Data processing system for providing an efficient market for insurance and reinsurance
First Claim
1. Apparatus for providing an efficient market for insurance and reinsurance, comprising:
- a data processing system having one or more program executing computers, a data storage device, and an output device;
a plurality of insurance underwriting standards data records stored in said data storage device containing insurance underwriting standards from a plurality of insurers;
computer programs executing on the one or more program executing computers of said data processing system for;
compiling statistics regarding said plurality of stored data records containing insurance underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record, and storing statistics data records in said data storage device;
providing from said data processing system said statistics to a reinsurer;
calculating a price to the reinsurer for providing said statistics data records in which the price is reduced for fees obtained from transactions associated with the reinsurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the reinsurer generate discounts in the price to the reinsurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given.
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Accused Products
Abstract
A data processing system is disclosed that provides an efficient market for: (1) the provision of insurance and reinsurance between insurers and those seeking insurance and reinsurance, and (2) the sale of insurance between reinsurers. The data processing system provides an efficient market for the provisioning of insurance and reinsurance that not only invites insurers, insurance seekers, and reinsurers to patronize the system, but whose conventions induce them to patronize the system. An embodiment comprises: receiving at a data processing system an underwriting standard from each of a plurality of insurers; compiling a first set of statistics in the data processing system based on the underwriting standards from each of the plurality of insurers; and outputting from the data processing system the first set of statistics to a selected insurer at a price that is based on a measure of fees earned with respect to the selected insurer.
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Citations
33 Claims
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1. Apparatus for providing an efficient market for insurance and reinsurance, comprising:
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a data processing system having one or more program executing computers, a data storage device, and an output device; a plurality of insurance underwriting standards data records stored in said data storage device containing insurance underwriting standards from a plurality of insurers; computer programs executing on the one or more program executing computers of said data processing system for; compiling statistics regarding said plurality of stored data records containing insurance underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record, and storing statistics data records in said data storage device; providing from said data processing system said statistics to a reinsurer; calculating a price to the reinsurer for providing said statistics data records in which the price is reduced for fees obtained from transactions associated with the reinsurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the reinsurer generate discounts in the price to the reinsurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given. - View Dependent Claims (2, 3)
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4. Apparatus for providing an efficient market for insurance and reinsurance, comprising:
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a data processing system having one or more program executing computers, a data storage device, and an output device; a plurality of insurance underwriting standards data records stored in said data storage device containing insurance underwriting standards from a plurality of insurers; computer programs executing on the one or more program executing computers of said data processing system for; compiling statistics regarding said plurality of stored data records containing insurance underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record, and storing statistics data records in said data storage device; receiving insurance solicitation data records in said data storage device; comparing said insurance solicitation data records to said insurance underwriting standards data records from said plurality of insurers to identify one or more insurers and to provide data records identifying said insurance seeker to said insurer; providing from said data processing system said statistics to a reinsurer; and calculating a price to the reinsurer for providing said statistics data records in which the price is reduced for fees obtained from transactions associated with the reinsurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the reinsurer generate discounts in the price to the reinsurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method comprising the steps of:
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receiving a plurality of insurance underwriting standards data records from a plurality of insurers at a data processing system having a program executing computer, a data storage device, and an output device and storing the insurance underwriting standards data records in said data storage device; executing a computer program on the program executing computer of said data processing system for; (a) compiling a first set of statistics data records in said data processing system based on said plurality of underwriting standards data records from said plurality of insurers, said statistics data records being derived from said plurality of stored data records and not from a specific data record, and storing the first set of statistics data records; (b) calculating a fee earned with respect to a selected insurer; (c) providing from said data processing system said first set of statistics data records to a selected insurer; (d) calculating a price for providing said first set of statistics data records to said selected insurer that is based on said fee earned with respect to said selected insurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the insurer generate discounts in the price to the insurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given so that said selected insurer can arbitrage insurers who do not have access to said first set of statistics data records. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A method, comprising the steps of:
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receiving a plurality of underwriting standards data records from a plurality of insurers at a data processing system having a program executing computer, a data storage device, and an output device and storing the underwriting standards data records in said data storage device; executing computer programs on the program executing computer of said data processing system for; compiling statistics data records in said data processing system based on said plurality of underwriting standards data records from said plurality of insurers, said statistics data records being derived from said plurality of stored data records and not from a specific data record, including a first set of statistics data records based on underwriting standards of a selected insurer, and storing the statistics data records and first set of statistics data records; receiving at said data processing system an insurance solicitation data record from an insurance seeker; comparing in said data processing system said insurance solicitation data record to said underwriting standards data records from said plurality of insurers to identify an insurer, being said selected insurer; receiving at said data processing system an indicium that a fee has been earned with respect to transactions involving said selected insurer; calculating at said data processing system a fee earned with respect to said selected insurer; providing from said data processing system said first set of statistics data records to said selected insurer; calculating a price for providing said first set of statistics data records to said selected insurer that is based on said fee earned with respect to said selected insurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the insurer generate discounts in the price to the insurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given; providing from said data processing system said statistics data records to a first reinsurer; and receiving at said data processing system from said first reinsurer an offer to sell reinsurance.
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29. A method, comprising the steps of:
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receiving a plurality of underwriting standards data records from a plurality of insurers at a data processing system having one or more program executing computers, a data storage device, and an output device and storing the underwriting standards data records in said data storage device; executing computer programs on the one or more program executing computers of said data processing system for; compiling statistics data records in said data processing system based on said plurality of underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record, and storing the statistics data records; receiving at said data processing system an insurance solicitation data record from an insurance seeker; comparing in said data processing system said insurance solicitation data record to said underwriting standards data records to identify a selected insurer; receiving at said data processing system an indicium that a fee has been earned with respect to transactions involving said selected insurer; calculating fees earned with respect to said selected insurer; calculating a price for outputting a first set of statistics data records to said selected insurer that is based on said fees earned with respect to transactions involving said selected insurer within a given interval in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the insurer generate discounts in the price to the insurer for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given; providing from said data processing system said first set of statistics data records to said selected insurer; providing from said data processing system said statistics data records to a reinsurer; and receiving at said data processing system from said reinsurer an offer to sell reinsurance.
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30. Apparatus for providing an efficient market for insurance and reinsurance, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of insurance underwriting standards data records stored in said data storage device containing insurance underwriting standards from a one or more insurers; computer programs executing on the program executing computer of said data processing system for; (a) compiling statistics regarding said plurality of stored data records containing insurance underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record; (b) calculating fees earned with respect to the one or more insurers; (c) calculating a reduced price to the one or more insurers for providing said statistics regarding said stored data records to the selected insurer based on the calculated fees earned with respect to said selected insurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the one or more insurers generate discounts in the price to the one or more insurers for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given. - View Dependent Claims (31)
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32. Apparatus for providing an efficient market for insurance and reinsurance, comprising:
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a data processing system having a program executing computer, a data storage device, and an output device; a plurality of reinsurance offer data records stored in said data storage device containing reinsurance offers from one or more reinsurers; computer programs executing on the program executing computer of said data processing system for; (a) compiling statistics regarding said plurality of stored reinsurance offer data records containing reinsurance offers, said statistics data records being derived from said stored plurality of reinsurance offer data records and not from a specific data record; (b) calculating a fees earned with respect to the one or more reinsurers; (c) calculating a reduced price to the one or more reinsurers for output of said statistics regarding said stored reinsurance offer data records to the one or more reinsurers based on the calculated fees earned with respect to the one or more reinsurers in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the one or more reinsurers generate discounts in the price to the one or more insurers for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given, so that the one or more reinsurer can arbitrage others who do not have access to said statistics regarding said stored reinsurance offer data records.
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33. A data processing method operable in connection with an insurance market and an associated reinsurance market, comprising:
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receiving a plurality of underwriting standards data records from a plurality of insurers at a data processing system having a program executing computer, a data storage device, and an output device, and storing the underwriting standards data records in said data storage device; receiving an insurance solicitation data record from an insurance seeker at the data processing system and storing the insurance solicitation data record in said data storage device; executing computer programs on the program executing computer of said data processing system for; (a) comparing in said data processing system said insurance solicitation data record to said underwriting standards data records to identify one or more selected insurers; (b) receiving issued insurance policy data records from selected insurers; and (c) compiling first statistics data records regarding said plurality of insurance policy data records, said first statistics data records being derived from said plurality of insurance policy data records and not from a specific data record; (d) storing the first statistics data records in said data storage device; (e) receiving reinsurance offer data records from one or more reinsurers and storing the reinsurance offer data records in said data storage device; (f) receiving a plurality of insurance pool data records from one or more insurers and storing the insurance pool data records in said data storage device; (g) comparing said reinsurance offer data records with said plurality of insurance pool data records to identify one or more reinsurers; (h) compiling second statistics data records regarding said plurality of stored reinsurance offer data records, said second statistics data records being derived from said stored plurality of reinsurance offer data records and not from a specific data record; (i) calculating a fee earned with respect to a data requestor; (j) calculating a reduced price to the data requester for providing one or more of the first and second statistics data records based on the fee earned with respect to the data requestor in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the data requester generates discounts in the price to the data requester for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given.
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Specification