System and method for determining insurance group dividends

• US 8,805,709 B2
• Filed: 12/31/2013
• Issued: 08/12/2014
• 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:
  US14/145,255
• Publication Number:
  US 20140114702A1
• Time in Patent Office: 224 Days
• Field of Search: 701/29, 703/13, 705/2, 705/4, 705/3, 705/36.R, 705/35, 705/38, 705/39, 705/37, 705/41
• 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