Insurance product development and maintenance system and method
First Claim
Patent Images
1. A system comprising:
- an insurance product customization server that comprises;
at least one processor, anda first data store that stores one or more insurance product records,wherein the insurance product customization server is configured to;
(a) provide for display on a webpage rendered by a wireless phone, insurance product information as a first set of selectable graphical objects describing an insurance product available for purchase,(b) provide for display on the webpage rendered by the wireless phone, customization information as a second set of selectable graphical objects describing one or more features with which to customize the insurance product,(c) receive a wireless communication from the wireless phone indicating a selection of at least one selectable graphical object of the first and second set of selectable graphical objects, wherein the at least one selectable graphical object is associated with an initial deductible reduction feature, and(d) obtain a customized insurance product by including the initial deductible reduction feature with the insurance product;
the wireless phone in signal communication with the insurance product customization server; and
an insurance policy server in signal communication with at least one of the insurance product customization server and the wireless phone, wherein the insurance policy server comprises;
at least one processor, anda second data store that stores one or more insurance policy records,wherein the insurance policy server is configured to;
(a) receive, from the insurance product customization server or the wireless phone, a wireless communication indicating that an insurance customer has selected at least a second selectable graphical object on the webpage rendered by the wireless phone to purchase the customized insurance product, wherein the customized insurance product comprises at least one insurance package optimized to include a set of features, comprising the initial deductible reduction feature,(b) generate, by the at least one processor, an insurance policy record describing an insurance policy that corresponds to the customized insurance product and store the insurance policy record at the second data store,(c) receive, from the insurance product customization server or the wireless phone, a wireless communication indicating that the insurance customer has provided a payment for a premium associated with the insurance policy,(d) identify, by the at least one processor, that the customized insurance product includes the initial deductible reduction feature,(e) responsive to identifying that the customized insurance product includes the initial deductible reduction feature, automatically apply, during an initial period of the insurance policy, an initial deductible reduction to at least one deductible associated with the insurance policy,(f) detect, by the at least one processor of the insurance policy server, a number of deductible-affecting events that have occurred during multiple subsequent periods of the insurance policy following the initial period, and(g) responsive to detecting that no deductible-affecting events have occurred during the multiple subsequent periods, apply an additional deductible reduction to at least one deductible associated with the insurance policy, wherein the amount of the additional deductible reduction is different from the amount of the initial deductible reduction, and wherein the amount of the additional deductible reduction is determined based on a number of the multiple subsequent periods of the insurance policy during which no deductible-affecting events have occurred.
1 Assignment
0 Petitions
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 package 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 packages for consideration by customers over a network. Presented insurance packages may be formed through an optimization process or according to customer preferences.
125 Citations
20 Claims
-
1. A system comprising:
-
an insurance product customization server that comprises; at least one processor, and a first data store that stores one or more insurance product records, wherein the insurance product customization server is configured to; (a) provide for display on a webpage rendered by a wireless phone, insurance product information as a first set of selectable graphical objects describing an insurance product available for purchase, (b) provide for display on the webpage rendered by the wireless phone, customization information as a second set of selectable graphical objects describing one or more features with which to customize the insurance product, (c) receive a wireless communication from the wireless phone indicating a selection of at least one selectable graphical object of the first and second set of selectable graphical objects, wherein the at least one selectable graphical object is associated with an initial deductible reduction feature, and (d) obtain a customized insurance product by including the initial deductible reduction feature with the insurance product; the wireless phone in signal communication with the insurance product customization server; and an insurance policy server in signal communication with at least one of the insurance product customization server and the wireless phone, wherein the insurance policy server comprises; at least one processor, and a second data store that stores one or more insurance policy records, wherein the insurance policy server is configured to; (a) receive, from the insurance product customization server or the wireless phone, a wireless communication indicating that an insurance customer has selected at least a second selectable graphical object on the webpage rendered by the wireless phone to purchase the customized insurance product, wherein the customized insurance product comprises at least one insurance package optimized to include a set of features, comprising the initial deductible reduction feature, (b) generate, by the at least one processor, an insurance policy record describing an insurance policy that corresponds to the customized insurance product and store the insurance policy record at the second data store, (c) receive, from the insurance product customization server or the wireless phone, a wireless communication indicating that the insurance customer has provided a payment for a premium associated with the insurance policy, (d) identify, by the at least one processor, that the customized insurance product includes the initial deductible reduction feature, (e) responsive to identifying that the customized insurance product includes the initial deductible reduction feature, automatically apply, during an initial period of the insurance policy, an initial deductible reduction to at least one deductible associated with the insurance policy, (f) detect, by the at least one processor of the insurance policy server, a number of deductible-affecting events that have occurred during multiple subsequent periods of the insurance policy following the initial period, and (g) responsive to detecting that no deductible-affecting events have occurred during the multiple subsequent periods, apply an additional deductible reduction to at least one deductible associated with the insurance policy, wherein the amount of the additional deductible reduction is different from the amount of the initial deductible reduction, and wherein the amount of the additional deductible reduction is determined based on a number of the multiple subsequent periods of the insurance policy during which no deductible-affecting events have occurred. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
-
-
10. A method comprising:
-
providing an insurance product customization server that comprises at least one processor and a first data store that stores one or more insurance product records; providing an insurance policy server that comprises at least one processor and a second data store that stores one or more insurance policy records; wherein providing the insurance product customization server comprises (a) providing, for display on a webpage rendered by a wireless phone via a wireless communication network, insurance product information as a first set of selectable graphical objects describing an insurance product available for purchase, (b) providing, for display on the webpage rendered by the wireless phone via the wireless communication network, customization information as a second set of selectable graphical objects describing one or more features with which to customize the insurance product, (c) receiving, from the wireless phone via the wireless communication network, a wireless communication indicating a selection of at least one selectable graphical object of the first and second set of selectable graphical objects, wherein the at least one selectable graphical object is associated with an initial deductible reduction feature, and (d) obtaining, using the at least one processor of the insurance product customization server, a customized insurance product by including the initial deductible reduction feature with the insurance product; and wherein providing the insurance policy server comprises (e) receiving, from the insurance product customization server or wireless phone, a wireless communication indicating that an insurance customer has selected at least a second selectable graphical object on the webpage rendered by the wireless phone to purchase the customized insurance product, wherein the customized insurance product comprises at least one insurance package optimized to include a set of features, comprising the initial deductible reduction feature, (f) generating, using the at least one processor of the insurance policy server, an insurance policy record describing an insurance policy that corresponds to the customized insurance product and store the insurance policy record at the second data store, (g) receiving a wireless communication indicating that the insurance customer has provided a payment for a premium associated with the insurance policy, (h) identifying that the customized insurance product includes the initial deductible reduction feature, (i) responsive to identifying that the customized insurance product includes the initial deductible reduction feature, automatically applying, during an initial period of the insurance policy, an initial deductible reduction to at least one deductible associated with the insurance policy, (j) detecting, using the at least one processor of the insurance policy server, a number of deductible-affecting events that have occurred during multiple subsequent periods of the insurance policy following the initial period, and (k) responsive to determining that no deductible-affecting events have occurred during the multiple subsequent periods, applying an additional deductible reduction to at least one deductible associated with the insurance policy, wherein the amount of the additional deductible reduction is different from the amount of the initial deductible reduction, and wherein the amount of the additional deductible reduction is determined based on a number of the multiple subsequent periods of the insurance policy during which no deductible-affecting events have occurred. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18)
-
-
19. A system comprising:
-
an insurance product customization server that comprises; at least one processor, and a first data store that stores one or more insurance product records, wherein the insurance product customization server is configured to; (a) provide for display on a webpage rendered by a wireless phone, insurance product information as a first set of selectable graphical objects describing an insurance product available for purchase, (b) provide for display on the webpage rendered by the wireless phone, customization information as a second set of selectable graphical objects describing one or more features with which to customize the insurance product, (c) receive a wireless communication from the wireless phone indicating a selection of at least one selectable graphical object of the first and second set of selectable graphical objects, wherein the at least one selectable graphical object is associated with an initial deductible reduction feature, and (d) generate, by the at least one processor, a customized insurance product by including the initial deductible reduction feature with the insurance product; and an insurance policy server in signal communication with the insurance product customization server, wherein the insurance policy server comprises; at least one processor, and a second data store that stores one or more insurance policy records, wherein the insurance policy server is configured to; (a) receive, from the insurance product customization server, a wireless communication indicating that an insurance customer has selected at least a second selectable graphical object on the webpage rendered by the wireless phone to purchase the customized insurance product, wherein the customized insurance product comprises at least one insurance package optimized to include a set of features, comprising an initial deductible reduction feature, (b) identify, by the at least one processor, an insurance policy that corresponds to the insurance product selected; (c) identify, by the at least one processor, that the insurance policy includes the initial deductible reduction feature; and (d) responsive to identifying that the insurance policy includes the initial deductible reduction feature, automatically apply, for multiple periods of the insurance policy, a reduction to at least one deducible associated with the insurance policy, wherein the deductible reduction results in an automatic decrease in a premium associated with the insurance policy and a decrease in an amount automatically deducted from the insurance customer'"'"'s savings account or checking account, wherein the deductible reduction is determined based on a length of time during which no deductible-affecting events have occurred. - View Dependent Claims (20)
-
Specification