Systems and methods for modeling insurance coverage

• US 7,974,859 B1
• Filed: 03/18/2008
• Issued: 07/05/2011
• Est. Priority Date: 03/18/2008
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Hopkins, John C.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US12/050,362
• Time in Patent Office: 1,204 Days
• Field of Search: 705/4
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method, system and computer-usable medium are disclosed for the modeling of insurance coverage. Coverage parameters of a policy are displayed as graphical elements within a user interface (UI) of a computing device along with a plurality of claim scenario parameters for selection by a user. Once selected, the claim scenario parameters are applied to relevant claim data and a claim scenario is generated. The claim scenario is then applied to the policy coverage parameters of the policy to determine and graphically display coverage parameter disparities, which are then graphically modified to offset any coverage parameter disparities. As coverage parameters are modified, corresponding adjustments to the premium of the current policy are made and displayed within the UI. A resulting policy is generated, using the modified coverage parameters of the current policy and adjusted premiums, and then fulfilled, electronically or physically.

Claims

1. A system comprising:

a computer processor;

a data bus coupled to the computer processor; and

a non-transitory computer-usable medium embodying computer program code, the non-transitory computer usable medium being coupled to the data bus, the computer program code for graphically displaying modeled insurance coverage and comprising instructions executable by the computer processor and configured for;

displaying within a user interface, a plurality of claim scenario parameters for an insurance policy issued to a member, wherein the plurality of claim scenario parameters include damage to a property and injury to a person and the insurance policy includes a first plurality of coverage parameters and a first plurality of associated coverage limits comprising;

a coverage parameter related to damage to the property and an associated coverage limit for damage to the property; and

a coverage parameter related to injury to the person and an associated coverage limit for injury to the person;

receiving a plurality of selected claim scenario parameters and associated value selections for each of the plurality of selected claim scenario parameters;

generating a claim scenario, using the computer processor, from a plurality of claim data using the plurality of selected claim scenario parameters and the associated value selections for each of the selected claim scenario parameters, wherein the claim scenario includes monetary amounts for the damage to the property and the injury to the person;

generating, using the computer processor, a first plurality of coverage parameter disparities using said claim scenario and said first plurality of associated coverage limits, wherein each coverage parameter disparity represents a difference between;

the monetary amount for the damage to the property and the associated coverage limit for damage to the property; and

the monetary amount for the injury to the person and the associated coverage limit for injury to the person;

modifying within the user interface at least one of said first plurality of associated coverage limits to partially or fully offset said first plurality of coverage parameter disparities, thereby generating a second plurality of coverage parameters, a second plurality of associated coverage limits, and a second plurality of coverage parameter disparities; and

displaying said second plurality of coverage parameters, said second plurality of associated coverage limits, and said second plurality of coverage parameter disparities in said user interface.

2. The system of claim 1, further comprising displaying as graphical elements within said user interface at least one of:

a description of said claim scenario;

said plurality of claim data;

said plurality of selected claim scenario parameters;

said first and second pluralities of coverage parameters;

or

said first and second pluralities of coverage parameter disparities.

3. The system of claim 1, wherein said first plurality of coverage parameters and said first plurality of associated coverage limits are represented as graphical elements within said user interface and comprise at least one of a current, minimum and maximum coverage limit.

4. The system of claim 3, wherein said modifying of said first plurality of associated coverage limits is performed in response to a user gesture interacting with said graphical elements.

5. The system of claim 1, wherein:

said modifying of said first plurality of associated coverage limits is performed automatically; and

said automatic modification of said first plurality of associated coverage limits is displayed as graphical elements within said user interface.

6. The system of claim 1, wherein:

said claim data comprises a plurality of representative peer claim data; and

said representative peer claim data is displayed as graphical elements within said user interface.

7. The system of claim 1, wherein:

said claim data comprises a plurality of historical claim data; and

said historical claim data is displayed as graphical elements within said user interface.

8. A computer-implementable method for graphically displaying modeled insurance coverage, comprising:

displaying within a user interface a plurality of claim scenario parameters for an insurance policy issued to a member, wherein the plurality of claim scenario parameters include damage to a property and injury to a person and the insurance policy includes a first plurality of coverage parameters and a first plurality of associated coverage limits comprising;

a coverage parameter related to damage to the property and an associated coverage limit for damage to the property; and

a coverage parameter related to injury to the person and an associated coverage limit for injury to the person;

receiving a plurality of selected claim scenario parameters and associated value selections for each of the plurality of selected claim scenario parameters;

generating a claim scenario, using a computer processor, from a plurality of claim data using the plurality of selected claim scenario parameters and the associated value selections for each of the selected claim scenario parameters, wherein the claim scenario includes monetary amounts for the damage to the property and the injury to the person;

generating, using the computer processor, a first plurality of coverage parameter disparities using said claim scenario and said first plurality of associated coverage limits, wherein each coverage parameter disparity represents a difference between;

the monetary amount for the damage to the property and the associated coverage limit for damage to the property; and

the monetary amount for the injury to the person and the associated coverage limit for injury to the person;

modifying within the user interface at least one of said first plurality of associated coverage limits to partially or fully offset said first plurality of coverage parameter disparities, thereby generating a second plurality of coverage parameters, a second plurality of associated coverage limits, and a second plurality of coverage parameter disparities; and

displaying said second plurality of coverage parameters, said second plurality of associated coverage limits, and said second plurality of coverage parameter disparities in said user interface.

9. The method of claim 8, further comprising using the computer processor to display as graphical elements within said user interface at least one of:

a description of said claim scenario;

said plurality of claim data;

said plurality of selected claim scenario parameters;

said first and second pluralities of coverage parameters;

or

said first and second pluralities of coverage parameter disparities.

10. The method of claim 8, wherein said first plurality of coverage parameters and said first plurality of associated coverage limits are represented as graphical elements within said user interface and comprise at least one of a current, minimum and maximum coverage limit.

11. The method of claim 10, wherein said modifying of said first plurality of associated coverage limits is performed in response to a user gesture interacting with said graphical elements.

12. The method of claim 8, wherein:

said modifying of said first plurality of associated coverage limits is performed automatically; and

said automatic modification of said first plurality of associated coverage limits is displayed as graphical elements within said user interface.

13. The method of claim 8, wherein:

said claim data comprises a plurality of representative peer claim data; and

said plurality of representative peer claim data is displayed as graphical elements within said user interface.

14. The method of claim 8, wherein:

said claim data comprises a plurality of historical claim data; and

said plurality of historical claim data is displayed as graphical elements within said user interface.

15. A computer-usable medium embodying computer program code, the computer program code comprising computer executable instructions configured for:

displaying within a user interface, a plurality of claim scenario parameters for an insurance policy issued to a member, wherein the plurality of claim scenario parameters include damage to a property and injury to a person and the insurance policy includes a first plurality of coverage parameters and a first plurality of associated coverage limits comprising;

a coverage parameter related to damage to the property and an associated coverage limit for damage to the property; and

a coverage parameter related to injury to the person and an associated coverage limit for injury to the person;

receiving a plurality of selected claim scenario parameters and associated value selections for each of the plurality of selected claim scenario parameters;

generating a claim scenario from a plurality of claim data using the plurality of selected claim scenario parameters and the associated value selections for each of the selected claim scenario parameters, wherein the claim scenario includes monetary amounts for the damage to the property and the injury to the person;

generating, using the computer processor, a first plurality of coverage parameter disparities using said claim scenario and said first plurality of associated coverage limits, wherein each coverage parameter disparity represents a difference between;

the monetary amount for the damage to the property and the associated coverage limit for damage to the property; and

the monetary amount for the injury to the person and the associated coverage limit for injury to the person;

modifying within the user interface at least one of said first plurality of associated coverage limits to partially or fully offset said first plurality of coverage parameter disparities, thereby generating a second plurality of coverage parameters, a second plurality of associated coverage limits, and a second plurality of coverage parameter disparities; and

displaying said second plurality of coverage parameters, said second plurality of associated coverage limits, and said second plurality of coverage parameter disparities in said user interface.

16. The computer usable medium of claim 15, further comprising displaying as graphical elements within said user interface at least one of:

a description of said claim scenario;

said plurality of claim data;

said plurality of selected claim scenario parameters;

said first and second pluralities of coverage parameters;

or

said first and second pluralities of coverage parameter disparities.

17. The computer usable medium of claim 15, wherein said first plurality of coverage parameters and said first plurality of associated coverage limits are represented as graphical elements within said user interface and comprise at least one of a current, minimum and maximum coverage limit.

18. The computer usable medium of claim 17, wherein said modifying of said first plurality of associated coverage limits is performed in response to a user gesture interacting with said graphical elements.

19. The computer usable medium of claim 15, wherein:

said modifying of said first plurality of associated coverage limits is performed automatically; and

said automatic modification of said first plurality of associated coverage limits is displayed as graphical elements within said user interface.

20. The computer usable medium of claim 15, wherein:

said claim data comprises a plurality of representative peer claim data; and

said representative peer claim data is displayed as graphical elements within said user interface.

21. The computer usable medium of claim 15, wherein:

said claim data comprises a plurality of historical claim data; and

said historical claim data is displayed as graphical elements within said user interface.