Apparatuses, methods, and systems for providing a reconfigurable insurance quote generator user interface

• US 8,635,140 B2
• Filed: 09/29/2010
• Issued: 01/21/2014
• Est. Priority Date: 07/31/2006
• Status: Active Grant

• Current Assignee: Insight Catastrophe Solutions
• Original Assignee: Insight Catastrophe Solutions
• Inventors: Ziade, Richard, McLean, Terrence
• Primary Examiner(s): Apple, Kirsten
• Application Number:
  US12/893,278
• Publication Number:
  US 20110022419A1
• Time in Patent Office: 1,210 Days
• Field of Search: 705/36.R
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present disclosure describes an approach to constructing and implementing risk rating products that provides a number of advantages. Instead of hard-coding attributes of a risk rating scheme, which requires the assistance of a trained programming specialist for any modifications, adjustments, or new products, the present invention provides a set of modular tools that assist non-specialists in on-the-fly generation and implementation of risk rating products. The modularity of this approach facilitates the modification and/or updating of a system component without affecting the operation of other components. Described herein are embodiments of system tools configured to read a risk rating scheme data-structure and generate a user interface whereby a user may enter information characteristic of an insurable risk and receive a quote indicative of a price for binding an insurance policy to the candidate risk.

Claims

1. A processor-implemented method to generate a reinsurance product quote, comprising:

receiving, via a processor, a reinsurance product selecting interface including a list of reinsurance product identifying base parameters;

providing, via the processor, a selection from the list of reinsurance product identifying base parameters via the reinsurance product selecting interface;

receiving, via the processor, a reinsurance product generating user interface with user interface widgets indicative of reinsurance product characteristics in response to the selection;

providing, via the processor, user actuations of user interface widgets indicative of reinsurance product characteristics via the reinsurance product generating user interface;

receiving, via the processor, a reinsurance product specification user interface in response to providing the user actuations;

providing, via the processor, user specifications of relationships between the reinsurance product characteristics via the reinsurance product specification user interface;

obtaining, via the processor, reinsurance quotes calculated by a reinsurance product base component based on a reinsurance product data template, the reinsurance product data template being generated from the user actuations of the widget indicative of reinsurance product characteristics and the user specifications of relationships between the reinsurance product characteristics, the reinsurance product data template specifying external logic sets, wherein the external logic sets are dynamically integrated into the reinsurance product base component for execution without interrupting the reinsurance product base component and are configured to dynamically update data sets associated with the logic sets; and

presenting the reinsurance quotes via a reinsurance quotes user interface.

2. The method of claim 1, wherein the user actuations of the user interface widget indicative of reinsurance product characteristics and the user specifications of relationships between the reinsurance product characteristics are provided to a risk assessment component.

3. The method of claim 1, wherein the reinsurance product base component comprises a web-based reinsurance product generating application.

4. The method of claim 1, wherein the reinsurance product identifying base parameters comprises an insurance carrier name.

5. The method of claim 1, wherein the reinsurance product identifying base parameters comprises a period of time for reinsurance.

6. The method of claim 1, wherein the user interface widgets indicative of reinsurance product characteristics comprise a plurality of risk characteristic input fields.

7. The method of claim 6, wherein the reinsurance product data template is directed to property casualty insurance and the risk characteristic input fields include information descriptive of a property.

8. The method of claim 7, wherein the information descriptive of a property includes a geocode.

9. The method of claim 1, wherein the user actuations of widgets define a set of rule calls to a rulesets database.

10. The method of claim 1, wherein the user actuations of widgets define a set of lookup table calls to a lookup tables database.

11. The method of claim 1, wherein the user actuations of the user interface widgets define at least one expression comprising a mathematical calculation configured to establish parameters used in generating a quote indicative of the price for insuring an insurable risk.

12. The method of claim 1, wherein the user actuations of the user interface widgets define a set of insurance product documents, including a document delivery order.

13. The method of claim 1, wherein the user actuations of the user interface widgets define a product payment schedule.

14. The method of claim 1, wherein the reinsurance product data template comprises an XML document.

15. The method of claim 1, wherein the external logic sets specific logic on and between reinsurance product characteristics.

16. The method of claim 1, wherein the external logic sets comprise a block on binding an insurance policy for reinsurance product characteristics that meet a set of criteria.

17. The method of claim 1, wherein the external logic sets comprise a notification flag for reinsurance product characteristics that meet a set of criteria.

18. A reinsurance product quote generating system, comprising:

means to receive a reinsurance product selecting interface including a list of reinsurance product identifying base parameters;

means to provide a selection from the list of reinsurance product identifying base parameters via the reinsurance product selecting interface;

means to receive a reinsurance product generating user interface with user interface widgets indicative of reinsurance product characteristics in response to the selection;

means to provide user actuations of user interface widgets indicative of reinsurance product characteristics via the reinsurance product generating user interface;

means to receive a reinsurance product specification user interface in response to providing the user actuations;

means to provide user specifications of relationships between the reinsurance product characteristics via the reinsurance product specification user interface;

means to obtain reinsurance calculated by a reinsurance product base component based on a reinsurance product data template,

the reinsurance product data template being generated from the user actuations of the widget indicative of reinsurance product characteristics and the user specifications of relationships between the reinsurance product characteristics,

the reinsurance product data template specifies external logic sets, wherein the external logic sets are dynamically integrated into the reinsurance product base component for execution without interrupting the reinsurance product base component and are configured to dynamically update data sets associated with the logic sets; and

means to present the reinsurance quotes via a reinsurance quotes user interface.

19. A reinsurance product quote generating apparatus, comprising:

a memory;

a processor disposed in communication with said memory, and configured to issue a plurality of processing instructions stored in the memory, wherein the processor issues instructions to;

receive a reinsurance product selecting interface including a list of reinsurance product identifying base parameters;

provide a selection from the list of reinsurance product identifying base parameters via the reinsurance product selecting interface;

receive a reinsurance product generating user interface with user interface widgets indicative of reinsurance product characteristics in response to the selection;

provide user actuations of user interface widgets indicative of reinsurance product characteristics via the reinsurance product generating user interface;

receive a reinsurance product specification user interface in response to providing the user actuations;

provide user specifications of relationships between the reinsurance product characteristics via the reinsurance product specification user interface;

obtain reinsurance quotes calculated by the reinsurance product base component based on a reinsurance product data template,

the reinsurance product data template being generated from the user actuations of the widget indicative of reinsurance product characteristics and the user specifications of relationships between the reinsurance product characteristics,

the reinsurance product data template specifying external logic sets, wherein the external logic sets are dynamically integrated into the reinsurance product base component for execution without interrupting the reinsurance product base component and are configured to dynamically update data sets associated with the logic sets;

and

present the reinsurance quotes via a reinsurance quotes user interface.

20. A reinsurance product quote generating processor-readable non-transitory storage medium storing processor-executable instructions issuable by a processor to:

receive a reinsurance product selecting interface including a list of reinsurance product identifying base parameters;

provide a selection from the list of reinsurance product identifying base parameters via the reinsurance product selecting interface;

receive a reinsurance product generating user interface with user interface widgets indicative of reinsurance product characteristics in response to the selection;

provide user actuations of user interface widgets indicative of reinsurance product characteristics via the reinsurance product generating user interface;

receive a reinsurance product specification user interface in response to providing the user actuations;

provide user specifications of relationships between the reinsurance product characteristics via the reinsurance product specification user interface;

obtain reinsurance quotes calculated by the reinsurance product base component based on a reinsurance product data template,

the reinsurance product data template being generated from the user actuations of the widget indicative of reinsurance product characteristics and the user specifications of relationships between the reinsurance product characteristics,

the reinsurance product data template specifying external logic sets, wherein the external logic sets are dynamically integrated into the reinsurance product base component for execution without interrupting the reinsurance product base component and are configured to dynamically update data sets associated with the logic sets; and

present the reinsurance quotes via a reinsurance quotes user interface.