SYSTEM AND METHOD FOR GENERATING AN INSURANCE QUOTE OF A PROPERTY IN REAL-TIME

• US 20150073835A1
• Filed: 09/11/2013
• Published: 03/12/2015
• Est. Priority Date: 09/11/2013
• Status: Abandoned Application

• Current Assignee: TATA Consultancy Services Limited (Tata Sons Pvt Ltd.)
• Original Assignee: TATA Consultancy Services Limited (Tata Sons Pvt Ltd.)
• Inventors: Sivagnanam, Anand
• Application Number:
  US14/023,487
• Publication Number:
  US 20150073835A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present subject matter described herein, in general, relates to insurance, and more particularly to a system and method for generating an insurance quote of a property in real-time. In one embodiment, a real-time insurance quote generation method is disclosed, comprising: obtaining a user selection, via a single action, of a property displayed on a map via a user interface of a device; determining an address of the property using at least geo co-ordinate details; collating data associated with the property from a plurality of data sources; assessing one or more risk factors associated with the property and underwriting the property based upon the data; computing, via a processor, an insurance quote for the property by using at least one of the data or the one or more risk factors; and providing the insurance quote.

Claims

1. A real-time insurance quote generation method, comprising:

obtaining a user selection, via a single action, of a property displayed on a map via a user interface of a device;

determining an address of the property using at least geo co-ordinate details;

collating data associated with the property from a plurality of data sources;

assessing one or more risk factors associated with the property and underwriting the property based upon the data;

computing, via a processor, an insurance quote for the property by using at least one of the data or the one or more risk factors; and

providing the insurance quote.

2. The method of claim 1, wherein the single action is one of:

a click, a tap, a touch, a voice command, or a gesture.

3. The method of claim 1, further comprising:

determining the geo co-ordinate details associated with the property using geo-spatial technology prior to determining the address of the property.

4. The method of claim 1, wherein the address of the property is determined using reverse geo-coding technology.

5. The method of claim 1, wherein the plurality of data sources comprise at least one of:

third party vendors providing details related to characteristics of the property, or vendors providing details related to geographical risks.

6. The method of claim 1, further comprising:

displaying the insurance quote via the user interface of the device.

7. A real-time insurance quote generation system, comprising:

a processor; and

a memory storing processor-executable instructions comprising instructions for;

obtaining a user selection, via a single action, of a property displayed on a map via a user interface of a device;

determining an address of the property using at least geo co-ordinate details;

collating data associated with the property from a plurality of data sources;

assessing one or more risk factors associated with the property and underwriting the property based upon the data;

computing an insurance quote for the property by using at least one of the data or the one or more risk factors; and

providing the insurance quote.

8. The system of claim 7, wherein the device is one of a cell phone, a smart phone, a personal digital assistant (PDA), a tablet computer, or a mobile electronic device.

9. The systems of claim 7, wherein the single action is one of a click, a tap, a touch, a voice command, or a gesture.

10. The system of claim 7, the instructions further comprising instructions for:

determining the geo co-ordinate details associated with the property using geo-spatial technology prior to determining the address of the property.

11. The system of claim 7, wherein the address of the property is determined using reverse geo-coding technology.

12. The system of claim 7, wherein the plurality of data sources comprise at least one of:

third party vendors providing details related to characteristics of the property, or vendors providing details related to geographical risks.

13. The system of claim 7, the instructions further comprising instructions for:

displaying the insurance quote via the user interface of the device.

14. A non-transitory computer-readable medium storing computer-executable real-time insurance quote generation instructions comprising instructions for:

obtaining a user selection, via a single action, of a property displayed on a map via a user interface of a device;

determining an address of the property using at least geo co-ordinate details;

collating data associated with the property from a plurality of data sources;

assessing one or more risk factors associated with the property and underwriting the property based upon the data;

computing an insurance quote for the property by using at least one of the data or the one or more risk factors; and

providing the insurance quote.

15. The medium of claim 14, wherein the device is one of a cell phone, a smart phone, a personal digital assistant (PDA), a tablet computer, or a mobile electronic device.

16. The medium of claim 14, wherein the single action is one of:

a click, a tap, a touch, a voice command, or a gesture.

17. The medium of claim 14, the instructions further comprising instructions for:

determining the geo co-ordinate details associated with the property using geo-spatial technology prior to determining the address of the property.

18. The medium of claim 14, wherein the address of the property is determined using reverse geo-coding technology.

19. The medium of claim 14, wherein the plurality of data sources comprise at least one of:

third party vendors providing details related to characteristics of the property, or vendors providing details related to geographical risks.

20. The medium of claim 14, the instructions further comprising instructions for:

displaying the insurance quote via the user interface of the device.