SYSTEMS AND METHODS FOR CUSTOMIZING INSURANCE

• US 20140304011A1
• Filed: 06/20/2014
• Published: 10/09/2014
• Est. Priority Date: 11/19/2004
• Status: Abandoned Application

• Current Assignee: Allstate Insurance Company (Allstate Corporation)
• Original Assignee: Allstate Insurance Company (Allstate Corporation)
• Inventors: Yager, Floyd M., Wilson, Thomas J.
• Application Number:
  US14/311,046
• Publication Number:
  US 20140304011A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/067 Enterprise or organisation modelling
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0621 Item configuration or customization
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

System and methods provide customizable insurance according to consumer preferences. Demand simulators guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common needs, wants, or characteristics. In addition, methods and systems are provided for presenting insurance products for consideration by customers over a network. Presented insurance products may be formed through an optimization process or according to customer preferences.

Claims

1. A system of apparatuses comprising:

an insurance customer terminal including,

at least one processor;

a memory unit;

at least one input device; and

an electronic display; and

an insurance computer server including,

at least one processor; and

a memory storing computer-readable instructions that, when executed by the processor, cause the insurance computer server to;

transmit an insurance policy customization user interface to the insurance customer terminal via a computer network;

receive, from the insurance customer terminal and via the computer network, an indication of a selection of a standard insurance package from the user interface;

determine a premium price associated with the selected standard insurance package;

receive, from the insurance customer terminal and via the computer network, an indication of a selection of one or more optional insurance features not included in the standard insurance package;

determine one or more feature prices associated with the one or more selected optional insurance features; and

calculate an insurance policy premium based on the premium price associated with the selected standard insurance package and the one or more feature prices associated with the one or more selected optional insurance features.

2. The system of claim 1, the memory unit of the insurance customer terminal storing computer-readable instructions that, when executed by the processor, cause the insurance customer terminal to perform:

receive the insurance policy customization user interface from the insurance computer server, and display the insurance policy customization user interface via the electronic display;

receive a first user input via the at least one input device corresponding to the selection of the standard insurance package;

display a set of optional insurance features within the insurance policy customization user interface, via the electronic display, wherein the first set of optional insurance features is determined based on selection of the standard insurance package;

receive a second user input via the at least one input device corresponding to the selection of the one or more optional insurance features not included in the standard insurance package; and

transmit data identifying the standard insurance package and the selected one or more optional insurance features via the computer network to the insurance computer server.

3. The system of claim 1, wherein the indication of the selection of one or more optional insurance features comprises:

one or more indications corresponding to customer selections of one or more insurance options packages, each said insurance options package comprising a plurality of insurance features not included in the standard insurance package; and

one or more additional indications corresponding to customer selections of one or more ala carte insurance features, each ala carte insurance feature not included in the standard insurance package or in the one or more selected insurance options packages.

4. The system of claim 1, wherein said one or more optional insurance features comprises a first optional insurance feature corresponding to an additional insurance coverage offered for an additional premium price.

5. The system of claim 4, wherein said one or more optional insurance features further comprises a second optional insurance feature corresponding to a reduced premium price offered for an additional customer requirement.

6. The system of claim 1, wherein the insurance policy customization user interface corresponds to a vehicle insurance customization user interface, and wherein the optional insurance features include one or more of:

an accident waiver enhancement feature;

a safe driving deductible reward feature;

a safe driving bonus feature;

a repair or replacement coverage feature;

or

a loan or lease gap coverage feature.

7. The system of claim 1, wherein the insurance policy customization user interface corresponds to a homeowners insurance customization user interface, and wherein the optional insurance features include one or more of:

a home value protection feature;

an identity theft coverage feature;

a claims free discount feature;

a blanket protection of valuables feature;

a limited personal umbrella policy feature;

a water backup feature;

or

an inventory and appraisal tool feature.

8. The system of claim 1, wherein receiving the indication of the selection of one or more optional insurance features comprises:

receiving a customer selection corresponding to a first insurance options package comprising a first plurality of insurance features; and

receiving a customer selection corresponding to a second insurance options package comprising a second plurality of insurance features, wherein selection of the first insurance options package is a prerequisite to selection of the second insurance options package.

9. The system of claim 1, wherein receiving the indication of the selection of one or more optional insurance features comprises:

receiving a customer selection corresponding to a first insurance options package comprising a first plurality of insurance features; and

receiving one or more customer selections corresponding to one or more ala carte insurance features, wherein selection of the first insurance options package is a prerequisite to selection of each of the selected ala carte insurance features.

10. One or more non-transitory computer-readable storage media having computer-executable program instructions stored thereon, that when executed by an insurance server processor, cause the insurance server processor to:

transmit an insurance policy customization user interface to an insurance customer terminal via a computer network;

receive, from the insurance customer terminal and via the computer network, an indication of a selection of a standard insurance package from the user interface;

determine a premium price associated with the selected standard insurance package;

receive, from the insurance customer terminal and via the computer network, an indication of a selection of one or more optional insurance features not included in the standard insurance package;

determine one or more feature prices associated with the one or more selected optional insurance features; and

calculate an insurance policy premium based on the premium price associated with the selected standard insurance package and the one or more feature prices associated with the one or more selected optional insurance features.

11. The non-transitory computer-readable storage media of claim 10, wherein the indication of the selection of one or more optional insurance features comprises:

one or more indications corresponding to selection of one or more insurance options packages, each said insurance options package comprising a plurality of insurance features not included in the standard insurance package; and

one or more additional indications corresponding to selection of one or more ala carte insurance features, each ala carte insurance feature not included in the standard insurance package or in the one or more selected insurance options packages.

12. The non-transitory computer-readable storage media of claim 10, wherein the insurance policy customization user interface corresponds to a vehicle insurance customization user interface, and wherein the optional insurance features include one or more of:

an accident waiver enhancement feature;

a safe driving deductible reward feature;

a safe driving bonus feature;

a repair or replacement coverage feature;

or

a loan or lease gap coverage feature.

13. The non-transitory computer-readable storage media of claim 10, wherein the insurance policy customization user interface corresponds to a homeowners insurance customization user interface, and wherein the optional insurance features include one or more of:

a home value protection feature;

an identity theft coverage feature;

a claims free discount feature;

a blanket protection of valuables feature;

a limited personal umbrella policy feature;

a water backup feature;

or

an inventory and appraisal tool feature.

14. The non-transitory computer-readable storage media of claim 10, wherein receiving the indication of the selection of one or more optional insurance features comprises:

receiving a selection corresponding to a first insurance options package comprising a first plurality of insurance features; and

receiving a selection corresponding to a second insurance options package comprising a second plurality of insurance features, wherein selection of the first insurance options package is a prerequisite to selection of the second insurance options package.

15. A system of apparatuses comprising:

an insurance customer terminal including,

at least one processor;

a memory unit;

at least one input device; and

an electronic display; and

an insurance computer server including,

at least one processor; and

a memory storing computer-readable instructions that, when executed by the processor, cause the insurance computer server to perform;

receive, from the insurance customer terminal and via a computer network, data identifying a first insurance customer;

determine a first insurance package based on the data identifying the first insurance customer;

transmit, to the insurance customer terminal and via the computer network, an insurance policy customization user interface, the insurance policy customization user interface identifying the first insurance package and a plurality of possible customer modifications to the first insurance package;

receive data corresponding to one or more selected customer modifications to the first insurance package from the insurance customer terminal; and

calculate an insurance policy premium based on a premium price associated with the first insurance package and one or more prices associated with the selected customer modifications.

16. The system of claim 15, the memory unit of the insurance customer terminal storing computer-readable instructions that, when executed by the processor, cause the insurance customer terminal to perform:

receive the data identifying the first insurance customer via the at least one input device, and transmit said data identifying the first insurance customer to the insurance computer server;

receive the insurance policy customization user interface from the insurance computer server, and display the insurance policy customization user interface via the electronic display; and

receive one or more selected customer modifications to the first insurance package via the insurance policy customization user interface, and transmit the data corresponding to the one or more selected customer modifications to the insurance computer server.

17. The system of claim 16, wherein receiving the one or more selected customer modifications to the first insurance package via the insurance policy customization user interface comprises:

receiving, via the insurance policy customization user interface, a customer selection of an additional insurance feature that is not included in the first insurance package but is compatible with the first insurance package.

18. The system of claim 16, wherein receiving the one or more selected customer modifications to the first insurance package via the insurance policy customization user interface comprises:

receiving, via the insurance policy customization user interface, a customer selection of an insurance feature to be removed from the first insurance package.

19. The system of claim 16, wherein receiving the one or more selected customer modifications to the first insurance package via the insurance policy customization user interface comprises:

receiving, via the insurance policy customization user interface, a customer selection of a replacement insurance feature to substitute for an existing insurance feature of the first insurance package.

20. The system of claim 15, wherein the insurance policy customization user interface corresponds to at least one of a vehicle insurance customization user interface, a homeowners insurance customization user interface, or an annuity product customization user interface.