SYSTEM AND METHOD FOR INCREASING CAPACITY IN AN INSURANCE SYSTEM
First Claim
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1. A data processing system comprising:
- a processor configured for;
determining quota shares to assign each of a plurality of insurance policies for at least two participating insurers, wherein for each of the insurance polices, the quota shares are determined based at least in part on characteristics of the respective insurance policies,allocating portions of a claim liability or a received premium associated with at least one of the insurance policies among the at least two insurers according to the determined quota shares assigned to the at least one insurance policy, andoutputting a fund transfer amount based on the allocation; and
a memory for storing the quota shares for each of the plurality of insurance policies.
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Abstract
The invention relates, in various aspects to systems, methods, and computer readable media suited for implementing a commonly administered, quota share-based multi-insurer primary insurance system.
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Citations
33 Claims
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1. A data processing system comprising:
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a processor configured for; determining quota shares to assign each of a plurality of insurance policies for at least two participating insurers, wherein for each of the insurance polices, the quota shares are determined based at least in part on characteristics of the respective insurance policies, allocating portions of a claim liability or a received premium associated with at least one of the insurance policies among the at least two insurers according to the determined quota shares assigned to the at least one insurance policy, and outputting a fund transfer amount based on the allocation; and a memory for storing the quota shares for each of the plurality of insurance policies. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A computer readable medium storing instructions, which when executed by a processor, cause the processor to carry out a method of administering a plurality of insurance policies, the method comprising:
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determining quota shares to assign to each of the plurality of insurance policies for at least two participating insurers, wherein for each of the insurance polices, the quota shares are determined based at least in part on characteristics of the respective insurance policies; storing the quota shares for each of the plurality of insurance policies in a memory; allocating portions of a claim liability or a received premium associated with at least one of the insurance policies among the at least two insurers according to the determined quota shares assigned to the at least one insurance policy; and outputting a fund transfer amount based on the allocation. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28)
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29. A computerized method of administering a plurality of insurance policies comprising:
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determining, by a processor, quota shares to assign to each of the plurality of insurance policies for at least two participating insurers, wherein for each of the insurance polices, the quota shares are determined based at least in part on characteristics of the respective insurance policies; storing, by the processor, the quota shares for each of the plurality of insurance policies in a memory coupled to the processor; allocating, by the processor, portions of a claim liability or a received premium associated with at least one of the insurance policies among the at least two insurers according to the determined quota shares assigned to the at least one insurance policy; and outputting, by the processor, a fund transfer amount based on the allocation. - View Dependent Claims (30, 31, 32, 33)
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Specification