METHOD AND SYSTEM FOR POLICY UNDERWRITING AND RISK MANAGEMENT OVER A NETWORK
First Claim
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1. A method of processing a plurality of premium quote requests comprising:
- receiving an insurance policy request and customer information over a network;
evaluating the customer information in relation to a predetermined set of underwriting criteria that is stored in a database; and
based on the process of evaluating, performing one of;
automatically generating a premium quote, automatically indicating that no quote will be provided, or forwarding the policy request and customer information to an underwriter for further evaluation.
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Abstract
A system and method for collecting insurance information, providing premium quotations, and automating policy issuance and claim processing. An embodiment utilizes automated, task-based work flow process that enables all parties to work efficiently to issue policies and handle policies.
133 Citations
14 Claims
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1. A method of processing a plurality of premium quote requests comprising:
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receiving an insurance policy request and customer information over a network; evaluating the customer information in relation to a predetermined set of underwriting criteria that is stored in a database; and based on the process of evaluating, performing one of;
automatically generating a premium quote, automatically indicating that no quote will be provided, or forwarding the policy request and customer information to an underwriter for further evaluation. - View Dependent Claims (2, 3)
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4. An automated system used by insurance carrier for evaluating insurance risk based on underwriting information comprising
an agent interface; -
a database comprising underwriting information and associated underwriting rules established by a carrier; and an automated system connected to the agent interface and the database through a network; wherein the automated system receives insurance information from the agent interface, stores the insurance information on the database, retrieves the respective underwriting rules from the database, and processes the insurance information as set out herein. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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Specification