METHOD AND SYSTEM FOR FURNISHING AN ON-LINE QUOTE FOR AN INSURANCE PRODUCT

• US 20090177501A1
• Filed: 02/10/2009
• Published: 07/09/2009
• Est. Priority Date: 05/19/2000
• Status: Active Grant

• Current Assignee: The Travelers Indemnity Company (The Travelers Cos., Inc.)
• Original Assignee: Travelers Property Casualty Corporation (The Travelers Cos., Inc.)
• Inventors: White, Donald, Hirning, Linda, Grover, Ruth B., Neely, Eric, Woronowicz, Charlene G.
• Granted Patent: US 8,340,983 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and system for furnishing an on-line quote for an insurance product, such as auto insurance, makes use of computer hardware and software to provide a user with an on-line, real-time quote. The system allows the user to enter user information and recommends coverages, liabilities, and deductibles to help the user determine the best insurance coverage for the user'"'"'s needs. Upon entering the user data and coverage information on a presentation server, deployable content profile information is retrieved by the presentation server, and a quote is displayed for the user. If the user indicates a continued interest in the quote, a client number is presented to the user and sent to a computer telephony integration database.

In an alternate embodiment of the method and system for furnishing an on-line quote for an insurance product, such as auto insurance, the user is allowed to enter basic user information on an on-line quote system application which calls a common data entry system to request credit information for the user. The common data entry system sends the requested credit information to the on-line quote system application, and the user is allowed to enter a selection of coverage using, for example, a coverage wizard feature or a direct-to quote feature. The user is then allowed to enter underwriting information on the on-line quote system application which calls a rating engine of the common data entry system to request rating information. Thereafter, the on-line quote system application displays a quote for the user based at least in part on the rating information, and the user is offered and option to talk to an agent. A fast-forward feature simplifies the entry of modifications for the user.

Claims

1. A method of furnishing a real-time, on-line quote for an insurance product for a user, comprising:

presenting to the user an assistance feature comprising a coverage choices feature that displays to the user insurance coverage choices;

receiving from the user at a computing device basic user information by an on-line quote system application via an on-line quote system web server;

providing by the on-line quote system application the assistance feature that generates said coverage choices for the user responsive to the basic user information received from the user;

receiving rating information for the user from a rating engine by the on-line quote system application responsive to the basic user information received from the user; and

providing a quote for the user for said coverage choices by the on-line quote system application via the on-line quote system web server responsive to the basic user information received from the user and the rating information received from the rating engine.

2. The method of claim 1, wherein said assistance feature further comprises a coverage recommendations feature that makes insurance coverage recommendations for the user.

3. The method of claim 1, wherein receiving from the user the basic user information further comprises redirecting the user to the on-line quote system web site server by an underwriter'"'"'s web site server.

4. The method of claim 1, further comprising providing by the on-line quote system application a fast-forward feature that displays only pages in the on-line quote system application for the user that are affected by a modification received from the user to a previous entry.

5. The method of claim 1, wherein the rating engine determines underwriting knockouts, completeness, and a rating by a reconciliation system.

6. The method of claim 1, further comprising uploading quote-related information for the user to a backend system and providing the user with a telephone number for a customer service representative or agent by the on-line quote system application via the on-line quote system web server, if an indication of the user'"'"'s continued interest in the quote is received by the on-line quote system application.

7. The method of claim 6, wherein uploading the quote-related information for the user to the backend system farther comprises storing the quote-related information for the user in an on-line quote system database by the on-line quote system application.

8. The method of claim 1, further comprising:

retrieving by the on-line quote system application deployable content from a deployable content database including deployable content profiles for the user responsive to the basic user information entered by the user; and

supplementing the basic user information with the deployable content.

9. The method of claim 8, wherein the deployable content from the user is responsive to at least one of the user'"'"'s geographic location and the user'"'"'s affinity group association.

10. The method of claim 1, wherein the assistance feature makes state-specific coverage recommendations and generates state-specific coverage choices for the user responsive to the state information entered by the user.

11. The method of claim 1, further comprising receiving from the user a request to purchase the insurance product associated with the quote, without interaction with a company representative.

12. The method of claim 1, further comprising issuing the insurance product associated with the quote, without interaction with a company representative.

13. The method of claim 1, further comprising:

requesting by the on-line quote application, responsive to the basic information received from the user, additional information about the user from a third party data source;

receiving the additional information from the third party data source; and

receiving said rating information for the user from a rating engine responsive to the additional information received from the third party data source.

14. The method of claim 13, wherein the additional information comprises at least one of credit history reports, driving incident reports, claim history reports, motor vehicle record reports, purchasing information for the user, and credit card information.

15. A system for furnishing a real-time on-line quote for an insurance product for a user, comprising:

an on-line quote system application that presents to the user an assistance feature comprising a coverage choices feature that displays to the user insurance coverage choices;

wherein the on-line quote application receives basic user information via an on-line quote system web server from a user at a computing device coupled to the on-line quote system web server;

wherein the on-line quote application provides the assistance feature that generates at least one of the said coverage choices for the user responsive to the basic user information received from the user;

wherein the on-line quote system application receives rating information for the user from a rating engine responsive to the basic user information received from the user; and

wherein the on-line quote application provides a quote for the user for the coverage choices via the on-line quote system web server responsive to the basic user information and the underwriting information received from the user and the rating information received from the rating engine.

16. The system of claim 15, wherein said assistance feature further comprises a coverage recommendations feature that makes insurance coverage recommendations for the user.

17. The system of claim 15, further comprising an underwriter'"'"'s web site server coupled to the on-line quote system web server adapted for redirecting the user to the on-line quote system web site server.

18. The system of claim 15, wherein the online quote system uploads the user information to a backend system and provides the user with a telephone number for a customer service representative or agent, if an indication of the user'"'"'s continued interest in the quote is received by the on-line quote system application via the on-line quote system web server.

19. The system of claim 15, further comprising a computer telephony integration system that pulls quote-related information for the user from the on-line quote system database into a computer telephony integration system database.

20. The system of claim 15, further comprising a fast-forward feature of the on-line quote system application that displays only pages in the on-line quote system application that are affected by a modification received from the user to a previous entry.

21. The method of claim 15, further comprising issuing the insurance product associated with the quote, without interaction with a company representative.

22. A method for determining and providing a user with an on-line, real-time quote for an insurance product, comprising:

receiving from the user on an on-line quote application basic information comprising information about the user and information about at least one item to be insured for the user;

requesting by the on-line quote application, responsive to the basic information received from the user, additional information about the user from a third party data source;

receiving the additional information from the third party data source;

providing by the on-line quote system application an assistance feature to the user;

receiving rating information for the user from a rating engine responsive to the basic information received from the user and the additional information received from the third party data source;

determining the real-time quote by the on-line quote application, responsive to the basic information received from the user, the additional information received from the third party data source, and the rating information received from the rating engine; and

providing the quote to the user by the on-line quote application.

23. The method of claim 22, wherein the additional information comprises at least one of a motor vehicle report, a claim history report, a credit report, and an insurance financial score.

24. The method of claim 22, further comprising providing deployable content specific to the user.