Modeling recommended insurance coverage

• US 8,494,882 B1
• Filed: 06/27/2011
• Issued: 07/23/2013
• Est. Priority Date: 03/18/2008
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Hopkins, John C.
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US13/170,022
• Time in Patent Office: 757 Days
• Field of Search: 705 1- 44
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method for analyzing insurance coverage disparities includes providing a processor, providing a memory including data related to a plurality of claims, and generating a claim scenario, using the processor and the data related to the plurality of claims. The claim scenario includes monetary amounts for damage to property and injury to a person. The method also includes computing, a coverage disparity between at least one of a coverage limit of a policy associated with damage to property and the monetary amount for damage to the property or a coverage limit of the policy associated with injury to the person and the monetary amount for the injury to the person. The method further includes transmitting information for display, within a user interface, the coverage disparity and transmitting information for display, within the user interface, a coverage disparity for a peer group associated with the policy.

Claims

1. A method for analyzing insurance coverage disparities, the method comprising:

providing a processor;

providing a memory coupled to the processor and including data related to a plurality of claims;

generating a claim scenario based on claim scenario parameters selected by a user, using the processor and the data related to the plurality of claims, wherein;

the claim scenario is representative of peer claim data; and

the claim scenario includes monetary amounts for damage to property and injury to a person; and

computing, using the processor and the claim scenario, a coverage disparity between at least one of;

a coverage limit of a policy associated with damage to property and the monetary amount for damage to the property;

or

a coverage limit of the policy associated with injury to the person and the monetary amount for the injury to the person;

identify a peer group of policy holders based on characteristics of the user using the processor;

transmitting information for display, within a user interface, the coverage disparity; and

transmitting information for display, within the user interface, a coverage disparity for the peer group under the claim scenario.

2. The method of claim 1 further comprising:

receiving information related to an adjustment to the policy; and

transmitting information for display, within the user interface, a coverage disparity for the adjustment to the policy.

3. The method of claim 1 further comprising transmitting information for display, within the user interface, a current premium and an adjusted premium.

4. The method of claim 1 further comprising representing the coverage limit of the policy associated with damage to the property and the coverage limit of the policy associated with injury to the person as graphical elements within the user interface.

5. The method of claim 1 further comprising, transmitting information for display, within the user interface, coverage disparities for both damage to property and injury to the person.

6. The method of claim 1 wherein the data related to the plurality of claims comprises a plurality of representative peer claim data.

7. The method of claim 1 wherein the data related to the plurality of claims comprises a plurality of historical claim data.

8. A non-transitory computer-readable storage medium comprising a plurality of computer-readable instructions tangibly embodied on the computer-readable storage medium, which, when executed by a data processor, provide a method for analyzing insurance coverage disparities, the plurality of instructions comprising:

instructions that cause the data processor to generate a claim scenario based on claim scenario parameters selected by a user, using data related to a plurality of claims, wherein;

the claim scenario is representative of peer claim data; and

the claim scenario includes monetary amounts for damage to property and injury to a person; and

instructions that cause the data processor to compute, using the claim scenario, a coverage disparity between at least one of;

a coverage limit of a policy associated with damage to property and the monetary amount for damage to the property;

or

a coverage limit of the policy associated with injury to the person and the monetary amount for the injury to the person;

instructions that cause the data processor to identify a peer group of policy holders based on characteristics of the user;

instructions that cause the data processor to transmit information for display, within a user interface, of the coverage disparity; and

instructions that cause the data processor to transmit information for display, within the user interface, of a coverage disparity for the peer group under the claim scenario.

9. The non-transitory computer-readable storage medium of claim 8 further comprising:

instructions that cause the data processor to receive information related to an adjustment to the policy; and

instructions that cause the data processor to transmit information for display, within the user interface, of a coverage disparity for the adjustment to the policy.

10. The non-transitory computer-readable storage medium of claim 8 further comprising instructions that cause the data processor to transmit information for display, within the user interface, of a current premium and an adjusted premium.

11. The non-transitory computer-readable storage medium of claim 8 further comprising instructions that cause the data processor to represent the coverage limit of the policy associated with damage to the property and the coverage limit of the policy associated with injury to the person as graphical elements within the user interface.

12. The non-transitory computer-readable storage medium of claim 8 further comprising, instructions that cause the data processor to transmit information for display, within the user interface, of coverage disparities for both damage to property and injury to the person.

13. The non-transitory computer-readable storage medium of claim 8 wherein the data related to the plurality of claims comprises at least one of a plurality of representative peer claim data or a plurality of historical claim data.

14. A system comprising:

a processor;

a memory coupled to the processor and including data related to a plurality of claims;

a claim scenario processor operable to generate a claim scenario, based on claim scenario parameters selected by a user, using data related to the plurality of claims, wherein;

the claim scenario is representative of peer claim data; and

the claim scenario includes monetary amounts for damage to property and injury to a person;

a coverage disparity processor operable to generate, using the claim scenario, at least one of;

a coverage limit of a policy associated with damage to property and the monetary amount for the damage to the property;

or

a coverage limit of a policy associated with injury to the person and the monetary amount for the injury to the person; and

a processing module operable to identify a peer group of policy holders based on characteristics of the user;

a communications module operable to transmit information for display, on a user interface, of the coverage disparity and a coverage disparity for the peer group under the claim scenario.

15. The system of claim 14 wherein the communications module is further operable to:

receive information related to an adjustment to the policy; and

transmit information for display, within the user interface, of a coverage disparity for the adjustment to the policy.

16. The system of claim 14 wherein the communications module is further operable to transmit information for display, within the user interface, of a current premium and an adjusted premium.

17. The system of claim 14 wherein the communications module is further operable to transmit information to represent the coverage limit of the policy associated with damage to the property and the coverage limit of the policy associated with injury to the person as graphical elements within the user interface.

18. The system of claim 14 wherein the communications module is further operable to transmit information for display, within the user interface, of coverage disparities for both damage to property and injury to the person.

19. The system of claim 14 wherein the data related to the plurality of claims comprises a plurality of representative peer claim data.

20. The system of claim 14 wherein the data related to the plurality of claims comprises a plurality of historical claim data.