Processing an application for insurance coverage

• US 8,219,426 B1
• Filed: 12/02/2010
• Issued: 07/10/2012
• Est. Priority Date: 11/19/2004
• Status: Active Grant

• Current Assignee: Allstate Insurance Company (Allstate Corporation)
• Original Assignee: Allstate Insurance Company (Allstate Corporation)
• Inventors: Yager, Floyd M., Wilson, Thomas J.
• Primary Examiner(s): Morgan, Robert
• Assistant Examiner(s): Chng, Joy
• Application Number:
  US12/959,108
• Time in Patent Office: 586 Days
• Field of Search: 705/4
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods provide customizable insurance according to consumer preferences. Demand simulators may be used to guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common characteristics. In addition, methods are provided for selling insurance products formed through an optimization process and providing corresponding insurance services.

Claims

1. A method of processing an application for insurance coverage, the method comprising:

(a) providing insurance policy application options;

(b) receiving at a computer device an application for an insurance policy that includes at least one feature that provides a reward;

(c) generating at a computer device an insurance policy;

wherein one of the at least one feature provides that;

upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the policy period; and

when at least one predetermined criteria is met the insured will be granted an additional deductible reduction amount to be applied to the at least one deductible during a subsequent policy period.

2. The method of claim 1, wherein one of the at least one feature affects the premium.

3. The method of claim 1, wherein one of the at least one feature affects at least one future premium upon renewal.

4. The method of claim 1, further comprising determining at a computer device a premium for the insurance policy.

5. The method of claim 4, further comprising determining at a computer device a cost of at least one optional feature of the insurance policy.

6. A non-transitory computer-readable medium containing computer-executable instructions that when executed cause a computer device to perform the steps comprising:

(a) providing insurance policy application options;

(b) receiving an application for an insurance policy that includes at least one feature that provides a reward;

wherein one of the at least one feature provides that;

upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the policy period; and

when at least one predetermined criteria is met the insured will be granted an additional deductible reduction amount to be applied to the at least one deductible during a subsequent policy period.

7. The non-transitory computer-readable medium of claim 6, wherein the one of the at least one feature further provides that when a second of at least one predetermined criteria is met the insured will be granted a second additional deductible reduction to be applied to the at least one deductible during a second subsequent policy period.

8. The non-transitory computer-readable medium of claim 7, wherein the one of the at least one feature further provides that when a third of at least one predetermined criteria is met the insured will be granted a third additional deductible reduction to be applied to the at least one deductible during a third subsequent policy period.

9. The non-transitory computer-readable medium of claim 6, wherein one of the at least one feature affects at least one future premium upon renewal.

10. The non-transitory computer-readable medium of claim 6, wherein the computer executable instructions, when executed, cause the computer device to perform the additional step comprising (c) generating at a computer device an insurance policy.

11. The non-transitory computer-readable medium of claim 6, wherein the computer executable instructions, when executed, cause the computer device to perform the additional step comprising (c) determining a premium for the insurance policy.