Systems and methods for insurance coverage

• US 7,734,485 B1
• Filed: 10/17/2008
• Issued: 06/08/2010
• Est. Priority Date: 06/25/2008
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Bohanek, Robert Michael
• Primary Examiner(s): Koppikar; Vivek D
• Application Number:
  US12/253,642
• Time in Patent Office: 599 Days
• Field of Search: 705 2- 4, 705/14.72, 705 27- 29
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/0875 Itemisation or classification of parts, supplies or services, e.g. bill of materials
• CPC Class Codes: G06Q 30/0276 Advertisement creation
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A user may use a financial card to make a purchase at a merchant. An institution system may receive and analyze transaction data associated with the purchase. The institution system may send a notice to the user asking if the user would like insurance coverage for the item(s) pertaining to the purchase. The notice may request the user send a photo of the item(s) or documentation pertaining to the item(s) to the institution system.

Claims

1. An insurance method, comprising:

providing a computer having an insurance processor;

receiving, by an insurance processor, transaction data pertaining to a plurality of purchases made by a user with a financial card over a predetermined period of time, the transaction data comprising a purchase amount of each of the purchases and item data of each item associated with each of the purchases;

providing, by the insurance processor, a list of the items of each of the purchases to the user, wherein the list comprises only the items from purchases having a purchase amount that exceeds a predetermined threshold;

providing, to the user by a premium generator of the insurance engine, a plurality of premium quotes to insure the items on the list;

receiving, at the insurance processor, an indication from the user regarding at least one item on the list to be insured and receiving an acceptance of the premium quote for the at least one item; and

insuring the at least one item by the insurance processor.

2. The method of claim 1, wherein receiving transaction data is performed periodically.

3. The method of claim 1, further comprising analyzing the transaction data with respect to at least one predetermined criterion, wherein the list comprises only purchases associated with transaction data that meet the at least one predetermined criterion, wherein the at least one predetermined criterion comprises a merchant category code (MCC) associated with the purchases.

4. The method of claim 1, further comprising receiving the item data about the items associated with the purchases from the merchants of the purchases.

5. The method of claim 4, further comprising:

generating an inventory list comprising the item data; and

providing the inventory list to the user.

6. The method of claim 5, further comprising receiving at least one revision to the inventory list from the user.

7. The method of claim 5, further comprising revising the inventory list pursuant to receiving additional item data from the user or a merchant associated with one of the purchases.

8. A computer-readable medium comprising computer-readable instructions for insurance, said computer-readable instructions comprising instructions that:

receive transaction data pertaining to a plurality of purchases made by a user with a financial card over a predetermined period of time, the transaction data comprising a purchase amount of each of the purchases and item data of each item associated with each of the purchases;

provide a list of the items of each of the purchases to the user, wherein the list comprises only the items from purchases having a purchase amount that exceeds a predetermined threshold;

provide to the user a plurality of premium quotes to insure the items on the list;

receive an indication from the user regarding at least one item on the list to be insured and receiving an acceptance of the premium quote for the at least one item; and

insure the at least one item.

9. The computer-readable medium of claim 8, wherein receiving transaction data is performed periodically.

10. The computer-readable medium of claim 8, further comprising instructions that analyze the transaction data with respect to at least one predetermined criterion, wherein the list comprises only purchases associated with transaction data that meet the at least one predetermined criterion, wherein the at least one predetermined criterion comprises a merchant category code (MCC) associated with the purchases.

11. The computer-readable medium of claim 8, further comprising instructions that receive the item data about the items associated with the purchases from the merchants of the purchases.

12. The computer-readable medium of claim 11, further comprising instructions that:

generate an inventory list comprising the item data; and

provide the inventory list to the user.

13. The computer-readable medium of claim 12, further comprising instructions that receive at least one revision to the inventory list from the user.

14. The computer-readable medium of claim 12, further comprising instructions that revise the inventory list pursuant to receiving additional item data from the user or a merchant associated with one of the purchases.

15. An insurance system, comprising:

at least one subsystem that receives transaction data pertaining to a plurality of purchases made by a user with a financial card over a predetermined period of time, the transaction data comprising a purchase amount of each of the purchases and item data of each item associated with each of the purchases;

at least one subsystem that provides a list of the items of each of the purchases to the user, wherein the list comprises only the items from purchases having a purchase amount that exceeds a predetermined threshold;

at least one subsystem that provides to the user a plurality of premium quotes to insure the items on the list;

at least one subsystem that receives an indication from the user regarding at least one item on the list to be insured and receiving an acceptance of the premium quote for the at least one item; and

at least one subsystem that insures the at least one item.

16. The system of claim 15, wherein receiving transaction data is performed periodically.

17. The system of claim 15, further comprising at least one subsystem that analyzes the transaction data with respect to at least one predetermined criterion, wherein the list comprises only purchases associated with transaction data that meet the at least one predetermined criterion, wherein the at least one predetermined criterion comprises a merchant category code (MCC) associated with the purchases.

18. The system of claim 15, further comprising at least one subsystem that receives the item data about the items associated with the purchases from the merchants of the purchases.

19. The system of claim 18, further comprising:

at least one subsystem that generates an inventory list comprising the item data; and

at least one subsystem that provides the inventory list to the user.

20. The system of claim 19, further comprising at least one subsystem that receives at least one revision to the inventory list from the user.

21. The system of claim 19, further comprising at least one subsystem that revises the inventory list pursuant to receiving additional item data from the user or a merchant associated with one of the purchases.