Modular multi-coverage insurance products

• US 8,175,898 B1
• Filed: 05/12/2008
• Issued: 05/08/2012
• Est. Priority Date: 09/22/2005
• Status: Active Grant

• Current Assignee: The Travelers Cos., Inc.
• Original Assignee: The Travelers Cos., Inc.
• Inventors: Colosky, Douglas, Lagasse, Eileen, Faupel, Mark
• Primary Examiner(s): Glass, Russell S
• Application Number:
  US12/119,301
• Time in Patent Office: 1,457 Days
• Field of Search: None
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The invention relates to methods and systems for creating and utilizing a modular multi-coverage insurance product. The modular multi-coverage insurance product includes a set of modular state-pre-approved insurance coverages corresponding to a plurality of insurable liabilities.

Claims

1. A computer-implemented method, comprising:

causing the display by the computer, for selection by a user, of at least one of a plurality of modular insurance coverages previously approved by at least one state, wherein each of the at least one of the plurality of modular insurance coverages has a corresponding modular rating plan, and at least one of the plurality of modular insurance coverages comprises a standalone insurance policy;

combining by the computer the at least one of the plurality of modular insurance coverages selected by the user with a policy framework previously approved by the at least one state, wherein the policy framework has a corresponding framework rating plan independently previously approved by the at least one state;

generating by the computer at least one insurance policy for the at least one of the plurality of modular insurance coverages, said policy not requiring further approval from the at least one state; and

determining by the computer a premium for the insurance policy using the at least one of the plurality of modular insurance coverages selected by the user and the framework rating plan.

2. The method of claim 1, wherein the set of modular coverages includes at least one of property and casualty coverage, a private company directors and officers liability coverage, a nonprofit organization directors and officers liability coverage, an employment practices liability coverage, a fiduciary liability coverage, a miscellaneous professional liability coverage, a crime coverage, a kidnap and ransom coverage, and an identity fraud coverage.

3. The method of claim 1, wherein the policy framework comprises terms and conditions to be applied to the subset of selected coverages.

4. The method of claim 1, wherein said combining further comprises combining the plurality of each of the modular coverages of the set of independent and previously approved modular coverages, and generating a plurality of distinct policies responsive to said combining.

5. The method of claim 1, wherein said combining further comprises combining the plurality of each of the modular coverages of the set of independent and previously approved modular coverages, and generating a plurality of distinct policies with distinct premiums responsive to said combining.

6. The method of claim 1, wherein said determining further comprises determining the insurance policy pricing based on selection of one or more coverage options by the user.

7. The method of claim 6, wherein the coverage options include at least one of coverage limits, deductibles, retentions, and endorsements, for the generated insurance policy.

8. The method of claim 1,

wherein said generating further comprises generating the at least one insurance policy from the plurality of modular policies in accordance with the user'"'"'s selected coverages and policy parameters, and

further comprising presenting by the computer the combined selected subset of modular coverages and the insurance policy pricing to the user as a single insurance policy.

9. The method of claim 1, further comprising presenting by the computer the combined selected subset of modular coverages and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy.

10. The method of claim 1, further comprising automatically updating by the computer the terms of the generated insurance policy based on the combined selected subset of modular coverages, the policy framework, and the framework rating plan.

11. The method of claim 1, further comprising receiving by the computer the selection from the user of the subset of the plurality of the modular coverages, and determining the insurance policy pricing based on at least one of separate and shared liability limits, retentions, and deductibles across the selected subset of the modular coverages.

12. The method of claim 1,

wherein said receiving further comprises receiving a selection of a single pre-approved modular insurance coverage from the user and further receiving from the user policy parameters related to the selected pre-approved modular insurance coverages, including at least one coverage liability limit amount and at least one deductible amount;

wherein said generating further comprises generating the at least one insurance policy from the single modular policy and in accordance with the user'"'"'s selected coverages and policy parameters, and

further comprising presenting by the computer the single modular coverage and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy.

13. The method of claim 1,

wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, an underwriter, and an insurance company employee, and

further comprising generating by the computer a plurality of insurance policy pricing estimates responsive to a request from the user.

14. The method of claim 1, further comprising generating by the computer a plurality of pricing estimates for multiple coverage options including a plurality of at least one of limits, deductibles, retentions, attachment points, endorsements, and other terms for a predetermined coverage.

15. The method of claim 1,

wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, an underwriter, and an insurance company employee, and

further comprising generating by the computer a plurality of pricing estimates responsive to a request from the customer selecting different coverage options.

16. The method of claim 1,

wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, an underwriter, and an insurance company employee, and

further comprising generating by the computer a plurality of insurance policy pricing estimates responsive to a request from the user selecting different coverage options including the limits and retentions selected by the user for each coverage option and whether the limits are shared among multiple coverages.

17. The method of claim 1, further comprising modifying by the computer at least one of the subset of the modular coverages selected by the user and the premium, based on the policy framework and the framework rating plan, with respect to the plurality of modular coverages without having to subject each of the modular coverages in the modified subset to another rating process when the policy framework indicates that a modification is to be performed to the subset of the modular coverages.

18. The method of claim 1, wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, an underwriter, and an insurance company employee.

19. A computer system, comprising:

a insurance processing computer system in communication with an electronic network and at least one database, wherein the insurance processing computer system is configured to;

cause the display, by the insurance processing computer system, for selection by the user, of at least one of a plurality of modular insurance coverages previously approved by at least one state, wherein each of the at least one of the plurality of modular insurance coverages has a corresponding modular rating plan, and at least one of the plurality of modular insurance coverages comprises a standalone insurance policy;

combine by the insurance processing computer system the at least one of the plurality of modular insurance coverages selected by the user with a policy framework previously approved by the at least one state, wherein the policy framework has a corresponding framework rating plan independently previously approved by the at least one state;

generate by the insurance processing computer system at least one insurance policy for the at least one of the plurality of modular insurance coverages, said policy not requiring further approval from the at least one state; and

determine by the insurance processing computer system a premium for the insurance policy using the at least one of the plurality of modular insurance coverages selected by the user and the framework rating plan.

20. The insurance processing computer system of claim 19, wherein the set of modular coverages includes at least one of property and casualty coverage, a private company directors and officers liability coverage, a nonprofit organization directors and officers liability coverage, an employment practices liability coverage, a fiduciary liability coverage, a miscellaneous professional liability coverage, a crime coverage, a kidnap and ransom coverage, and an identity fraud coverage.

21. The insurance processing computer system of claim 19, wherein said combining further comprises combining the plurality of each of the modular coverages of the set of independent and previously approved modular coverages, and generating a plurality of distinct policies with distinct premiums responsive to said combining.

22. The insurance processing computer system of claim 19, wherein said determining further comprises determining the insurance policy pricing based on selection of one or more coverage options by the user.

23. The insurance processing computer system of claim 19, wherein said generating further comprises generating the at least one insurance policy from the plurality of modular policies in accordance with the user'"'"'s selected coverages and policy parameters, and

wherein the insurance processing computer system is further configured to present the combined selected subset of modular coverages and the insurance policy pricing to the user as a single insurance policy.

24. The insurance processing computer system of claim 19, wherein the insurance processing computer system is further configured to present the combined selected subset of modular coverages and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy.

25. The insurance processing computer system of claim 19, wherein the insurance processing computer system is further configured to automatically update the terms of the generated insurance policy based on the combined selected subset of modular coverages, the policy framework, and the framework rating plan.

26. The insurance processing computer system of claim 19, wherein the insurance processing computer system is further configured to receive the selection from the user of the subset of the plurality of the modular coverages, and determining the insurance policy pricing based on at least one of separate and shared liability limits, retentions, and deductibles across the selected subset of the modular coverages.

27. The insurance processing computer system of claim 19,

wherein said receiving further comprises receiving a selection of a single pre-approved modular insurance coverage from the user and further receiving from the user policy parameters related to the selected pre-approved modular insurance coverages, including at least one coverage liability limit amount and at least one deductible amount;

wherein said generating further comprises generating the at least one insurance policy from the single modular policy and in accordance with the user'"'"'s selected coverages and policy parameters, and

wherein the insurance processing computer system is further configured to present the single modular coverage and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy.

28. The insurance processing computer system of claim 19,

wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, and underwriter, and an insurance company employee, and

wherein the insurance processing computer system is further configured to generate a plurality of insurance policy pricing estimates responsive to a request from the user.

29. The insurance processing computer system of claim 19, wherein the insurance processing computer system is further configured to modify at least one of the subset of the modular coverages selected by the user and the premium, based on the policy framework and the framework rating plan, with respect to the plurality of modular coverages without having to subject each of the modular coverages in the modified subset to another rating process when the policy framework indicates that a modification is to be performed to the subset of the modular coverages.

30. The insurance processing computer system of claim 19, wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, and underwriter, and an insurance company employee.

31. The method of claim 19, wherein generating at least one insurance policy comprises generating a plurality of insurance policies for the at least one of the plurality of modular insurance coverages.