System and method of providing pricing information
First Claim
1. A computer-implemented method of providing pricing information, comprising:
- defining an assumption set comprising one or more assumptions, wherein said assumptions are derived from statistical data relating to a plurality of actual customers;
receiving at a computer system a first set of information from a customer via a network;
receiving at said computer system a second set of information from said customer via said network;
utilizing said assumption set, said first set of information, and said second set of information, estimating a price associated with one or more products;
sending, from said computer system to said customer, said estimated price via said network;
dynamically updating said assumption set based upon feedback provided by a plurality of potential customers affecting statistical data related to said plurality of actual customers and said plurality of potential customers; and
receiving at said computer system the updated assumption set from an external rules management system updating said assumption set with said external rules management system and;
implementing with said computer system said updated assumptions set in place of said assumption set without interrupting the ability of the computer system to provide pricing information to said customer.
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Accused Products
Abstract
The present invention provides a system and method capable of providing an estimated premium without extensive and repetitive questioning. The present invention utilizes unique assumptions to dramatically reduce the amount of information that must be provided by the customer. In one embodiment, the present invention utilizes a mainframe computer system, an application server, and an external rules management system to interact with the customer via an attractive graphic user interface. Once logged onto the website of the present invention, the customer may choose to engage in a fast quote process which utilizes assumptions, driver information, and vehicle information to assess the risk associated with insuring the customer and then calculates an estimated cost to insure.
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Citations
22 Claims
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1. A computer-implemented method of providing pricing information, comprising:
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defining an assumption set comprising one or more assumptions, wherein said assumptions are derived from statistical data relating to a plurality of actual customers; receiving at a computer system a first set of information from a customer via a network; receiving at said computer system a second set of information from said customer via said network; utilizing said assumption set, said first set of information, and said second set of information, estimating a price associated with one or more products; sending, from said computer system to said customer, said estimated price via said network; dynamically updating said assumption set based upon feedback provided by a plurality of potential customers affecting statistical data related to said plurality of actual customers and said plurality of potential customers; and receiving at said computer system the updated assumption set from an external rules management system updating said assumption set with said external rules management system and; implementing with said computer system said updated assumptions set in place of said assumption set without interrupting the ability of the computer system to provide pricing information to said customer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 21)
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18. A method of providing all-risk pricing information to members of an organization over a computer network comprising the steps of:
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providing quoting options comprising fast quote and detailed quote pricing options; receiving at a computer system a quote selection from a first member; determining that said member selected said fast quote pricing option; defining an assumption set comprising one or more assumptions applicable to at least a portion of actual members of said organization based on said quote selection, said assumptions comprising good credit, active driver'"'"'s license, no vehicle value over a predefined value of at least $80,000, vehicular usage limited to 12,000 miles for work/school, and/or all vehicles built according to applicable Federal and State regulations; receiving at a computer system driver information from a first member comprising number of drivers, previous insurance coverage, driver identification, and driver history; receiving at said computer system vehicle information from a potential member comprising vehicle location, number of vehicles, make &
model, and vehicle safety devices;utilizing said assumption set, said driver information, and said vehicle information, calculating an estimated price to insure said potential member; storing said driver information, said vehicle information, and said estimated price in an electronic storage device; dynamically updating said assumption set based upon feedback provided by a plurality of potential members affecting statistical data related to a plurality of actual members and said plurality of potential members; and receiving at said computer system the updated assumption set from an external rules management system updating said assumption set with said external rules management system and; implementing with said computer system said updated assumptions set in place of said assumption set without interrupting the ability of the computer system to provide pricing information to said members. - View Dependent Claims (19, 20)
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22. A computer system for providing pricing information comprising:
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a computer system, wherein said computer system comprises; a storage device configured to store electronic data, wherein said storage device contains an assumption set comprising one or more assumptions, wherein said assumptions are based on statistical data relating to a plurality of actual customers, an underwriting engine configured to determine a risk associated with a customer based on said assumption set, and a rating engine configured to calculate a quote for the customer based on the risk associated with the customer; an application server for presenting a graphic user interface upon a remote workstation, said server coupled to said computer system; and an external rules management system operatively connected to said computer system, wherein said external rules management system is configured to dynamically update said assumption set based upon feedback provided by a plurality of potential customers affecting statistical data related to said plurality of actual customers and said plurality of potential customers and send said updated assumption set to said computer system; and a computer network coupled to said server and said remote station; wherein said computer system is configured to implement said updated assumptions set in place of said assumption set such that said presentation of said graphic user interface is not interrupted.
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Specification