SYSTEM AND METHOD FOR ADMINISTERING BUSINESS INSURANCE TRANSACTIONS USING CROWD SOURCED PURCHASING AND RISK DATA
First Claim
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1. A system for recommending products and coverages for business insurance utilizing crowd sourced data, the system comprising:
- at least one processor;
a memory coupled to the at least one processor;
and one or more programs, wherein the one or more programs are stored in the memory and configured to be executed by the at least one processor, the one or more programs including instructions for;
receiving business specific information and risk concern information from a requesting user;
supplementing the business specific information from at least one of a location based information service and a business information website;
performing analysis of crowd sourced data with similar business specific information and risk concern information as the requesting user, wherein the crowd sourced data includes current and historical crowd sourced data;
selecting, based on the analysis, one or more coverages for the requesting user; and
providing a tiered display of recommended coverages to the requesting user.
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Abstract
A data processing system for processing and selecting business insurance coverages is disclosed. The system uses crowd sourced data related to purchasing and risk concerns to correlate business owner requests for insurance recommendations in real time. Business owner policy configurations and options may be selectively tailored to a business owner based on the crowd sourcing data in a single or multi-insurer platform. Weather, economic and industry trend data may be used to configure appropriate business insurance recommendations.
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Citations
20 Claims
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1. A system for recommending products and coverages for business insurance utilizing crowd sourced data, the system comprising:
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at least one processor; a memory coupled to the at least one processor; and one or more programs, wherein the one or more programs are stored in the memory and configured to be executed by the at least one processor, the one or more programs including instructions for; receiving business specific information and risk concern information from a requesting user; supplementing the business specific information from at least one of a location based information service and a business information website; performing analysis of crowd sourced data with similar business specific information and risk concern information as the requesting user, wherein the crowd sourced data includes current and historical crowd sourced data; selecting, based on the analysis, one or more coverages for the requesting user; and providing a tiered display of recommended coverages to the requesting user. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A computer system for processing small business owner coverages requests in a multi-insurer environment comprising:
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a processor coupled to the multi-insurer communications network; and at least one storage device in communication with the processor; the processor configured to; receive product and coverage requests via the multi-insurer communications network from one or more small business owners; determining using a predictive model one or more product and coverage recommendations based on historical crowd sourced data on product selections and risk concerns; formatting in a tiered display configuration the determined one or more product and coverage recommendations; and binding the one or more product and coverage recommendations via the multi-insurer communication network to the small business owner. - View Dependent Claims (16, 17)
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18. A computer-implemented method for processing crowd sourced insurance and risk data to recommend business insurance coverages to at least one user comprising:
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receiving, via a communications interface, a plurality of crowd sourced data related to business insurance requests and risk concerns; storing the crowd sourced data related to business insurance requests and risk concerns in a data storage device; configuring an information screen display for receiving business insurance request and risk concern data from at least one requesting user, processing, in a processor, the crowd sourced data business insurance requests and risk concerns to determine one or more business insurance coverage recommendations for the at least one requesting user, wherein processing includes accessing one or more predictive models to determine a correlation between the received business insurance request and risk concern data and the stored crowd sourced data; and configuring for display on a mobile display device the one or more business insurance coverage recommendations, wherein the one or more business insurance coverage recommendations are arranged in a location based configuration for selection by the at least one requesting user. - View Dependent Claims (19, 20)
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Specification