Data processing system for providing an efficient market for insurance and reinsurance

• US 20030200125A1
• Filed: 05/01/2003
• Published: 10/23/2003
• Est. Priority Date: 10/24/1998
• Status: Active Grant

• Current Assignee: Goknown LLC
• Original Assignee: Marketcore.com, Inc.
• Inventors: Erlanger, Michael David
• Granted Patent: US 8,438,045 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A data processing system is disclosed that provides an efficient market for: (1) the provision of insurance and reinsurance between insurers and those seeking insurance and reinsurance, and (2) the sale of insurance between reinsurers. The data processing system provides an efficient market for the provisioning of insurance and reinsurance that not only invites insurers, insurance seekers, and reinsurers to patronize the system, but whose conventions induce them to patronize the system. An embodiment comprises: receiving at a data processing system an underwriting standard from each of a plurality of insurers; compiling a first set of statistics in the data processing system based on the underwriting standards from each of the plurality of insurers; and outputting from the data processing system the first set of statistics to a selected insurer at a price that is based on a measure of fees earned with respect to the selected insurer.

Claims

1. A method comprising:

receiving at a data processing system an underwriting standard from each of a plurality of insurers;

compiling statistics in said data processing system based on said underwriting standards from each of said plurality of insurers;

outputting from said data processing system said statistics to a first reinsurer; and

receiving at said data processing system from said first reinsurer an offer to sell reinsurance.

2. The method of claim 1 further comprising

receiving at said data processing system an insurance solicitation from an insurance seeker;

comparing in said data processing system said insurance solicitation to said underwriting standard from each of said plurality of insurers to identify a selected insurer; and

outputting from said data processing system an indicium of the identity of said insurance seeker to said insurer.

3. The method of claim 1 further comprising the step of receiving at said data processing system an indicium that a fee has been earned with respect to transactions involving said selected insurer.

4. The method of claim 1 further comprising the steps of:

receiving at said data processing system a plurality of offers to buy said pool of insurance from each of a plurality of reinsurers; and

comparing in said data processing system said offer to sell said pool of insurance to said offers to buy said pool of insurance from each of said plurality of reinsurers to identify a selected reinsurer.

5. The method of claim 4 further comprising the step of outputting from said data processing system an indicium of said selected reinsurer to said first reinsurer.

6. The method of claim 4 further comprising the step of earning a fee from said first reinsurer for brokering the sale of said pool of insurance to said selected reinsurer.