SYSTEM AND METHOD FOR BUNDLING INSURANCE PRODUCTS

• US 20160071220A1
• Filed: 05/28/2015
• Published: 03/10/2016
• Est. Priority Date: 09/04/2014
• Status: Active Grant

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Serapin, Arlene, Johnson-Paul, Pawn, Albert, Robert, Edwards, Twanna, Warne, Tracy, Bianco, Lisa, Orzolek, Elizabeth, Yoder, Mark R., Christensen, David B., Mardis, Dustin, Murphy, Benjamin R.
• Granted Patent: US 10,482,537 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer-implement method may bundle insurance and financial products, and visually depict a current status for an application for each product within the bundle, such as applications related auto, home, life, or renters insurance, and/or vehicle loans. In one aspect, the method may determine a standard status icon or message for each product. A data server may receive a customer identification and selection of a first product offered, and determine a context of an application for the first product, wherein the context represents a state of progress of the application for the first product, and determine a standard status of the application corresponding to the context. The status is selected from a group of statuses standardized across two or more product lines sold by the company. The data server may further generate a status message including the status of the application and transmit the status message to a client device.

Claims

1. A computer-implemented method for determining a standard status for a product, the method comprising:

receiving, via a computer network, a customer identification;

receiving, via the computer network, a selection of a first product offered by a company corresponding to the customer identification, wherein the first product is selected from a plurality of product lines sold by the company;

mapping, by one or more processors, a plurality of standard statuses to a work flow of the plurality of product lines;

determining, by the one or more processors, a context of an application for the first product, wherein the context represents a state of work flow of the application for the first product;

determining, by the one or more processors, a standard status of the application corresponding to the context, wherein the standard status is selected from the plurality of standard statuses;

generating, by the one or more processors, a status message based upon the determined standard status, the status message including the standard status of the application; and

transmitting, via the computer network, the status message associated with the received customer identification to facilitate presenting the status message via an online hub, wherein the online hub provides a centralized location to view the status message and the plurality of product lines sold by the company.

2. The computer-implemented method of claim 1, wherein determining the standard statuses further comprises:

selecting, by the one or more processors, the standard status from a group of statuses standardized across two or more product lines sold by the company, wherein the two or more product lines include at least one of;

an insurance product, a banking product or a mutual fund product.

4. The computer-implemented method of claim 1 further comprising:

generating, a visual indicator corresponding to the standardized status and transmitting, via the computer network, a representation of the visual indicator for display via the online hub.

5. The computer-implemented method of claim 1 further comprising:

determining, by the one or more processors, an action to be triggered by the context; and

triggering, by the one or more processors, the action in response to determining the context of the application for the first product.

6. The computer-implemented method of claim 5 further comprising:

generating an action status message explaining the action triggered by the context; and

transmitting, via the computer network, the action status message to the online hub.

3. (canceled)

7. A computer device for determining a standard status for a product, the computer device comprising:

one or more processors; and

one or more memories coupled to the one or more processors;

the one or more memories including non-transitory computer executable instructions stored therein that, when executed by the one or more processors, cause the one or more processors to;

receive, via a computer network, a customer identification;

receive, via the computer network, a selection of a first product offered by a company corresponding to the customer identification, wherein the first product is selected from a plurality of product lines sold by the company;

map a plurality of standard statuses to a work flow of the plurality of product lines;

determine a context of an application for the first product, wherein the context represents a state of work flow of the application for the first product;

determine a standard status of the application corresponding to the context, wherein the standard status is selected from the plurality of standard statuses;

generate a status message based upon the determined standard status, the status message including the standard status of the application; and

transmit, via the computer network, the status message to facilitate presenting the status message via an online hub, wherein the online hub provides a centralized location to view the status message and the plurality of product lines sold by the company.

8. The computer device of claim 7, further comprising non-transitory computer executable instructions to cause the one or more processors to:

select the standard status from a group of statuses standardized across two or more product lines sold by the company, wherein the two or more product lines include at least one of;

an insurance product, a banking product or a mutual fund product.

10. The computer device of claim 7, further comprising non-transitory computer executable instructions to cause the one or more processors to:

generate, a visual indicator corresponding to the standardized status and transmit, via the computer network, a representation of the visual indicator for display via the online hub.

11. The computer device of claim 7, further comprising non-transitory computer executable instructions to cause the one or more processors to:

determine an action to be triggered by the context; and

trigger the action in response to determining the context of the application for the first product.

12. The computer device of claim 7, further comprising non-transitory computer executable instructions to cause the one or more processors to:

generate an action status message explaining the action triggered by the context; and

transmit, via the computer network, the action status message to the online hub.

9. (canceled)

13. A computer-implemented method for online selling of a bundle of insurance-related products or services, the method comprising:

causing, by one or more processors, a graphical or visual representation of more than one insurance-related product or service to be displayed via a graphical user interface, wherein the graphical user interface is configured to accept user modification to each of the more than one insurance-related product or service, and each user modification impacts an overall price that a user will be charged if the bundle of insurance-related products or services is purchased together via the graphical user interface; and

causing, by the one or more processors, a graphical or visual representation of a current status for each of the more than one insurance-related product or service to be displayed via the graphical user interface, the current status depicting a periodic payment or premium for a respective insurance-related product or service and a state of progress with respect to completing a purchase of the respective insurance-related product or service.

14. The computer-implemented method of claim 13, wherein the current status for each of the more than one insurance-related product or service is depicted by a status indicator that indicates “

Ready to Apply,”

“

Not Started,”

“

In Progress,”

“

In Underwriting,”

“

Ready to Customize,”

or “

Ready for Purchase.”

15. The computer-implemented method of claim 14, wherein the more than one insurance-related product or service includes auto insurance, home owners or renters insurance, and a vehicle loan product.

16. The computer-implemented method of claim 15, the graphical user interface further depicting a savings associated with the bundling or insurance-related products or services.

17. The computer-implemented method of claim 14, wherein the more than one insurance-related product or service includes auto insurance and home owners insurance.

18. The computer-implemented method of claim 14, wherein the more than one insurance-related product or service includes auto insurance and renters insurance.

19. The computer-implemented method of claim 14, wherein the more than one insurance-related product or service includes auto insurance and a vehicle loan product.

20. The computer-implemented method of claim 14, wherein the more than one insurance-related product or service includes home owners or renters insurance and a vehicle loan product.