DYNAMIC ADJUSTMENT OF INSURANCE PREMIUMS

• US 20110004492A1
• Filed: 05/28/2010
• Published: 01/06/2011
• Est. Priority Date: 05/29/2009
• Status: Abandoned Application

• Current Assignee: Certua Licensing Limited. (Certua Group Ltd.)
• Original Assignee: Quanis Incorporated
• Inventors: Bradshaw, Paul, Levin, John Anthony, Concannon, Michael
• Application Number:
  US12/790,750
• Publication Number:
  US 20110004492A1
• 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 a premium 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 and the environmental input data being additional input data that is not being specific to the entity. A determination is made as to 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 determination, the premium of the insurance policy 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; and

responsive to the determining, recalculating a premium of the insurance policy.

2. The method of claim 1, wherein:

the entity input data is biometric input data; and

the environmental input data is a mortality table.

3. 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.

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 frequency at which the premium is to be updated,

wherein the updating of the at least one of the entity input data and the environmental input data is based on the frequency.

6. The method of claim 1, further comprising:

receiving a change threshold corresponding to the at least one of the entity input data and the environmental input data; and

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;

calculate a risk associated with providing the insurance policy based on the updating of the at least one of the entity input data and the environmental input data;

determine, using a processor, whether the risk associated with providing the insurance policy has changed; and

recalculate a premium of the insurance policy based on a change in the risk.

9. The system of claim 8, wherein:

the entity input data is biometric input data; and

the environmental input data is a mortality table.

10. 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.

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 frequency at which the premium is to be updated, 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 frequency.

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 premium of the insurance policy 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 data 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; and

responsive to the determining, recalculating a premium of the insurance policy.

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

the entity input data is biometric input data; and

the environmental input data is a mortality table.

17. 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.

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 frequency at which the premium is to be updated, wherein the updating of the at least one of the entity input data and the environmental input data is based on the frequency.

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

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