DYNAMIC AGGREGATION OF INSURANCE PREMIUMS

• US 20110004493A1
• Filed: 05/28/2010
• Published: 01/06/2011
• Est. Priority Date: 05/29/2009
• Status: Active Grant

• Current Assignee: Certua Licensing Limited. (Certua Group Ltd.)
• Original Assignee: Quanis Incorporated
• Inventors: Bradshaw, Paul, Levin, John Anthony, Concannon, Michael
• Granted Patent: US 10,049,407 B2
• 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 aggregate insurance premiums is disclosed. An insurance policy is dynamically adjusted responsive to input data received at a dynamic provisioning system, the adjusting including a calculating of a new premium of the insurance policy. An amount of a payment of the new premium is identified based on preference data received at the dynamic provisioning system. An entity insured by the insurance policy is notified of the amount.

Claims

1. A method comprising:

dynamically adjusting an insurance policy responsive to input data received at a dynamic provisioning system, the adjusting including calculating a new premium of the insurance policy;

identifying, using a processor, an amount of a payment of the new premium, the payment to be received from an entity insured by the insurance policy, the identifying based on preference data received at the dynamic provisioning system; and

notifying the entity of the amount.

2. The method of claim 1, wherein:

the input data includes at least one of entity input data and environmental input data, the entity input data being specific to the entity and the environmental input data not being specific to the entity; and

the identifying of the amount is based on the at least one of the entity input data and the environmental input data.

3. The method of claim 1, wherein:

the adjusting of the insurance policy is based on a determination of a change of a risk associated with a providing of the policy, the determination based on the input data.

4. The method of claim 1, wherein the preference data includes a date at which the entity is to pay the premium.

5. The method of claim 1, wherein the preference data includes a count of a plurality of payments by which the entity is to pay the premium, the payment being one of the plurality of payments.

6. The method of claim 1, wherein the preference data includes a frequency of the payment.

7. The method of claim 1, wherein:

a source of at least one of the entity input data and the environmental input data is a wrap platform.

8. A system comprising:

an underwriting and administration module to;

dynamically adjust an insurance policy responsive to input data received at a dynamic provisioning system by calculating a new premium of the insurance policy;

identify, using a processor, an amount of a payment of the new premium based on preference data received at the dynamic provisioning system, the payment to be received from an entity insured by the insurance policy; and

notify the entity of the amount.

9. The system of claim 8, wherein:

the input data includes at least one of entity input data and environmental input data, the entity input data being specific to the entity and the environmental input data not being specific to the entity; and

the underwriting and administration module is to identify the amount based on the at least one of the entity input data and the environmental input data.

10. The system of claim 8, wherein:

the underwriting and administration module is to dynamically adjust the insurance policy based on a determination of a change of a risk associated with a providing of the policy, the determination based on the input data.

11. The system of claim 8, wherein the preference data includes a date at which the entity is to pay the premium.

12. The system of claim 8, wherein the preference data includes a count of a plurality of payments by which the entity is to pay the premium, the payment being one of the plurality of payments.

13. The system of claim 8, wherein the preference data includes a frequency of the payment.

14. The system of claim 8, wherein:

a source of at least one of the entity input data and the environmental input data is 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:

dynamically adjusting an insurance policy responsive to input data received at a dynamic provisioning system, the adjusting including calculating a new premium of the insurance policy;

identifying, using a processor, an amount of a payment of the new premium, the payment to be received from an entity insured by the insurance policy, the identifying based on preference data received at the dynamic provisioning system; and

notifying the entity of the amount.

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

the input data includes at least one of entity input data and environmental input data, the entity input data being specific to the entity and the environmental input data not being specific to the entity.

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

the adjusting of the insurance policy is based on a determination of a change of a risk associated with a providing of the policy, the determination based on the input data.

18. The machine-readable storage medium of claim 15, wherein the preference data includes a date at which the entity is to pay the premium.

19. The machine-readable storage medium of claim 15, wherein the preference data includes a count of a plurality of payments by which the entity is to pay the premium, the payment being one of the plurality of payments.

20. The machine-readable storage medium of claim 15, wherein the preference data includes a frequency of the payment.