System and method for providing group dividends

• US 8,688,481 B2
• Filed: 10/08/2010
• Issued: 04/01/2014
• Est. Priority Date: 09/21/2010
• Status: Active Grant

• 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: Grosso, Anthony J., Rippel, Steven P., Krause, Jacqueline LeSage
• Primary Examiner(s): NGUYEN, TIEN C
• Application Number:
  US12/900,657
• Publication Number:
  US 20120072240A1
• Time in Patent Office: 1,271 Days
• Field of Search: 705/4, 705/3, 705/2, 705/35, 705/37, 705/38, 705/39, 705/44
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods for providing dividends to customers are disclosed. The system includes a database for storing data and a business logic processor for determining a dividend to provide to a customer. The stored data includes eligibility criteria for membership in one of a plurality of group dividend plans, data about customers assigned to the plans, and premium payments associated with the customers. The business logic processor receives eligibility data related to a customer'"'"'s eligibility for assignment to a group dividend plan. The business logic processor uses the received data to identify a dividend group plan that a customer is eligible to join and assigns the customer to the identified plan. Finally, the business logic processor calculates a dividend to provide to the customer based on the assigned plan.

Claims

1. A system configured to provide a dividend to an insurance customer by an insurance company in relation to an insurance policy issued by the insurance company, the system comprising:

a data storage device storing a database configured to store data regarding a plurality of insurance group dividend plans, including, with respect to each plan, eligibility criteria to be a member of the plan, a group of customers assigned to the plan, and premium payments and safety data associated with each customer of the group of customers assigned to the plan; and

a business logic computer processor configured to;

receive eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identify a dividend group plan that a customer is eligible to join based on the received data and the eligibility criteria stored in the database;

assign the customer to the identified dividend group plan;

assign the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan;

identify a dividend percentage of the customer based on the tier to which the customer is assigned, and

calculate a dividend to provide to the customer based on the dividend plan to which the customer is assigned and the safety data stored in the database related to the customer, and wherein calculating the dividend comprises multiplying an eligible premium amount associated with the customer by the identified dividend percentage.

2. The system of claim 1, wherein the business logic computer is further configured to, while the customer is participating in the identified dividend group plan:

obtain a performance score for the customer, and

output the obtained performance score of the customer to a graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s current dividend plan performance.

3. The system of claim 2, wherein the business logic computer is further configured to:

obtain performance scores of other customers assigned to the identified dividend plan; and

output the obtained performance scores to the graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s performance score in relation to other customers'"'"' performance scores.

4. The system of claim 2, wherein the depicted graphical representation is indicative of the customer'"'"'s performance score relative to an average performance score of multiple customers assigned to a dividend group plan.

5. The system of claim 2, wherein the performance score is a driver'"'"'s safety score indicative of the customer'"'"'s driving safety, and the driver'"'"'s safety score is associated with a driving monitoring system implemented as part of the participation in the dividend group plan.

6. The system of claim 1, wherein the safety data comprises data related to the output of sensors monitoring property covered by the insurance policy, the safety data being indicative of the performance of the customer in one or more loss prevention programs;

and wherein the business logic processor assigns the customer to the one of a plurality of tiers based on the performance data.

7. The system of claim 1, wherein the safety data comprises data indicative of a participation level of the customer in a prevention program, and wherein the business logic processor assigns the customer to the one of a plurality of tiers based on the participation level data.

8. The system of claim 1, wherein the business logic processor is configured to calculate the dividend based on a loss ratio associated with the group that corresponds to the group dividend plan to which the customer is assigned.

9. The system of claim 1, wherein the eligibility criteria for membership in at least one group dividend plan requires a customer to participate in a corresponding loss prevention program.

10. The system of claim 1, wherein the eligibility criteria for membership in at least one group dividend plan requires a customer to implement a telematics system as part of a loss prevention program.

11. The system of claim 1, wherein the eligibility criteria for membership in at least one group dividend plan requires membership in an affinity group.

12. A computerized method of providing a dividend to an insurance customer by an insurance company in relation to an insurance policy issued by the insurance company, the method comprising:

storing data in a database regarding a plurality of insurance group dividend plans, including, each plan, eligibility criteria to be a member of the plan, a group of customers assigned to the plan, and premium payments and safety data associated with each customer of the group of customers assigned to the plan;

receiving by a computer eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identifying by the computer a dividend group plan that a customer is eligible to join based on the received data and the eligibility criteria stored in the database;

assigning by the computer the customer to the identified dividend group plan;

assigning the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan;

identifying a dividend percentage of the customer based on the tier to which the customer is assigned; and

calculating by the computer a dividend to provide to the customer based on the dividend plan to which the customer is assigned and the safety data stored in the database related to the customer, and wherein calculating the dividend comprises multiplying an eligible premium amount associated with the customer by the identified dividend percentage.

13. The computerized method of claim 12, further comprising:

while the customer is participating in the identified dividend group plan,

obtaining by the computer a performance score for the customer; and

outputting by the computer the obtained performance score of the customer to a graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s current dividend plan performance.

14. The computerized method of claim 13, further comprising:

obtaining by the computer performance scores of other customers assigned to the identified dividend plan; and

outputting by the computer the obtained performance scores to the graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s performance score in relation to other customers'"'"' performance scores.

15. The computerized method of claim 13, wherein the depicted graphical representation is indicative of the customer'"'"'s performance score relative to an average performance score of multiple customers assigned to a dividend group plan.

16. The computerized method of claim 13, wherein the performance score is a driver'"'"'s safety score indicative of the customer'"'"'s driving safety, and the driver'"'"'s safety score is associated with a driving monitoring system implemented as part of the participation in the dividend group plan.

17. The computerized method of claim 12, wherein the safety data comprises data related to the output of sensors monitoring property covered by the insurance policy, the safety data being indicative of the performance of the customer in one or more loss prevention programs;

and wherein the method further comprises assigning by the computer the customer to the one of a plurality of tiers based on the performance data.

18. The computerized method of claim 12, wherein the safety data comprises data indicative of a participation level of the customer in a prevention program, and wherein the method further comprises assigning by the computer the customer to the one of a plurality of tiers based on the participation level data.

19. A non-transitory computer readable medium storing computer executable instructions, which, when executed by a processor, cause the processor to carry out a method comprising:

storing in a database data regarding a plurality of insurance group dividend plans, including, with respect to each plan, eligibility criteria to be a member of the plan, a group of customers assigned to the plan, and premium payments and safety data associated with each customer of the group of customers assigned to the plan;

receiving eligibility data related to a customer'"'"'s eligibility to be assigned to a group dividend plan;

identifying a dividend group plan that a customer is eligible to join based on the received data and the eligibility criteria stored in the database;

assigning the customer to the identified dividend group plan;

assigning the customer to one of a plurality of tiers within the customer'"'"'s assigned group dividend plan;

identifying a dividend percentage of the customer based on the tier to which the customer is assigned; and

calculating a dividend to provide to the customer based on the dividend plan to which the customer is assigned and the safety data stored in the database related to the customer, and wherein calculating the dividend comprises multiplying an eligible premium amount associated with the customer by the identified dividend percentage.

20. The non-transitory computer readable medium of claim 19, wherein the method further comprises:

while the customer is participating in the identified dividend group plan,

obtaining a performance score for the customer; and

outputting the obtained performance score of the customer to a graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s current dividend plan performance.

21. The non-transitory computer readable medium of claim 20, wherein the method further comprises:

obtaining performance scores of other customers assigned to the identified dividend plan; and

outputting the obtained performance scores to the graphical user interface associated with the customer for depicting a graphical representation of the customer'"'"'s performance score in relation to other customers'"'"' performance scores.

22. The non-transitory computer readable medium of claim 20, wherein the depicted graphical representation is indicative of the customer'"'"'s performance score relative to an average performance score of multiple customers assigned to a dividend group plan.

23. The non-transitory computer readable medium of claim 20, wherein the performance score is a driver'"'"'s safety score indicative of the customer'"'"'s driving safety, and the driver'"'"'s safety score is associated with a driving monitoring system implemented as part of the participation in the dividend group plan.

24. The non-transitory computer readable medium of claim 20, wherein the safety data comprises data indicative of a participation level of the customer in a prevention program, and wherein the method further comprises assigning the customer to the one of a plurality of tiers based on the participation level data.

25. The non-transitory computer readable medium of claim 19, wherein the safety data comprises data related to the output of sensors monitoring property covered by the insurance policy, the safety data being indicative of the performance of the customer in one or more loss prevention programs;

and wherein the method further comprises assigning the customer to the one of a plurality of tiers based on the performance data.