SYSTEM AND METHOD FOR AUTONOMOUS INSURANCE SELECTION

• US 20140149148A1
• Filed: 11/27/2013
• Published: 05/29/2014
• Est. Priority Date: 11/27/2012
• Status: Active Application

• Current Assignee: Metropolitan Life Insurance Company (MetLife Incorporated)
• Original Assignee: Metropolitan Life Insurance Company (MetLife Incorporated)
• Inventors: Luciani, Terrance
• Application Number:
  US14/092,618
• Publication Number:
  US 20140149148A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

Disclosed herein is a system and a computer implemented method for automatically adjusting a customer'"'"'s insurance product or insurance portfolio upon a triggering event according to predefined guidelines. For example, a customer'"'"'s vehicle purchase would cause the system to adjust the customer'"'"'s auto insurance policy based upon predefined guidelines. Another aspect of the disclosure relates to applying a heuristic approach to create and implement the predefined guidelines.

Claims

1. A system to automatically adjust a customer'"'"'s insurance portfolio in response to life events, comprising:

a data entry receiving port for receiving information entered at a remote communication device, wherein the information includes a customer'"'"'s selection of automatic policy adjustment criteria;

a selection database for storing the automatic policy adjustment criteria;

a policy database storing a plurality of customer profiles;

at least one data processor programmed to identify events occurring in the customer'"'"'s life that relate to the customer'"'"'s automatic policy adjustment criteria; and

at least one data processor programmed to determine adjustments to the customer'"'"'s insurance policy portfolio based on at least the identified life events and the customer'"'"'s automatic policy adjustment criteria, and storing the determined adjustments in the policy database.

2. The system of claim 1 wherein the at least one data processor programmed to determine adjustments to the customer'"'"'s insurance policy portfolio further factors in at least one data-driven rule, wherein the rule is based on at least one actuarial table.

3. The system of claim 1 wherein at least one data processor programmed to identify events occurring in the customer'"'"'s life monitors social media websites.

4. The system of claim 1 wherein at least one data processor programmed to identify events occurring in the customer'"'"'s life receives information related to the customer'"'"'s life events entered on a remote computer.

5. The system of claim 1 wherein the automatic adjustment criteria comprises the customer'"'"'s selection of insurance policy preferences.

6. A computer-implemented method for automatically adjusting a customer'"'"'s insurance portfolio in response to life events, comprising:

receiving information entered at a remote communication device, wherein the information includes a customer'"'"'s selection of automatic policy adjustment criteria;

storing the automatic policy adjustment criteria in a selection database;

identifying events occurring in the customer'"'"'s life that relate to the customer'"'"'s automatic policy adjustment criteria; and

determining adjustments to the customer'"'"'s insurance policy portfolio based on at least the identified life events and the customer'"'"'s automatic policy adjustment criteria, and storing the determined adjustments in a policy database.

7. The method of claim 6 wherein the adjustments to the customer'"'"'s insurance policy portfolio are further determined by applying at least one data-driven rule, wherein the rule is based on at least one actuarial table.

8. The method of claim 6 wherein events occurring in the customer'"'"'s life are identified by monitoring social media websites.

9. The method of claim 6 wherein events occurring in the customer'"'"'s life are identified from information received from a remote computer that relate to the customer'"'"'s life events.

10. The method of claim 6 wherein the automatic adjustment criteria comprises the customer'"'"'s selection of insurance policy preferences.