SYSTEM AND METHOD FOR SELLING INSURANCE PRODUCTS

• US 20090164258A1
• Filed: 12/19/2008
• Published: 06/25/2009
• Est. Priority Date: 12/21/2007
• Status: Abandoned Application

• Current Assignee: American International Group Incorporated
• Original Assignee: American International Group Incorporated
• Inventors: Broodryk, Maximilian Nicholas
• Application Number:
  US12/340,197
• Publication Number:
  US 20090164258A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for selling insurance products online is described. The system and method allow a provider to sell insurance products to a customer, either directly or through a broker or aggregator, whereby a single GUI is used for all insurance products sold and the customer only has to enter their personal details once when purchasing multiple insurance products.

Claims

1. A computer system for selling an insurance product, the computer system comprising:

a web server;

one or more software applications running on at least the web server for utilizing at least one of a plurality of data fields and presenting one or more web pages to a user; and

a database for storing data relating to one or more insurance products;

wherein at least one of the one or more software applications is configured to serve a first web page comprising one or more eligibility criteria to a user, receive a confirmation from the user that the user meets the eligibility criteria, receive payment information from the user, and in response to receipt of the payment information, bind the insurance product.

2. The computer system according to claim 1, wherein the plurality of data fields are selected from the group consisting of a data field to specify an industry, a data field for a product name, a data field for the rating parameters, one or more data fields for a premium rating table, a data field for important notices, a data field for eligibility criteria, a data field for policy wording, a data field for policy variations, and a data field for a product brochure.

3. The computer system according to claim 1, the system further comprising at least one software application of the one or more software applications that chooses an existing policy schedule format.

4. The computer system according to claim 1, the system further comprising at least one software application of the one or more software applications that maps a policy holder detailed information to relevant data fields in a policy schedule.

5. The computer system according to claim 1, wherein at least one software application of the one or more software applications, implemented by the web server, transmits a second web page to a user that allows the user to select a filter to display one or more insurance products, and to select at least one of the insurance products, the second web page further allows the user to enter limited risk criteria associated with each selected insurance product.

6. The computer system according to claim 1, wherein the web server receives the data associated with the selected insurance product and the limited risk criteria and serves a web page to the user comprising a quote for each selected insurance product and the web server receives personal information and payment information and processes the payment information.

7. The computer system according to claim 1, the system further comprising a communication network that is connected to the web server.

8. A computer implemented method for selling an insurance product, the method comprising the steps of:

providing a computer software framework on a web server, the computer software framework having a plurality of data fields;

entering insurance product data into at least one of the plurality of data fields from a database storing insurance product data wherein one of the data fields is for an eligibility criterion for an insurance product;

serving at least one web page by a web server to a user, wherein the at least one web page comprising the insurance product data;

serving at least one web page by a web server to a user comprising the eligibility criterion for the insurance product;

receiving a confirmation from the user by the web server that the user meets the eligibility criterion for the insurance product;

receiving payment information from the user by the web server; and

binding the insurance product by the web server.

9. The computer implemented method according to claim 8, the method further comprising the steps of:

(a) receiving a first request comprising data pertaining to a first insurance product from a user by the web server;

(b) processing the first request to determine data related to said first insurance product by the web server;

(c) outputting a first response comprising data related to the first insurance product to be inserted into the data fields of a first web page to the user;

(d) receiving a second request comprising data pertaining to a second insurance product from the user by the web server;

(e) processing said second request to determine data related to the second insurance product by the web server; and

(f) outputting a second response comprising data related to said second insurance product to be inserted into the data fields of a second web page.

10. The computer implemented method according to claim 8, wherein the plurality of data fields are selected from the group consisting of a data field to specify an industry, a data field for a product name, a data field for the rating parameters, one or more data fields for a premium rating table, a data field for important notices, a data field for eligibility criteria, a data field for policy wording, a data field for policy variations, and a data field for a product brochure.

11. The computer implemented method according to claim 9, the method further comprising the step of serving a third web page comprising a monetary quotation for each insurance product.

12. The computer implemented method according to claim 8, the method further comprising the step of choosing an existing policy schedule format.

13. The computer implemented method according to claim 8, the method further comprising the step of mapping a policy holder detailed information to relevant data fields in a policy schedule.

14. A computer-readable medium having thereon computer-executable instructions for selling an insurance product, the computer-executable instructions comprising of:

instructions for providing a computer software framework on a web server, the computer software framework having a plurality of data fields;

instructions for entering insurance product data into at least one of the plurality of data fields from a database storing insurance product data wherein one of the data fields is for an eligibility criterion for an insurance product;

instructions for serving at least one web page by a web server to a user, wherein the at least one web page comprising the insurance product data;

instructions for serving at least one web page by a web server to a user comprising the eligibility criterion for the insurance product;

instructions for receiving a confirmation from the user by the web server that the user meets the eligibility criterion for the insurance product;

instructions for receiving payment information from the user by the web server; and

instructions for binding the insurance product by the web server.

15. The computer-readable medium according to claim 14, the computer-executable instructions further comprising:

(a) instructions for receiving a first request comprising data pertaining to a first insurance product from a user by the web server;

(b) instructions for processing the first request to determine data related to said first insurance product by the web server;

(c) instructions for outputting a first response comprising data related to the first insurance product to be inserted into the data fields of a first web page to the user;

(d) instructions for receiving a second request comprising data pertaining to a second insurance product from the user by the web server;

(e) instructions for processing said second request to determine data related to the second insurance product by the web server; and

(f) instructions for outputting a second response comprising data related to said second insurance product to be inserted into the data fields of a second web page.

16. The computer-readable medium according to claim 14, wherein the plurality of data fields are selected from the group consisting of a data field to specify an industry, a data field for a product name, a data field for the rating parameters, one or more data fields for a premium rating table, a data field for important notices, a data field for eligibility criteria, a data field for policy wording, a data field for policy variations, and a data field for a product brochure.

17. The computer-readable medium according to claim 15, the computer-executable instructions further comprising instructions for serving a third web page comprising a monetary quotation for each insurance product.

18. The computer-readable medium according to claim 14, the computer-executable instructions further comprising instructions for choosing an existing policy schedule format.

19. The computer-readable medium according to claim 14, the computer-executable instructions further comprising instructions for mapping a policyholder detailed information to relevant data fields in a policy schedule.