Method and system for online binding of insurance policies
First Claim
Patent Images
1. A method for on-line binding of insurance policies comprising:
- providing a data-processing system having means to communicate and query a plurality of databases;
providing a user-interface accessible via the Internet, the interface connected to the data processing system;
querying a user who is seeking an insurance policy for information related to insurability via the user-interface, the information received by the data processing system;
analyzing and issuing queries from the data processing system to select databases for verification and supplementation of the user supplied information, and retrieving information therefrom;
comparing the user information to the retrieved information from the databases, weighing the information as to risk and determining whether the user is qualified to be insured;
advising the user if the user is accepted, and if accepted, presenting an input interface for allowing the user to agree to accept a policy and generating a binding insurance agreement, and if not accepted, advising the user to contact a representative for further inquiry.
1 Assignment
0 Petitions
Accused Products
Abstract
A method and system for online binding of insurance policies uses a data processing system to collect information from a user who is seeking a policy, issues queries to various databases to collect information on insurability in real time, weighs and analyzes the information and rates the user as to acceptability, and if acceptable, proceeds upon acceptance by the user, to bind the policy. The system sets premiums, determines payment methods and schedules and enables immediate printing of insurance documents such as insurance identification cards.
140 Citations
8 Claims
-
1. A method for on-line binding of insurance policies comprising:
-
providing a data-processing system having means to communicate and query a plurality of databases;
providing a user-interface accessible via the Internet, the interface connected to the data processing system;
querying a user who is seeking an insurance policy for information related to insurability via the user-interface, the information received by the data processing system;
analyzing and issuing queries from the data processing system to select databases for verification and supplementation of the user supplied information, and retrieving information therefrom;
comparing the user information to the retrieved information from the databases, weighing the information as to risk and determining whether the user is qualified to be insured;
advising the user if the user is accepted, and if accepted, presenting an input interface for allowing the user to agree to accept a policy and generating a binding insurance agreement, and if not accepted, advising the user to contact a representative for further inquiry. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
Specification