SYSTEM AND METHOD FOR ADMINISTERING BUSINESS INSURANCE TRANSACTIONS USING CROWD SOURCED PURCHASING AND RISK DATA

• US 20140372150A1
• Filed: 06/14/2013
• Published: 12/18/2014
• Est. Priority Date: 06/14/2013
• Status: Abandoned Application

• 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: Karle, Derrick J., Waddell, Brian D.
• Application Number:
  US13/918,136
• Publication Number:
  US 20140372150A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0631 Item recommendations
• CPC Class Codes: G06Q 40/08 Insurance

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.

Claims

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.

2. The system of claim 1, wherein the recommended coverages include at least two of Business Owner'"'"'s Policy (BOP), Worker'"'"'s Compensation Insurance, General Liability Insurance, Commercial Auto Insurance, Property Insurance, Data Breach Insurance, Flood Insurance, Umbrella Insurance and Surety &

Fidelity Bonds.

3. The system of claim 1, wherein receiving business specific information and risk concern information from a requesting user comprises prompting for location identifying information and a business type.

4. The system of claim 1, wherein receiving business specific information and risk concern information from a requesting user comprises prompting for a services identification and a number of employees.

5. The system of claim 1, wherein supplementing the business specific information from at least one of a location based information service and a business information website comprises accessing additional information about the requesting user business type.

6. The system of claim 1, wherein receiving risk concern information comprises receiving information on perceived risks by the requesting user.

7. The system of claim 6, wherein the perceived risks comprise at least one of data breach, non owned auto and flood.

8. The system of claim 1, wherein performing analysis comprises using at least one of weather forecasts, economic forecasts and industry trends.

9. The system of claim 1, wherein performing analysis utilizes one or more of a neural networks, linear regressions, Bayesian networks, Hidden Markov models, or decision trees.

10. The system of claim 1, further comprising providing a bindable quote for the recommended coverages.

11. The system of claim 10, further comprising assigning the requesting user to an industrial classification in accordance with one of a Standard Industrial Classification (SIC) system or a North American Industrial Classification System (NAICS).

12. The system of claim 1, wherein providing recommended coverages for display to the requesting user comprises displaying the recommended coverages in a tiered arrangement configured in a graduated arrangement.

13. The system of claim 12, wherein the tiered arrangement is configured by area, state and nation.

14. The system of claim 12, wherein the tiered arrangement is configured by a business specific trait.

15. A computer system for processing small business owner coverages requests in a multi-insurer environment comprising:

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.

16. The system of claim 15, wherein the formatting in a tiered display configuration the determined one or more product and coverage recommendations comprises formatting the determined one or more product and coverage recommendations in a tiered location-based configuration.

17. The system of claim 15, wherein determining using a predictive model one or more product and coverage recommendations comprises using at least one of a weather forecast and an economic forecast to determine the one or more product and coverage recommendations.

18. A computer-implemented method for processing crowd sourced insurance and risk data to recommend business insurance coverages to at least one user comprising:

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.

19. The computer-implemented method of claim 18, wherein the location based configuration includes at least three tiers of increasing geographic scope.

20. The computer-implemented method of claim 18, wherein the one or more predictive models use at least one of a weather forecast, an economic forecast and an industry trend study.