Systems and methods for customizing insurance
First Claim
Patent Images
1. An insurance package customization system of an insurance company comprising:
- an insurance customer terminal that includes a display, an input device, at least one processor, and a memory;
an insurance package customization server that includes a memory and at least one processor;
a computer network that connects the insurance customer terminal to the insurance package customization server;
an automobile insurance package that includes an automobile replacement coverage feature;
an automobile that is covered by the automobile insurance package when the automobile insurance package is selected by an insurance customer;
a replacement automobile available under the automobile replacement coverage feature that has a same make, a same model, and similar equipment as the automobile covered by the automobile insurance package;
wherein the insurance customer terminal is configured toprovide access to an insurance company website via a web browser,receive insurance customer identification information from the insurance customer,transmit the insurance customer identification information to the insurance package customization server,receive information corresponding to the automobile insurance package from the insurance package customization server that at least includes a premium for the automobile insurance package,present the information corresponding to the automobile insurance package at the display,receive at the input device an indication of a selection of the automobile insurance package from the insurance customer, andtransmit the indication of the selection of the automobile insurance package to the insurance package customization server;
wherein the insurance package customization server is configured toreceive the insurance customer identification information from the insurance customer terminal,select the automobile insurance package in response to receipt of the insurance customer identification information,determine the premium for the automobile insurance package,transmit the information corresponding to the automobile insurance package to the insurance customer terminal,receive the indication of the selection of the automobile insurance package from the insurance customer terminal, anddetermine the automobile is covered under the automobile insurance package in response to receipt of the indication of the selection of the automobile insurance package;
wherein the automobile replacement coverage feature provides that, upon a total loss of the automobile and in response to a determination that the automobile replacement coverage feature applies to the total loss, the insurance company will pay to replace the automobile with the replacement automobile subject to a depreciation value associated with the automobile; and
wherein the automobile insurance package provides that the automobile replacement coverage feature is in effect while a collision coverage feature and a comprehensive coverage feature of the automobile insurance package are in effect and until a renewal of the automobile insurance package that is effective in a calendar year that is three years greater than a model year of the automobile.
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Accused Products
Abstract
System and methods provide customizable insurance according to consumer preferences. Demand simulators guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common needs, wants, or characteristics. In addition, methods and systems are provided for presenting insurance products for consideration by customers over a network. Presented insurance products may be formed through an optimization process or according to customer preferences.
21 Citations
28 Claims
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1. An insurance package customization system of an insurance company comprising:
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an insurance customer terminal that includes a display, an input device, at least one processor, and a memory; an insurance package customization server that includes a memory and at least one processor; a computer network that connects the insurance customer terminal to the insurance package customization server; an automobile insurance package that includes an automobile replacement coverage feature; an automobile that is covered by the automobile insurance package when the automobile insurance package is selected by an insurance customer; a replacement automobile available under the automobile replacement coverage feature that has a same make, a same model, and similar equipment as the automobile covered by the automobile insurance package; wherein the insurance customer terminal is configured to provide access to an insurance company website via a web browser, receive insurance customer identification information from the insurance customer, transmit the insurance customer identification information to the insurance package customization server, receive information corresponding to the automobile insurance package from the insurance package customization server that at least includes a premium for the automobile insurance package, present the information corresponding to the automobile insurance package at the display, receive at the input device an indication of a selection of the automobile insurance package from the insurance customer, and transmit the indication of the selection of the automobile insurance package to the insurance package customization server; wherein the insurance package customization server is configured to receive the insurance customer identification information from the insurance customer terminal, select the automobile insurance package in response to receipt of the insurance customer identification information, determine the premium for the automobile insurance package, transmit the information corresponding to the automobile insurance package to the insurance customer terminal, receive the indication of the selection of the automobile insurance package from the insurance customer terminal, and determine the automobile is covered under the automobile insurance package in response to receipt of the indication of the selection of the automobile insurance package; wherein the automobile replacement coverage feature provides that, upon a total loss of the automobile and in response to a determination that the automobile replacement coverage feature applies to the total loss, the insurance company will pay to replace the automobile with the replacement automobile subject to a depreciation value associated with the automobile; and wherein the automobile insurance package provides that the automobile replacement coverage feature is in effect while a collision coverage feature and a comprehensive coverage feature of the automobile insurance package are in effect and until a renewal of the automobile insurance package that is effective in a calendar year that is three years greater than a model year of the automobile. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. An insurance system comprising:
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at least one processor; a data store that stores information corresponding to an automobile insurance package having an automobile replacement coverage feature; and wherein the insurance system is configured to receive notice of a loss associated with an automobile covered by the automobile insurance package, determine that the loss is a total loss, determine whether the automobile replacement coverage feature applies to the total loss, and responsive to a determination that the automobile replacement coverage feature applies to the total loss, calculate a replacement amount for replacing the automobile with a replacement automobile having a same make, a same model, and similar equipment as the automobile covered by the automobile insurance package, wherein the automobile replacement coverage feature is in effect until a renewal of the automobile insurance package that is effective in a calendar year that is three years greater than a model year of the automobile. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A computer-implemented method of applying an automobile insurance package comprising:
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storing, at a data store of an insurance system, information corresponding to an automobile insurance package having an automobile replacement coverage feature; receiving, at the insurance system, notice of a loss associated with an automobile covered by the automobile insurance package; determining, using the insurance system, whether the loss is a total loss; determining, using the insurance system, whether the automobile replacement coverage feature applies to the total loss; and responsive to a determination that the automobile replacement coverage feature applies to the total loss, calculating, using the insurance system, a replacement amount for replacing the automobile with a replacement automobile having a same make, a same model, and similar equipment as the automobile covered by the automobile insurance package; wherein the insurance system comprises at least one processor and the data store that stores the information corresponding to an automobile insurance package having an automobile replacement coverage feature, and wherein the automobile replacement coverage feature is in effect until a renewal of the automobile insurance package that is effective in a calendar year that is three years greater than a model year of the automobile. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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Specification