System and method for underwriting a prepackaged business owners insurance policy
First Claim
1. A computer system for insuring a business owner, comprising:
- a database containing acceptable profile values for characteristics of micro business insurance customers, a fixed price, and predetermined coverages and coverage limits for a business owner'"'"'s policy; and
one or more computer systems having access to the database and being configured to execute computer software;
to the calculate acceptable profile values for characteristics of micro business insurance customers based on data for existing customers in similar micro businesses, and set the fixed price and predetermined coverages and coverage limits for the business owner'"'"'s policy based on said data, the characteristics selected from a combination of two or more of;
micro business classification, payroll amount, credit score, or premises size;
to store the acceptable profile values, fixed price and predetermined coverages and coverage limits for the business owner'"'"'s policy in the database;
to receive, over a network from a computing device of a micro business party, application information from the business party describing aspects of the party'"'"'s business related to the selected characteristics;
to compare the application information received from the party to the profile values; and
in response to the party having acceptable values for the characteristics, offering the party the business owner'"'"'s insurance policy having the predetermined coverages and coverage limits at the fixed price without further risk analysis of the party.
2 Assignments
0 Petitions
Accused Products
Abstract
A method, computer program product and system are provided for underwriting an insurance product such as a business owners policy by establishing a prepackaged policy having predetermined coverages, predetermined limits, and a fixed price, screening a potential customer for eligibility, and issuing the policy. The process may omit application of underwriting models to provide risk profiles and a premium based on a customer'"'"'s individual data. The screening process may include comparing information from a customer to characteristics of a category of customers eligible for the insurance product, and verifying the information provided by the customer using internal carrier and external sources.
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Citations
11 Claims
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1. A computer system for insuring a business owner, comprising:
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a database containing acceptable profile values for characteristics of micro business insurance customers, a fixed price, and predetermined coverages and coverage limits for a business owner'"'"'s policy; and one or more computer systems having access to the database and being configured to execute computer software; to the calculate acceptable profile values for characteristics of micro business insurance customers based on data for existing customers in similar micro businesses, and set the fixed price and predetermined coverages and coverage limits for the business owner'"'"'s policy based on said data, the characteristics selected from a combination of two or more of;
micro business classification, payroll amount, credit score, or premises size;to store the acceptable profile values, fixed price and predetermined coverages and coverage limits for the business owner'"'"'s policy in the database; to receive, over a network from a computing device of a micro business party, application information from the business party describing aspects of the party'"'"'s business related to the selected characteristics; to compare the application information received from the party to the profile values; and in response to the party having acceptable values for the characteristics, offering the party the business owner'"'"'s insurance policy having the predetermined coverages and coverage limits at the fixed price without further risk analysis of the party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for providing a prepackaged business owners insurance policy, comprising:
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calculating acceptable profile values for characteristics of micro business insurance customers based on data for existing customers in similar micro businesses, and setting a fixed price and predetermined coverages and coverage limits for a business owner'"'"'s policy based on said data, the characteristics selected from a combination of two or more of;
micro business classification, payroll amount, credit score, or premises size;receiving application information from a micro business party describing aspects of the party'"'"'s business related to the selected characteristics; comparing the application information received from the party to the profile values; and in response to the party having acceptable values for the characteristics, offering the party the business owner'"'"'s insurance policy having the predetermined coverages and coverage limits at the fixed price without further risk analysis of the party. - View Dependent Claims (10)
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11. A method for providing a prepackaged business owners insurance policy, comprising:
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calculating acceptable profile values for characteristics of micro business insurance customers based on data for existing customers in similar micro businesses, and setting a fixed price and predetermined coverages and coverage limits for a business owner'"'"'s policy based on said data, the characteristics selected from a combination of two or more of;
micro business classification, payroll amount, credit score, and premises size;receiving application information from a business party describing aspects of the party'"'"'s business related to the selected characteristics; comparing the application information received from the party to the profile values; in response to the party having acceptable values for the characteristics;
verifying the truth of the application information; andin response to successful verification of the application information, offering the party the business owner'"'"'s insurance policy having the predetermined coverages and coverage limits at the fixed price without further risk analysis of the party.
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Specification