SYSTEM AND METHOD FOR ADMINISTERING EXTREME WEATHER INSURANCE DATA

• US 20150356685A1
• Filed: 06/05/2014
• Published: 12/10/2015
• Est. Priority Date: 06/05/2014
• Status: Active 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: Lindberg, Charles Gregory, Milone, Theresa W., Olmstead, Jeffrey G., Roberson, Clifton L., Shuffler, Mark Daren, Williams, Christine
• Application Number:
  US14/297,211
• Publication Number:
  US 20150356685A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to some embodiments, information about an insurance claim associated with a base insurance policy and a weather event may be received. Based on the received information, it may be determined if the insurance claim is associated with an amount of loss that exceeds limits of the base insurance policy and stretch endorsement. It may also be determined if the insurance claim is associated with a type of loss covered by an extreme weather endorsement of the base insurance policy and associated stretch endorsement. Further, it may be determined if the extreme weather endorsement is associated with the insurance policy and if the weather event satisfies an extreme weather trigger condition. If the limits are exceeded, the type of loss is covered, the extreme weather endorsement is associated with the insurance policy, and the weather event satisfies the extreme weather trigger condition, payment in connection with the insurance claim may be facilitated.

Claims

1. An insurance claims processing system associated with a base insurance policy having a stretch endorsement, comprising:

a communication device to receive information about an insurance claim associated with the base insurance policy and a weather event;

a computer processor for executing program instructions; and

a memory, coupled to the computer processor, for storing program instructions for execution by the computer processor to;

based on the received information associated with the insurance claim, determining if the insurance claim is associated with an amount of loss that exceeds limits of the base insurance policy and stretch endorsement;

determining if the insurance claim is associated with a type of loss covered by an extreme weather endorsement of the base insurance policy and associated stretch endorsement;

determining if the extreme weather endorsement is associated with the insurance policy;

determining if the weather event satisfies an extreme weather trigger condition; and

if the limits are exceeded, the type of loss is covered, the extreme weather endorsement is associated with the insurance policy, and the weather event satisfies the extreme weather trigger condition, facilitating payment in connection with the insurance claim.

2. The system of claim 1, where the weather trigger condition is classification of the weather event as a catastrophic occurrence by a third party.

3. The system of claim 2, wherein the catastrophic occurrence is associated with at least one of:

(i) a windstorm, (ii) a hailstorm, (iii) a tornado, (iv) a cyclone, (v) a derecho, (vi) a named storm, (vii) a named hurricane, (viii) a snowstorm, (ix) a blizzard, (x) an ice storm, (xi) a dust storm, (xii) a sand storm, (xiii) a wildfire, and (xiv) a brushfire.

4. The system of claim 1, wherein the extreme weather endorsement is associated with an overall annual limit, a first sublimit associated with a first loss type and a second sublimit associated with a second loss type, wherein the second sublimit is different than the first sublimit.

5. The system of claim 1, wherein the overage type sublimit is associated with at least one of:

(i) business income for off-premises utility services, (ii) business income for dependent properties, (iii) debris removal, (iv) direct damage resulting from off-premises utilities service, (v) temperature change, and (vi) sewer and drain backup coverage.

6. The system of claim 1, wherein the extreme weather endorsement is associated with a plurality of separate locations.

7. A computer-implemented insurance claims processing method associated with a base insurance policy having a stretch endorsement, comprising:

receiving, at a computer processor of a claims processing platform, information about an insurance claim associated with the base insurance policy and a weather event;

based on the received information associated with the insurance claim, determining, by the computer processor of the claims processing platform, if the insurance claim is associated with an amount of loss that exceeds limits of the base insurance policy and stretch endorsement;

determining, by the computer processor of the claims processing platform, if the insurance claim is associated with a type of loss covered by an extreme weather endorsement of the base insurance policy and associated stretch endorsement;

determining if the extreme weather endorsement is associated with the insurance policy;

determining if the weather event satisfies an extreme weather trigger condition; and

if the limits are exceeded, the type of loss is covered, the extreme weather endorsement is associated with the insurance policy, and the weather event satisfies the extreme weather trigger condition, facilitating payment in connection with the insurance claim.

8. The method of claim 7, where the weather trigger condition is classification of the weather event as a catastrophic occurrence by a third party.

9. The method of claim 8, wherein the catastrophic occurrence is associated with at least one of:

(i) a windstorm, (ii) a hailstorm, (iii) a tornado, (iv) a cyclone, (v) a derecho, (vi) a named storm, (vii) a named hurricane, (viii) a snowstorm, (ix) a blizzard, (x) an ice storm, (xi) a dust storm, (xii) a sand storm, (xiii) a wildfire, and (xiv) a brushfire.

10. The method of claim 7, wherein the extreme weather endorsement is associated with an overall annual limit, a first sublimit associated with a first loss type and a second sublimit associated with a second loss type, wherein the second sublimit is different than the first sublimit.

11. The method of claim 7, wherein the overage type sublimit is associated with at least one of:

(i) business income for off-premises utility services, (ii) business income for dependent properties, (iii) debris removal, (iv) direct damage resulting from off-premises utilities service, (v) temperature change, and (vi) sewer and drain backup coverage.

12. The method of claim 7, wherein the extreme weather endorsement is associated with a plurality of separate locations.

13. An insurance underwriting system, comprising:

a communication device to receive a request for an extreme weather endorsement premium quote;

a computer processor coupled to the communication device for executing program instructions; and

a memory, coupled to the computer processor, for storing program instructions for execution by the computer processor to;

generate quote information about a base insurance policy and associated stretch endorsement for an insured,

determine if the stretch endorsement qualifies for an extreme weather endorsement associated with a weather event trigger condition,

collect supplemental information about the insured,

determine, based on the supplemental information and an extreme weather event underwriting risk level, the extreme weather endorsement premium quote for the insured, and

output an indication of the extreme weather endorsement premium quote.

14. The system of claim 13, where the weather trigger condition is classification of the weather event as a catastrophic occurrence by a third party.

15. The system of claim 14, wherein the catastrophic occurrence is associated with at least one of:

(i) a windstorm, (ii) a hailstorm, (iii) a tornado, (iv) a cyclone, (v) a derecho, (vi) a named storm, (vii) a named hurricane, (viii) a snowstorm, (ix) a blizzard, (x) an ice storm, (xi) a dust storm, (xii) a sand storm, (xiii) a wildfire, and (xiv) a brushfire.

16. The system of claim 13, wherein the supplemental insurance information comprises at least one of:

(i) a name, (ii) an address, (iii) a ZIP code, (iv) at least a portion of a Social Security number, (v) a date of birth, (vi) demographic information, (vii) contact information, (viii) an insurance policy number, (ix) a business type, (x) a Vehicle Identification Number, (xi) a number of vehicles, (xii) violation information, (xiii) accident information, (xiv) loss information, (xv) information about other drivers associated with the potential consumer, (xvi) credit score information, (xvii) income information, (xviii) third party data, (xix) governmental department of motor vehicles data, (xx) data aggregator information, (xxi) municipal record data, (xxii) a Standard Industrial Classification code, (xxiii) a location of business operations, (xxiv) business revenue information, (xxv) business payroll information, (xxvi) a construction type, and (xxvii) a business square footage.

17. The system of claim 13, wherein the insurance policy comprises one of:

(i) an existing insurance policy, (ii) an insurance policy renewal, and (iii) a potential insurance policy.

18. The system of claim 13, wherein said determining if the insurance policy qualifies for the extreme weather endorsement comprises verifying that a hurricane hold is not currently in effect.

19. The system of claim 13, further comprising:

receiving an indication of acceptance from the insured;

collecting payment of the extreme weather endorsement premium quote; and

issuing the extreme weather endorsement to the insured.

20. The system of claim 13, wherein the determination of the extreme weather endorsement premium includes:

storing an indication of a stretch endorsement premium amount;

storing an extreme weather endorsement risk modifier value; and

multiplying the stretch endorsement premium amount by the extreme weather endorsement risk modifier value.

21. An insurance underwriting method, comprising:

generating, by a computer processor of an underwriting platform, quote information about a base insurance policy and associated stretch endorsement for an insured,

determining, by the computer processor of the underwriting platform, if the stretch endorsement qualifies for an extreme weather endorsement associated with a weather event trigger condition,

collecting supplemental information about the insured,

determining, by the computer processor of the underwriting platform, based on the supplemental information and an extreme weather event underwriting risk level, the extreme weather endorsement premium quote for the insured, and

outputting, from the computer processor of the underwriting platform, an indication of the extreme weather endorsement premium quote.

22. The method of claim 21, where the weather trigger condition is classification of the weather event as a catastrophic occurrence by a third party.

23. The method of claim 22, wherein the catastrophic occurrence is associated with at least one of:

(i) a windstorm, (ii) a hailstorm, (iii) a tornado, (iv) a cyclone, (v) a derecho, (vi) a named storm, (vii) a named hurricane, (viii) a snowstorm, (ix) a blizzard, (x) an ice storm, (xi) a dust storm, (xii) a sand storm, (xiii) a wildfire, and (xiv) a brushfire.

24. The method of claim 21, wherein the supplemental insurance information comprises at least one of:

(i) a name, (ii) an address, (iii) a ZIP code, (iv) at least a portion of a Social Security number, (v) a date of birth, (vi) demographic information, (vii) contact information, (viii) an insurance policy number, (ix) a business type, (x) a Vehicle Identification Number, (xi) a number of vehicles, (xii) violation information, (xiii) accident information, (xiv) loss information, (xv) information about other drivers associated with the potential consumer, (xvi) credit score information, (xvii) income information, (xviii) third party data, (xix) governmental department of motor vehicles data, (xx) data aggregator information, (xxi) municipal record data, (xxii) a Standard Industrial Classification code, (xxiii) a location of business operations, (xxiv) business revenue information, (xxv) business payroll information, (xxvi) a construction type, and (xxvii) a business square footage.

25. The method of claim 21, wherein the insurance policy comprises one of:

(i) an existing insurance policy, (ii) an insurance policy renewal, and (iii) a potential insurance policy.

26. The method of claim 21, wherein said determining if the insurance policy qualifies for the extreme weather endorsement comprises verifying that a hurricane hold is not currently in effect.

27. The method of claim 21, further comprising:

receiving an indication of acceptance from the insured;

collecting payment of the extreme weather endorsement premium quote; and

issuing the extreme weather endorsement to the insured.

28. The method of claim 21, wherein the determination of the extreme weather endorsement premium includes:

storing an indication of a stretch endorsement premium amount;

storing an extreme weather endorsement risk modifier value; and

multiplying the stretch endorsement premium amount by the extreme weather endorsement risk modifier value.