System and method for processing and administrating deductible calculations

• US 8,620,693 B1
• Filed: 07/17/2012
• Issued: 12/31/2013
• Est. Priority Date: 07/17/2012
• Status: Expired due to Fees

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Schumann, Douglas D. Jr.
• Primary Examiner(s): Wong, Eric T
• Application Number:
  US13/551,162
• Publication Number:
  US 20140025402A1
• Time in Patent Office: 532 Days
• Field of Search: 705/4
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurance policy management system for administering and managing insurance policies having deductible coverage through a primary and a secondary insurer. The secondary insurer is provided a portion of a premium payment via the primary insurer to provide deductible coverage to a policyholder. The policyholder will not have to pay a lump sum deductible in the event of a loss when selecting the no deductible option and may have the option of bidding out the deductible coverage in a multi-insurer platform.

Claims

1. A system for administering insurance policies for issue to a consumer by a primary insurer without requiring deductible payments by the consumer, the system comprising:

at least one processor;

a memory coupled to the at least one processor;

and one or more programs, wherein the one or more programs are stored in the memory and configured to be executed by the at least one processor, the one or more programs including instructions for;

providing a deductible option selection screen on a graphical user interface;

receiving a deductible option selection from the graphical user interface;

storing the deductible option selection in a storage device; and

responsive to receiving an insured deductible option selection from the graphical user interface, communicating, via a communications network, the deductible option selection to the primary insurer and a secondary insurer distinct from the primary insurer, the primary insurer issuing to the consumer an insurance policy having a deductible, and the secondary insurer providing deductible insurance coverage for the policy without involving the consumer.

2. The system of claim 1, wherein the one or more programs further include instructions to provide deductible options including an insured deductible, a disappearing deductible and a standard deductible.

3. The system of claim 2, wherein the one or more programs further include instructions to display instructions for payment of a premium related to the insured deductible directly by the consumer to the primary insurer.

4. The system of claim 3, wherein the one or more programs further include instructions to calculate a portion of the premium for paying to the secondary insurer.

5. The system of claim 1, wherein the one or more programs further include instructions to determine whether the consumer is qualified for the insured deductible option selection.

6. The system of claim 1, wherein the one or more programs further include instructions to display instructions for the consumer to make a premium payment to both the primary and secondary insurer.

7. The system of claim 1, wherein the one or more programs further include instructions to display instructions for the consumer to make a premium payment to only one of the primary and secondary insurer.

8. The system of claim 7, wherein the one or more programs further include instructions for the premium payment to be shared by the primary insurer and the secondary insurer on a proportional basis.

9. The system of claim 1, wherein the one or more programs further include instructions to render the graphical user interface on a mobile device app.

10. The system of claim 1, wherein the insured deductible selection is tiered based on a value of a claim.

11. The system of claim 1, the one or more programs further include instructions for rendering a deductible bidding screen for the consumer.

12. The system of claim 1, wherein the primary insurer and secondary insurer are anonymous to one another.

13. A computer system for providing insured deductible options to a current or future policyholder of an insurance policy for issue by a primary insurer, comprising:

a processor; and

a memory storage device in communication with the processor;

the processor configured to;

receive via a computer communications network applicant data related to a no deductible option selection;

store the no deductible option selection in the memory storage device

determine, based on the no deductible option selection, a total premium associated with the no deductible option selection; and

transmit information related to the no deductible option selection to at least the primary insurer and a secondary insurer distinct from the primary insurer, wherein the at least the primary and the secondary insurers share the determined premium, the primary insurer issuing to the policyholder the insurance policy having a deductible, and the secondary insurer providing deductible insurance coverage for the policy.

14. The system of claim 13, wherein the no deductible option requires pre-qualification based on at least past historical performance of a policyholder.

15. The system of claim 14, wherein the no deductible option does not require a policyholder to pay a deductible amount in the event of a claim.

16. The system of claim 15, wherein the no deductible option requires pre-qualification based further on telematics data.

17. The system of claim 13, wherein the processor is further configured to render a graphical user interface for bidding out the no deductible option.

18. A computer-implemented method for administering insurance policies in a multi-insurer platform, the policies each having a separable deductible, comprising:

receiving, via a communications interface, data for an insurance policy having a separable deductible to at least one party;

determining, via a computer processor, insurance premium information for the at least one party;

selecting, via the computer processor, two or more insurers for sharing of the insurance policy;

storing, via a data storage device information related to the two or more insurers; and

transmitting data to the two or more selected insurers, the selected insurers being distinct entities, wherein one of the selected insurers is to issue to the at least one party the insurance policy and another one of the selected insurers is allocated a deductible coverage for the separable deductible associated with the insurance policy.

19. The computer-implemented method of claim 18, wherein the deductible coverage is allocated a portion of a premium paid by the at least one party.