System and Method for Determining Insurance Group Dividends

• US 20140114702A1
• Filed: 12/31/2013
• Published: 04/24/2014
• Est. Priority Date: 09/21/2010
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Grosso, Anthony J., Rippel, Steven P., Krause, Jacqueline LeSage
• Granted Patent: US 8,805,709 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods for providing dividends to customers are disclosed. The system includes a database for storing data and a business logic processor for determining a dividend to provide to a customer. The stored data includes eligibility criteria for membership in one of a plurality of group dividend plans, data about customers assigned to the plans, and premium payments associated with the customers. The business logic processor receives eligibility data related to a customer'"'"'s eligibility for assignment to a group dividend plan. The business logic processor uses the received data to identify a dividend group plan that a customer is eligible to join and assigns the customer to the identified plan. Finally, the business logic processor calculates a dividend to provide to the customer based on the assigned plan.

Claims

1. A system configured to determine a dividend for an insurance customer in relation to an insurance policy, the system comprising:

one or more data storage devices storing data regarding a plurality of insurance group dividend plans, including, with respect to at least one group dividend plan, eligibility criteria to be a member of the group dividend plan, a group of customers assigned to the group dividend plan, and premium payments and safety data associated with each customer of the group of customers assigned to the group dividend plan, the safety data including data indicative of at least one of a participation or a performance of the customer in one or more loss prevention programs;

one or more computer processors in communication with the one or more data storage devices; and

a memory in communication with the one or more computer processors and storing program instructions, the one or more computer processors operative with the program instructions to;

receive eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identify the group dividend plan that the customer is eligible to join based on the received eligibility data and the eligibility criteria stored in the one or more data storage devices;

assign the customer to the identified group dividend plan;

determine an eligible premium for the customer based on the customer'"'"'s assigned group dividend plan;

calculate the dividend to provide to the customer based on the group dividend plan to which the customer is assigned, the eligible premium for the customer, and the safety data stored in the one or more data storage devices.

2. The system of claim 1, wherein the one or more computer processors are further operative with the program instructions to assign the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan, identify a customer dividend percentage based on the tier to which the customer is assigned;

and wherein the calculated dividend is further based upon the identified customer dividend percentage.

3. The system of claim 1, wherein the one or more computer processors are further operative with the program instructions to, while the customer is participating in the identified group dividend plan:

obtain a performance score for the customer, and

provide data for a display for presentation to a graphical user interface associated with the customer, the display including a graphical representation of the obtained performance score for the customer and a performance of the customer'"'"'s group dividend plan.

4. The system of claim 3, wherein the one or more computer processors are further operative with the program instructions to:

obtain performance scores of other customers assigned to the identified group dividend plan; and

provide data for a display for presentation to a graphical user interface associated with the customer, the display including a graphical representation of the customer'"'"'s performance score in relation to performance scores of the other customers.

5. The system of claim 3, wherein the depicted graphical representation is indicative of the customer'"'"'s performance score relative to an average performance score of multiple customers assigned to the group dividend plan.

6. The system of claim 3, wherein the performance score is a driver'"'"'s safety score indicative of the customer'"'"'s driving safety, and the driver'"'"'s safety score is associated with a driving monitoring system implemented as part of the participation in the group dividend plan.

7. The system of claim 1, wherein the safety data is indicative of the performance of the customer in the one or more loss prevention programs and comprises data related to an output of sensors monitoring property covered by the insurance policy;

and wherein the one or more computer processors assigns the customer to the one of a plurality of tiers within the customer'"'"'s assigned group dividend plan based on the performance data, identifies a customer dividend percentage based on the tier to which the customer is assigned; and

wherein the calculated dividend is further based upon the identified customer dividend percentage.

8. The system of claim 1, wherein the safety data comprises data indicative of the participation of the customer in the one or more loss prevention programs, and wherein the one or more computer processors assigns the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan based on the participation data, identifies a customer dividend percentage based on the tier to which the customer is assigned;

and wherein the calculated dividend is further based upon the identified customer dividend percentage.

9. The system of claim 1, wherein the eligible premium is based on a loss ratio associated with a group that corresponds to the group dividend plan to which the customer is assigned.

10. The system of claim 1, wherein the eligibility criteria for membership in at least one group dividend plan requires a customer to (a) participate in a corresponding loss prevention program, (b) implement a telematics system as part of a loss prevention program, or (c) be a member of an affinity group.

11. A computerized method of determining a dividend for an insurance customer in relation to an insurance policy, the method comprising:

storing data in one or more data storage devices regarding a plurality of insurance group dividend plans, including, with respect to at least one group dividend plan, eligibility criteria to be a member of the group dividend plan, a group of customers assigned to the group dividend plan, and premium payments and safety data associated with each customer of the group of customers assigned to the group dividend plan, the safety data including data indicative of at least one of a participation or a performance of the customer in one or more loss prevention programs;

receiving, by a computer processor, eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identifying, by the computer processor, the group dividend plan that the customer is eligible to join based on the received eligibility data and the eligibility criteria stored in the one or more data storage devices;

assigning, by the computer processor, the customer to the identified group dividend plan;

determining, by the computer processor, an eligible premium for the customer based on the customer'"'"'s assigned group dividend plan; and

calculating, by the computer processor, the dividend to provide to the customer based on the group dividend plan to which the customer is assigned, the eligible premium, and the safety data stored in the one or more data storage devices related to the customer.

12. The computerized method of claim 11, further comprising:

while the customer is participating in the identified group dividend plan,

obtaining by the computer processor a performance score for the customer; and

outputting by the computer processor the obtained performance score of the customer to a graphical user interface associated with the customer for depicting a graphical representation of the obtained performance score for the customer and a performance of the customer'"'"'s group dividend plan.

13. The computerized method of claim 12, further comprising:

obtaining by the computer processor performance scores of other customers assigned to the identified group dividend plan; and

outputting by the computer processor the obtained performance scores to the graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s performance score in relation to other customers'"'"' performance scores.

14. The computerized method of claim 12, wherein the depicted graphical representation is indicative of the customer'"'"'s performance score relative to an average performance score of multiple customers assigned to the group dividend plan.

15. The computerized method of claim 12, wherein the performance score is a driver'"'"'s safety score indicative of the customer'"'"'s driving safety, and the driver'"'"'s safety score is associated with a driving monitoring system implemented as part of the participation in the group dividend plan.

16. The computerized method of claim 11, wherein the safety data comprises data indicative of the performance of the customer in the one or more loss prevention programs and comprises data related to an output of sensors monitoring property covered by the insurance policy;

and wherein the method further comprises assigning by the computer processor the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan based on the performance data, identifying a customer dividend percentage based on the tier to which the customer is assigned; and

wherein the dividend is calculated further based upon the identified customer dividend percentage.

17. The computerized method of claim 11, wherein the safety data comprises data indicative of the participation of the customer in the one or more loss prevention programs, and wherein the method further comprises assigning by the computer processor the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan based on the participation data, identifying a customer dividend percentage based on the tier to which the customer is assigned;

and wherein the dividend is calculated further based upon the identified customer dividend percentage.

18. A non-transitory computer readable medium storing computer executable instructions, which, when executed by a computer processor, cause the computer processor to:

store in one or more data storage devices data regarding a plurality of insurance group dividend plans, including, with respect to at least one group dividend plan, eligibility criteria to be a member of the group dividend plan, a group of customers assigned to the group dividend plan, and premium payments and safety data associated with each customer of the group of customers assigned to the group dividend plan, the safety data including data indicative of at least one of a participation or a performance of the customer in one or more loss prevention programs;

receive eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identify the group dividend plan that the customer is eligible to join based on the received eligibility data and the eligibility criteria stored in the one or more data storage devices;

assign the customer to the identified group dividend plan;

determine an eligible premium for the customer based on the customer'"'"'s assigned group dividend plan;

calculate a dividend to provide to the customer based on the group dividend plan to which the customer is assigned, the eligible premium, and the safety data stored in the one or more data storage devices related to the customer.

19. The non-transitory computer readable medium of claim 18, wherein the instructions further:

cause the computer processor to assign the customer to one or a plurality of tiers within the customer'"'"'s assigned group dividend plan;

identify a customer dividend percentage based on the tier to which the customer is assigned; and

cause the computer processor to calculate the dividend to provide to the customer further based on the identified customer dividend percentage.

20. The non-transitory computer readable medium of claim 18, wherein the instructions further cause the computer processor to, while the customer is participating in the identified group dividend plan:

obtain a performance score for the customer; and

provide data for a display for presentation to a graphical user interface associated with the customer, the display including a graphical representation of the obtained performance score for the customer and a performance of the customer'"'"'s group dividend plan.