SYSTEM AND METHOD FOR PROVIDING AND ACTIVATING COMMODITIZED INSURANCE

• US 20170249703A1
• Filed: 05/15/2017
• Published: 08/31/2017
• Est. Priority Date: 04/30/2012
• Status: Active Grant

• 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: Czaja, Ian J., Whiten, Wayne K.
• Granted Patent: US 9,953,371 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 2220/12 Usage or charge determination
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for providing commoditized insurance products to at least one consumer is disclosed. The system includes a commoditized insurance product including an activation code and an insurance company that underwrites the commoditized insurance product and provides the commoditized insurance product to a retail outlet. Based on consumer purchase of the commoditized product at the retail outlet and initiation of an activation process, the insurance company receives an activation code associated with the commoditized insurance product and provides verification queries to the consumer, and based on positive responses to the queries activates the policy providing the selected insurance coverage for the consumer.

Claims

1. A system for activating a product, the system comprising:

a product having an activation code associated therewith, the product being available for purchase for a price, the activation code identifying pre-defined parameters for the product; and

a carrier that provides the product, the carrier receiving payment in an amount of the price and information regarding the activation code, via a web server upon purchase of the product;

the carrier via an issuance server including;

a memory device configured to store information in a central record that includes;

the activation code associated with pre-defined parameters for the product and identified with the product; and

a set of verification queries associated with the activation code, the set of verification queries related to the pre-defined parameters wherein the set of verification queries screen for eligibility of the product;

a processor configured to receive the activation code associated with the product when a user device is used to attempt to activate the product via the carrier and access the memory device to determine the set of verification queries associated with the received activation code; and

a communications interface to provide the determined set of verification queries to the user device and receive responses thereto, and on a condition that the processor determines that the received responses to the determined set of verification queries are in accordance with the product activates the product.

2. The system of claim 1 wherein the product is activated by the processor using the received activation code and a received payment code received from a customer via the communications interface over the internet wherein the payment code is indicative of a purchase of the product.

3. The system of claim 1 wherein the product identifies pre-defined insurance coverage that is purchased for a set price.

4. The system of claim 1 wherein, based on the responses to the verification queries, the processor determines the applicability of the product.

5. The system of claim 1 wherein a retail outlet provides a consumer a payment code commensurate with the purchase of the product and identifies this code to the processor via a network and the communication interface.

6. The system of claim 5 wherein the payment code is associated with the purchased product.

7. The system of claim 1 wherein the product includes software that when initiated on a computing device begins the activation of the product via a network connection.

8. The system of claim 1 wherein the product includes small business insurance.

9. The system of claim 1 wherein the product identifies a type of insurance.

10. The system of claim 1 wherein the product identifies the parameters of an insurance coverage for a customer to weigh in deciding to purchase the product.

11. A device for activating a product having an activation code associated therewith, the product being available for purchase for a price, the activation code identifying pre-defined parameters for the product, the device comprising:

a carrier that provides the product, the carrier receiving payment in an amount of the price and information regarding the activation code, via a web server upon purchase of the product;

the carrier via an issuance server including;

a memory device configured to store information in a central record that includes;

the activation code associated with pre-defined parameters for the product and identified with the product; and

a set of verification queries associated with the activation code, the set of verification queries related to the pre-defined parameters wherein the set of verification queries screen for eligibility of the product;

a processor configured to receive the activation code associated with the product when a user device is used to attempt to activate the product via the carrier and access the memory device to determine the set of verification queries associated with the received activation code; and

a communications interface to provide the determined set of verification queries to the user device and receive responses thereto, and on a condition that the processor determines that the received responses to the determined set of verification queries are in accordance with the product activates the product.

12. The device of claim 11 wherein the product is activated by the processor using the received activation code and a received payment code received from a customer via the communications interface over the internet wherein the payment code is indicative of a purchase of the product.

13. The device of claim 11 wherein, based on the responses to the verification queries, the processor determines the applicability of the product.

14. The device of claim 11 wherein a retail outlet provides a consumer a payment code commensurate with the purchase of the product and identifies this code to the processor via a network and the communication interface.

15. The device of claim 11 wherein the product includes software that when initiated on a computing device begins the activation of the product via a network connection.

16. A product provided by a carrier, the carrier receiving payment for the product and information regarding an activation code, via a web server upon purchase of the product, the product comprising:

an activation code associated with the product, the activation code identifying pre-defined parameters for the product,

wherein there are a set of verification queries associated with the activation code, the set of verification queries related to the pre-defined parameters wherein the set of verification queries screen for eligibility of the product when a user device is used to attempt to activate the product via the carrier by providing a determined set of verification queries to the user device and receiving responses thereto, and on a condition that the received responses to the determined set of verification queries are in accordance with the product, the product is activated.

17. The product of claim 16 further comprising software that when initiated on a computing device begins the activation of the product via a network connection.

18. The product of claim 16 wherein the product identifies pre-defined coverage that is purchased for a set price.

19. The product of claim 16 wherein the product includes small business coverage.

20. The product of claim 16 wherein the product identifies a type of coverage.