRICING ADVANTAGE
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Accused Products
Abstract
A method for reducing the lapse rate of a first insurance policy comprises the step of offering to sell a rider to said first insurance policy, said rider comprising benefit features, said benefit features configured such that the combination of said rider and said first insurance policy has a higher switching cost than the switching cost of said first insurance policy alone and said rider is constructively attached to said first insurance policy, whereby said step of offering to sell is at least in part performed by technological means. The first insurance policy may be a homeowner'"'"'s policy. The rider may be a pet health insurance rider.
37 Citations
22 Claims
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1-16. -16. (canceled)
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17. A computer based electronic method for determining and issuing an insurance policy comprising:
determining and presenting a set of premiums and deductibles for the insurance policy by;
identifying a class of pets to be insured;
estimating a distribution of annual veterinary expenses for an average pet of a species of a class of pet to be insured based on a look-up table, the annual veterinary expenses optionally occurring within a first geographic region to pet owners in a first demographic category or during a first time period;
adding expected non-benefit related expenses to the distribution of annual veterinary expenses to be incurred by a first insurance company in order to provide the insurance policy, the adding of the expected non-benefit related expenses yielding a set of average premiums versus deductibles, discounting a set of actual premiums by an amount governed by a vaccination frequency of the particular pet to be insured, the discounted set of actual premiums yielding a set of required premiums versus deductibles; and
assembling and electronically presenting the set of required premiums versus deductibles to a potential customer; and
issuing the insurance policy having a premium and a deductible. - View Dependent Claims (18, 19, 20, 21)
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22. Means for determining and issuing an insurance policy comprising:
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means for determining and presenting a set of premiums and deductibles for the insurance policy by;
means for identifying a class of pets to be insured;
means for estimating a distribution of annual veterinary expenses for an average pet of a species of a class of pet to be insured based on a look-up table, the annual veterinary expenses optionally occurring within a first geographic region to pet owners in a first demographic category or during a first time period;
means for adding expected non-benefit related expenses to the distribution of annual veterinary expenses to be incurred by a first insurance company in order to provide the insurance policy, the adding of the expected non-benefit related expenses yielding a set of average premiums versus deductibles, means for discounting a set of actual premiums by an amount governed by a vaccination frequency of the particular pet to be insured, the discounted set of actual premiums yielding a set of required premiums versus deductibles; and
means for assembling and electronically presenting the set of required premiums versus deductibles to a potential customer; and
means for issuing the insurance policy having a premium and a deductible.
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Specification