Processing an application for insurance coverage
DCFirst Claim
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1. A method of providing insurance coverage, the method comprising:
- determining at a computer device a cost of an automobile insurance policy that provides indemnification and that includes at least one optional feature that provides a reward;
wherein one of the at least one optional feature provides that;
upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the automobile insurance policy period; and
when no rate affecting accidents are assigned to the automobile insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one deductible during a subsequent automobile insurance policy period.
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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.
81 Citations
20 Claims
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1. A method of providing insurance coverage, the method comprising:
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determining at a computer device a cost of an automobile insurance policy that provides indemnification and that includes at least one optional feature that provides a reward; wherein one of the at least one optional feature provides that; upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the automobile insurance policy period; and when no rate affecting accidents are assigned to the automobile insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one deductible during a subsequent automobile insurance policy period. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of providing insurance coverage, the method comprising:
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(a) determining at a computer device a cost of an insurance policy that includes at least one package having a grouping of insurance features that share a common attribute; (b) offering for sale through an electronic visual display the insurance policy; and wherein a feature included within the grouping of insurance features provides that; upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the insurance policy period; and when no rate affecting events are assigned to the insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one deductible during a subsequent insurance policy period. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17)
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18. A method of providing insurance coverage, the method comprising:
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(a) determining at a computer device a cost of an automobile insurance policy that includes at least one optional feature that provides a reward; (b) offering for sale through an electronic visual display the automobile insurance policy; (c) determining at a computer device if a premium has been paid by the insured party; (d) determining at a computer device whether the automobile insurance policy is in effect; and wherein one of the at least one optional feature provides that; upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the automobile insurance policy period; when no rate affecting accidents are assigned to the automobile insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one deductible during a subsequent automobile insurance policy period. - View Dependent Claims (19, 20)
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Specification