Dynamic aggregation of insurance premiums

• US 10,049,407 B2
• Filed: 05/28/2010
• Issued: 08/14/2018
• Est. Priority Date: 05/29/2009
• Status: Expired due to Fees

• Current Assignee: Certua Licensing Limited. (Certua Group Ltd.)
• Original Assignee: Quanis Licensing Limited
• Inventors: Bradshaw, Paul, Levin, John Anthony, Concannon, Michael
• Primary Examiner(s): Fu, Hao
• Application Number:
  US12/790,758
• Publication Number:
  US 20110004493A1
• Time in Patent Office: 3,000 Days
• Field of Search: 705 4
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G16H 10/60 for patient-specific data, e.g. for electronic patient records

Abstract

A method to dynamically aggregate insurance premiums is disclosed. An insurance policy is dynamically adjusted responsive to input data received at a dynamic provisioning system, the adjusting including a calculating of a new premium of the insurance policy. An amount of a payment of the new premium is identified based on preference data received at the dynamic provisioning system. An entity insured by the insurance policy is notified of the amount.

Claims

1. A method comprising:

automatically adjusting a face amount of an existing insurance policy generated by a dynamic provisioning system and stored in a database of the dynamic provisioning system, the adjusting based on preferences of an entity associated with the existing insurance policy, the preferences including a time period and trigger thresholds for input data items, the trigger thresholds specifying when the input data items are considered for automatic recalculation of underwriting risk associated with the insurance policy in real-time when the input data items are received in automatic data feeds at the dynamic provisioning system, the automatic adjusting comprising;

establishing one or more communication channels between one or more biometric sensors and one or more third-party systems connected to the dynamic provisioning system, wherein the one or more third-party systems include a user system associated with the entity;

receiving the preferences at the dynamic provisioning system via the one or more communication channels;

receiving automatic data feeds at the dynamic provisioning system via the one or more communication channels, the automatic data feeds initiated by the dynamic provisioning system periodically to receive the input data items, which include biometric data received from the one or more biometric sensors;

based on the receiving of the input data items being within the time period and a determining that at least one of the input data item exceeds at least one of the trigger thresholds, performing operations in real-time, the operations including;

performing the recalculation of the underwriting risk;

determining a recommended coverage amount for the existing insurance policy based on the recalculation of the underwriting risk;

automatically adjusting the face amount of the existing insurance policy to correspond to the recommended coverage amount based on a determining that the recommended coverage amount falls within a binding band of the existing insurance policy, the automatic adjusting including generating an amended insurance policy for storing in the database of the dynamic provisioning system, the automatic adjusting being performed without triggering a request for the entity to accept or reject the automatic adjusting via a user interface of the user system, one or more modules incorporated into the dynamic provisioning system to perform the receiving of the preferences, the receiving of the automatic data feeds, the performing of the recalculation of the recommended coverage amount, the automatic adjusting of the face amount, the one or more modules implemented by one or more processors of the dynamic provisioning system, the one or more modules including instructions stored in a non-transitory machine-readable storage medium.

2. The method of claim 1, wherein the input data items include at least one of an entity input data item and an environmental input data item, the entity input data item being specific to the entity and the environmental input data not being specific to the entity.

3. The method of claim 1, wherein at least one of the third-party systems is a financial data system and the data input data items are captured via an Internet-based portfolio administration service.

9. The method of claim 1, wherein the adjusting of the face amount of the existing insurance policy is based on a level of verifiability of the entity input data items transgressing a threshold.

10. The method of claim 1, further comprising:

receiving additional input data items;

determining a weighted input data item based on a level of verifiability of the input data item;

determining a weighted additional input data item based on a level of verifiability of the additional input data item; and

wherein the determining of the recommended coverage amount is based on the weighted input data item and the weighted additional input data item.

11. The method of claim 1, wherein the input data item pertains to a net worth of the entity.

12. The method of claim 1, wherein the input data item pertains to an inheritance tax rate of the entity.

13. The method of claim 1, wherein the third-party systems include one or more regulatory computer systems, medical data systems, and financial data systems.

14. The method of claim 13, wherein at least a subset of the input data items is associated with the financial data systems and includes an investment portfolio data of the entity and market data pertaining to the investment portfolio.

15. The method of claim 13, wherein at least a subset of the input data items is associated with the regulatory computer system and includes information pertaining to changes in inheritance tax rates or estate tax rates with respect to the entity.

16. The method of claim 13, wherein at least a subset of the input data items is associated with the medical data systems and includes at least one biometric input received automatically through a biometric device, the biometric input including a sensed physiological characteristic of the entity.

17. The method of claim 13, wherein at least a subset of the input data items is associated with the medical data systems and includes at least of one independently-verified input data item pertaining to the entity'"'"'s EKG, weight, BMI, or cholesterol measurements.

18. The method of claim 13, wherein at least one of the automatic data feeds includes information collected in real-time on the user system, the information including a location of the user system.

4. A system comprising:

one or more modules incorporated into a dynamic provisioning system, the one or more modules implemented by one or more processors of the dynamic provisioning system, the one or more modules including instructions stored in a non-transitory machine-readable storage medium, the one or more modules configured to, at least;

establishing one or more communication channels between one or more biometric sensors and one or more third-party systems connected to the dynamic provisioning system, wherein the one or more third-party systems include a user system associated with an entity, the entity associated with an existing insurance policy generated by the dynamic provisioning system and stored in a database of the dynamic provisioning system;

receive preferences of the entity at the dynamic provisioning system via the one or more communication channels, the preferences including a time period and trigger thresholds for input data items, the trigger thresholds specifying when the input data items are considered for recalculation of underwriting risk associated with the insurance policy;

receive automatic data feeds at the dynamic provisioning system via the one or more communication channels, the automatic data feeds initiated by the dynamic provisioning system periodically to receive the input data items, the input data items including biometric data received from the one or more biometric sensors;

based on the receiving of the input data items being within the time period and a determining that at least one of the input data item exceeds at least one of the trigger thresholds, performing operations in real time, the operations including;

performing the recalculation of the underwriting risk;

determining a recommended coverage amount for the existing insurance policy based on the recalculation of the underwriting risk;

automatically adjusting a face amount of the existing insurance policy to correspond to the recommended coverage amount based on a determining that the recommended coverage amount falls within a binding band of the existing insurance policy, the automatic adjusting including generating an amended insurance policy for storing in the database of the dynamic provisioning system, the automatic adjusting being performed without triggering a request for the entity to accept or reject the automatic adjusting via a user interface of the user system.

5. The system of claim 4, wherein the input data items include at least one of an entity input data item and an environmental input data item, the entity input data item being specific to the entity and the environmental input data not being specific to the entity.

6. The system of claim 4, wherein at least one of the third-party systems is a financial data system and the data input data items are captured via an Internet-based portfolio administration service.

7. A non-transitory machine-readable storage medium comprising instructions that, when incorporated as one or more modules into a dynamic provisioning system, cause the one or more processors of the dynamic provisioning system to perform operations, the operations comprising:

establishing one or more communication channels between one or more biometric sensors and one or more third-party systems connected to the dynamic provisioning system, wherein the one or more third-party systems include a user system associated with an entity;

receiving preferences of the entity associated with an existing insurance policy via the one or more communication channels, the existing insurance policy generated by the dynamic provisioning system and stored in a database of the dynamic provisioning system, the preferences including a time period and trigger thresholds for input data items, the trigger thresholds specifying when the input data items are considered for recalculation of underwriting risk associated with the insurance policy;

receiving automatic data feeds at the dynamic provisioning system from the one or more via the one or more communication channels, the automatic data feeds initiated by the dynamic provisioning system periodically to receive the input data items, the input data items including biometric data received from the one or more biometric sensors;

based on the receiving of the input data items being within the time period and a determining that at least one of the input data item exceeds at least one of the trigger thresholds, performing additional operations in real-time, the additional operations including;

performing the recalculation of the underwriting risk;

determining a recommended coverage amount for the existing insurance policy based on the recalculation of the underwriting risk;

automatically adjusting a face amount of the existing insurance policy to correspond to the recommended coverage amount based on a determining that the recommended coverage amount falls within a binding band of the existing insurance policy, the automatic adjusting including generating an amended insurance policy for storing in the database of the dynamic provisioning system, the automatic adjusting being performed without triggering a request for the entity to accept or reject the automatic adjusting via a user interface of the user system.

8. The non-transitory machine-readable storage medium of claim 7, wherein the input data items include at least one of an entity input data item and an environmental input data item, the entity input data item being specific to the entity and the environmental input data not being specific to the entity.