SYSTEM AND METHOD FOR ADMINISTERING AN ADVANCED INSURANCE COMPONENT-BASED PRODUCT
First Claim
1. An automated processing system, comprising:
- a component storage unit storing one or more components of an insurance coverage, the one or more components having one or more associated properties defining attributes of the component and one or more values associated with the properties, wherein at least some of the components are not stand alone insurance coverages;
a processor coupled to the component storage unit; and
an instruction storage unit in communication with said processor and storing instructions adapted to be executed by said processor to;
facilitate selection of a plurality of the one or more components to include in an insurance coverage product;
combine the plurality of the one or more components within constraints of the properties and values of the individual components, wherein said selection or combination are performed in accordance with a component rule associated with the component; and
present an insurance coverage policy based on the combination of the plurality of the one or more components.
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Accused Products
Abstract
According to some embodiments, a system may be provided including an insurance component selection platform that transmits data to and receives data from an insurance product component storage unit storing one or more self-descriptive components of an insurance coverage. Each of the stored components may have, for example, associated properties defining attributes of the component and one or more values associated with the properties. The components may be selected via a graphical interface generated by the component selection platform to be included in an insurance coverage product. The components may then be combined within constraints of the properties and values of the individual components. An insurance coverage policy may then be presented based on the combination of components.
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Citations
33 Claims
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1. An automated processing system, comprising:
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a component storage unit storing one or more components of an insurance coverage, the one or more components having one or more associated properties defining attributes of the component and one or more values associated with the properties, wherein at least some of the components are not stand alone insurance coverages; a processor coupled to the component storage unit; and an instruction storage unit in communication with said processor and storing instructions adapted to be executed by said processor to; facilitate selection of a plurality of the one or more components to include in an insurance coverage product; combine the plurality of the one or more components within constraints of the properties and values of the individual components, wherein said selection or combination are performed in accordance with a component rule associated with the component; and present an insurance coverage policy based on the combination of the plurality of the one or more components. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A system, comprising:
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a product data model storage apparatus storing multiple inter-related insurance components; a selection system coupled to the product data model storage apparatus, the selection system being adapted to facilitate selection of a set of components by a user; a rating engine coupled to the selection system and to the product data model, the rating engine being adapted to generate an overall premium based on the set of components selected by the user; and a policy issuance system coupled to the rating engine and to the product data model, the policy issuance system being adapted to publish an insurance policy based on the set of components selected by the user. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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25. A computer-implemented method, comprising:
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determining a plurality of insurance components combining to form the insurance product; determining a rating property and value individually associated with each of the plurality of insurance components combining to form the insurance product; determining customer characteristics impacting the insurance product; and calculating a premium based on the combination of the one or more components and their associated rating property and value and the customer characteristics. - View Dependent Claims (26, 27, 28, 29, 30)
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31. A computer-readable medium storing instructions adapted to be executed by a processor to perform a method, said method comprising:
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defining one or more components of an insurance coverage, the one or more components having one or more associated properties defining attributes of the component and one or more values associated with the properties, wherein at least some of the components are not stand alone insurance coverages; facilitating selection of a plurality of the one or more components to include in an insurance coverage product; combining the plurality of the one or more components within constraints of the properties and values of the individual components, wherein said selection or combination are performed in accordance with a component rule associated with the component; and presenting an insurance coverage policy based on the combination of the plurality of the one or more components. - View Dependent Claims (32, 33)
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Specification