Request for quote (RFQ) system and method
First Claim
Patent Images
1. A method for a consumer to obtain a price quote for a product, comprising:
- submitting a request for a quote by the consumer to a staging area, wherein said quote includes at least one product specification;
forwarding said request from said staging area to at least one carrier; and
routing at least one quote from said carrier to said consumer via said staging area in response to said request.
1 Assignment
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Accused Products
Abstract
A system and method for conducting an electronic auction has one or more carriers submitting one or more price quotes for goods or services in response to a request by a consumer who desires to purchase the goods or services.
125 Citations
54 Claims
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1. A method for a consumer to obtain a price quote for a product, comprising:
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submitting a request for a quote by the consumer to a staging area, wherein said quote includes at least one product specification;
forwarding said request from said staging area to at least one carrier; and
routing at least one quote from said carrier to said consumer via said staging area in response to said request. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A method for at least two carriers to provide a price quote for a product in response to a request for said quote from a consumer, comprising:
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submitting a first price quote from a first carrier to a staging area;
reviewing said price quote; and
submitting a second price quote from a second carrier to said staging area. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38)
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39. A method of brokering a transaction, comprising:
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receiving at least one request for a price quote from a consumer for a product the consumer is interested in purchasing;
receiving at least one price quote from a first carrier of said product;
receiving a second quote from a second carrier of said product; and
posting said request and said price quotes to a staging area. - View Dependent Claims (40, 41)
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42. A system for conducting an on-line auction, comprising:
an electronic staging area linked to a broker interface, wherein said staging area displays requests for price quotes on products submitted by consumers, and also displays responses to said requests by one or more carriers of said products. - View Dependent Claims (43, 44, 45, 46, 47, 48, 49, 50, 51)
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52. A method for a broker to conduct an on-line auction, comprising:
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pre-registering at least one customer who is interested in obtaining a competitive price quote on a product;
pre-registering at least two carriers of said product;
establishing a time for said auction;
having said at least one customer submit a request for a price quote during said auction time;
having a first carrier submit a first price quote in response to said request;
posting said first price quote for viewing by at least one of said customer and said carriers;
having a second carrier submit a second price quote in response to said request and to said first price quote; and
posting said second price quote for viewing by at least one of said customer and said carriers.
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53. A method for competitively quoting a rate of return for premiums deposited in a bank-owned life insurance (BOLI) policy, comprising:
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pre-registering at least one financial institution that is seeking to make a purchase of BOLI and that desires to receive a competitive quote on the rate of return from said deposit in BOLI;
pre-registering at least two carriers of BOLI;
establishing an auction time and period;
having said financial institution submit a request for a quote during said auction;
having a first carrier submit a first rate-of-return quote in response to said request;
posting said quote;
having a second carrier submit a second rate-of-return quote in response to said request and to said response from said first carrier; and
posting said second quote.
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54. An electronic system useful in conducting an on-line auction for rates-of-return on funds deposited in bank-owned life insurance (BOLI), comprising:
a broker-controlled staging area for displaying requests by financial institutions for rates of return on said BOLI funds, and for displaying responses received to said requests during an on-line auction, wherein said staging area is in communication with a broker interface.
Specification