SYSTEM AND METHOD FOR CALCULATING AN INSURANCE PREMIUM BASED ON INITIAL CONSUMER INFORMATION
First Claim
1. A system associated with an insurance enterprise, comprising:
- a communication device to receive information from a remote consumer device associated with a potential consumer;
a computer processor for executing program instructions; and
a memory, coupled to the computer processor, for the storing program instructions for execution by the computer processor to;
receive, from the remote consumer device, initial consumer information;
based on the received initial consumer information, request supplemental information from a third-party data source;
receive the supplemental information from the third-party data source;
automatically determine whether;
(i) the initial consumer information can be strongly correlated with supplemental information, or (ii) the initial consumer information can only be weakly correlated with the supplemental information;
when it is determined that the initial consumer information can be strongly correlated with the supplemental information;
calculate an insurance premium for the potential consumer based at least in part on the supplemental information, andtransmit, to the remote consumer device, a potentially binding insurance quote based on the calculated insurance premium; and
when it is determined that the initial consumer information can only be weakly correlated with the supplemental information;
calculate an approximate insurance premium for the potential consumer, andtransmit, to the remote consumer device, a non-binding ballpark insurance quote based on the approximate insurance premium.
1 Assignment
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Accused Products
Abstract
According to some embodiments, initial consumer information may be received from a remote consumer device associated with a potential consumer. For example, the potential consumer might provide his or her name and address via a web page. According to some embodiments, the initial consumer information does not include vehicle information. Responsive to the initial consumer information, supplemental information may be automatically requested from a third-party data source. The supplemental information, including vehicle information associated with the potential consumer, may then be received from the third-party data source. An automobile insurance premium may then be calculated for the potential consumer based at least in part on the supplemental information. At least one potentially binding insurance quote may then be transmitted to the remote consumer device based on the calculated automobile insurance premium.
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Citations
23 Claims
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1. A system associated with an insurance enterprise, comprising:
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a communication device to receive information from a remote consumer device associated with a potential consumer; a computer processor for executing program instructions; and a memory, coupled to the computer processor, for the storing program instructions for execution by the computer processor to; receive, from the remote consumer device, initial consumer information; based on the received initial consumer information, request supplemental information from a third-party data source; receive the supplemental information from the third-party data source; automatically determine whether;
(i) the initial consumer information can be strongly correlated with supplemental information, or (ii) the initial consumer information can only be weakly correlated with the supplemental information;when it is determined that the initial consumer information can be strongly correlated with the supplemental information; calculate an insurance premium for the potential consumer based at least in part on the supplemental information, and transmit, to the remote consumer device, a potentially binding insurance quote based on the calculated insurance premium; and when it is determined that the initial consumer information can only be weakly correlated with the supplemental information; calculate an approximate insurance premium for the potential consumer, and transmit, to the remote consumer device, a non-binding ballpark insurance quote based on the approximate insurance premium. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method associated with an insurance enterprise, comprising:
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receiving, from a remote consumer device associated with a potential consumer, initial consumer information, wherein the initial consumer information does not include vehicle information; responsive to said initial consumer information, automatically requesting, by a computer processor, supplemental information from a third-party data source, wherein the request includes the initial consumer information; receiving the supplemental information from the third-party data source, the supplemental information including vehicle information associated with the potential consumer; automatically calculating, by the computer processor, an automobile insurance premium for the potential consumer based at least in part on the supplemental information; and transmitting at least one potentially binding insurance quote from the computer processor to the remote consumer device based on the calculated automobile insurance premium. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A non-transitory computer-readable medium storing instructions adapted to be executed by a computer processor to perform a method, said method comprising:
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receiving, from a remote consumer device associated with a potential consumer, initial consumer information, wherein the initial consumer information does not include vehicle information; responsive to said initial consumer information, automatically requesting supplemental information from a third-party data source, the request including the initial consumer information; receiving the supplemental information from the third-party data source, the supplemental information including vehicle information associated with the potential consumer; automatically determining whether;
(i) the initial consumer information can be strongly correlated with supplemental information, or (ii) the initial consumer information can only be weakly correlated with the supplemental information;when it is determined that the initial consumer information can be strongly correlated with the supplemental information; automatically calculating an automobile insurance premium for the potential consumer based at least in part on the supplemental information, and transmitting, to the remote consumer device, at least one potentially binding insurance quote based on the calculated automobile insurance premium; and when it is determined that the initial consumer information can only be weakly correlated with the supplemental information; automatically calculating an approximate insurance premium for the potential consumer, and transmitting, to the remote consumer device, a non-binding ballpark insurance quote based on the approximate insurance premium. - View Dependent Claims (22, 23)
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Specification