Real-time insurance estimate based on non-personal identifying information
First Claim
1. A method of determining an insurance estimate, comprising:
- analyzing a rate model to determine, for each of a plurality of rate factors, an insurance risk associated with multiple different values of each rate factor;
determining one or more assumptions based on historical rate plan data, wherein each assumption is true for at least a predetermined percentage of historical insured individuals in the historical rate plan data;
selecting a subset of the plurality of rate factors that, combined with the one or more assumptions, yields a substantially accurate insurance estimate when a value input filter corresponding to the rate factor is applied to the historical rate plan data and is re-input into the rate model, wherein each rate factor in the subset of the plurality of rate factors comprises non-personally identifying information;
receiving user input via a web server for each of the subset of the plurality of rate factors using each corresponding value input filter;
determining an estimated insurance premium using the rate model based on the received user input, andsending the estimated insurance premium to the web server for display to a user.
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Accused Products
Abstract
Methods and systems for providing estimated insurance quotes/premiums are described herein. After analyzing rate factors, a subset of rate factors are selected that yield a fairly accurate estimated insurance premium from a minimum amount of information easily obtainable from a user. The user inputs a value from a predetermined set of allowable inputs (value input filter). After receiving and analyzing the user inputs, the system generates one or more estimates and displays the one or more estimates to the user, e.g., via a web page. When multiple estimates are provided, the multiple estimates may differ based on the level of coverage, add-on features, or both. Readily known non-personal identifying information is preferably requested and used, thereby alleviating privacy concerns while still being able to provide an estimate to the user very quickly, e.g., under 30 seconds, once all the requested information is obtained.
123 Citations
20 Claims
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1. A method of determining an insurance estimate, comprising:
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analyzing a rate model to determine, for each of a plurality of rate factors, an insurance risk associated with multiple different values of each rate factor; determining one or more assumptions based on historical rate plan data, wherein each assumption is true for at least a predetermined percentage of historical insured individuals in the historical rate plan data; selecting a subset of the plurality of rate factors that, combined with the one or more assumptions, yields a substantially accurate insurance estimate when a value input filter corresponding to the rate factor is applied to the historical rate plan data and is re-input into the rate model, wherein each rate factor in the subset of the plurality of rate factors comprises non-personally identifying information; receiving user input via a web server for each of the subset of the plurality of rate factors using each corresponding value input filter; determining an estimated insurance premium using the rate model based on the received user input, and sending the estimated insurance premium to the web server for display to a user. - View Dependent Claims (2, 3, 4, 5, 6)
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7. One or more tangible computer readable media storing computer readable instructions that, when executed, cause a system to perform:
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analyzing a rate model stored in a memory to determine, for each of a plurality of rate factors, an insurance risk associated with multiple different values of each rate factor; determining one or more assumptions based on historical rate plan data, wherein each assumption is true for at least a predetermined percentage of historical insured individuals in the historical rate plan data; selecting a subset of the plurality of rate factors that, combined with the one or more assumptions, yields a substantially accurate insurance estimate when a value input filter corresponding to the rate factor is applied to the historical rate plan data and is re-input into the rate model, wherein each rate factor in the subset of the plurality of rate factors comprises non-personally identifying information; receiving user input for each of the subset of the plurality of rate factors using each corresponding value input filter; and automatically determining an estimated insurance premium using the rate model based on the received user input. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A method of providing an automobile insurance estimate, comprising:
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receiving at an insurance rate computer, first user input identifying geographic information, wherein the geographic information does not comprise any personal identifying information; receiving at the insurance rate computer, second user input identifying personal information for each of one or more drivers to be insured, wherein the personal information does not comprise any personal identifying information; receiving at the insurance rate computer, third user input identifying vehicle information for each of one or more vehicles to be insured, wherein the vehicle information does not comprise a vehicle identification number (VIN) and does not comprise any personal identifying information; the insurance rate computer determining an estimated insurance premium based on the received geographic information, personal information, and vehicle information; and providing the estimated insurance premium for communication to the user. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20)
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Specification