DYNAMIC ADJUSTMENT OF INSURANCE COVERAGE

• US 20100312584A1
• Filed: 05/28/2010
• Published: 12/09/2010
• Est. Priority Date: 05/29/2009
• Status: Abandoned Application

• Current Assignee: Quanis Licensing Limited
• Original Assignee: Quanis Incorporated
• Inventors: Bradshaw, Paul, Levin, John Anthony, Concannon, Michael
• Application Number:
  US12/790,753
• Publication Number:
  US 20100312584A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G16H 10/60 for patient-specific data, e.g. for electronic patient records

Abstract

A method to dynamically adjust at least one of a coverage amount and a coverage time period of an insurance policy is disclosed. At least one of an entity input data or an environmental input data is updated by a dynamic insurance provisioning system, the entity input data being an input data that is specific to an entity insured by the insurance policy, the environmental input data being additional input data that is not specific to the entity. A determination is made as to whether at least one of the entity input data and the environmental input data causes a change in a risk associated with providing the insurance policy. Based on the determination, the at least one of the coverage amount and the coverage time period of the insurance policy premium is recalculated.

Claims

1. A method comprising:

updating at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity;

determining, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data;

responsive to the determining, recalculating at least one of a new coverage amount and a new coverage time period; and

amending the insurance policy to incorporate the at least one of the new coverage amount or the new coverage time period.

2. The method of claim 1, wherein:

the entity input data is a net worth data of the entity; and

the environmental input data is regulatory input data.

3. The method of claim 1, further comprising:

identifying whether the new coverage amount exceeds a maximum coverage amount for which the entity is prequalified, wherein the amending of the insurance policy is based on the identifying.

4. The method of claim 1, further comprising:

identifying a first source of the entity input data;

selecting a second source of the entity input data to verify the entity input data independently of the first source;

using the second source, verifying the entity input data independently of the first source; and

associating metadata with the entity input data to indicate the verifying of the entity input data.

5. The method of claim 1, further comprising:

receiving a time at which to perform the recalculation, wherein the updating of the at least one of the entity input data and the environmental input data is based on the time.

6. The method of claim 1, further comprising:

receiving from the entity a change threshold corresponding to at least one of the entity input data and the environmental input data, wherein the recalculating is based on a value of the at least one of the entity input data and the environmental data transgressing the change threshold.

7. The method of claim 1, wherein the updating of the at least one of the entity input data and the environmental input data includes interacting with a wrap platform.

8. A system comprising:

an underwriting information coordination module to update at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity; and

an underwriting and administration module to;

determine, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data;

recalculate at least one of a new coverage amount and a new coverage time period based on the risk being changed; and

amend the insurance policy to incorporate the at least one of the new coverage amount or the new coverage time period.

9. The system of claim 8, wherein:

the entity input data is a net worth data of the entity; and

the environmental input data is regulatory input data.

10. The system of claim 8, wherein the underwriting and administration module is to:

identify whether the new coverage amount exceeds a maximum coverage amount for which the entity is prequalified; and

amend the insurance policy based on the identifying.

11. The system of claim 8, further comprising:

a health and wellness module to;

identify a first source of the entity input data;

select a second source of the entity input data to verify the entity input data independently of the first source;

use the second source to verify the entity input data independently of the first source; and

associate metadata with the entity input data to indicate the verifying of the entity input data.

12. The system of claim 8, further comprising:

a customer information module to receive a time at which to perform the recalculation, wherein the underwriting and administration module is to update the at least one of the entity input data and the environmental input data is based on the time.

13. The system of claim 8, further comprising:

a customer information module to receive a change threshold corresponding to the at least one of the entity input data and the environmental input data, wherein the underwriting and administration module is to recalculate the at least one of the new coverage amount and the new time period based on a value of the at least one of the entity input data and the environmental data transgressing the change threshold.

14. The system of claim 8, wherein the underwriting and administration module is to update the at least one of the entity input data and the environmental input based on an interaction with a wrap platform.

15. A machine-readable storage medium embodying a set of instructions that, when executed by a processor, causes the processor to perform a method, the method comprising:

updating at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity;

determining, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data;

responsive to the determining, recalculating at least one of a new coverage amount and a new coverage time period; and

amending the insurance policy to incorporate the at least one of the new coverage amount or the new coverage time period.

16. The machine-readable storage medium of claim 15, wherein:

the entity input data is a net worth data of the entity; and

the environmental input data is regulatory input data.

17. The machine-readable storage medium of claim 15, the method further comprising:

identifying whether the new coverage amount exceeds a maximum coverage amount for which the entity is prequalified, wherein the amending of the insurance policy is based on the identifying.

18. The machine-readable storage medium of claim 15, the method further comprising:

identifying a first source of the entity input data;

selecting a second source of the entity input data to verify the entity input data independently of the first source;

using the second source, verifying the entity input data independently of the first source; and

associating metadata with the entity input data to indicate the verifying of the entity input data.

19. The machine-readable storage medium of claim 15, the method further comprising:

receiving a time at which to perform the recalculation, wherein the updating of the at least one of the entity input data and the environmental input data is based on the time.

20. The machine-readable storage medium of claim 15, the method further comprising:

receiving from the entity a change threshold corresponding to at least one of the entity input data and the environmental input data, wherein the recalculating is based on an amount of a change of the at least one of the entity input data and the environmental data transgressing the change threshold.