SYSTEMS AND METHODS FOR PREDICTING THE VALUE OF PERSONAL PROPERTY
First Claim
Patent Images
1. A workflow system for assembling a predicted inventory of property present in a home or business, the system comprising:
- a database for storing data for a plurality of consumers or businesses, the data comprising, for each consumer or business, (i) categories of personal or business property typically found in a home or business, (ii) a geographic location of the consumer or business, and (iii) demographic characteristics of the consumer or business;
a segregation module for accessing a bulk source of consumer or business spending data for personal property and segregating the spending data based on the categories data, the demographic characteristics and the geographic locations;
an aggregate lifetime spending determination module for accessing data from the segregation module and compiling an aggregate lifetime spending amount for at least one category of property based on the segregated spending data and an amount of time since an inception date, the inception date corresponding (i) in the case of a consumer, to when the consumer became an adult, and (ii) in the case of a business, to when the business began operations; and
a depletion module for applying to the aggregate lifetime spending amount at least one depletion factor indicative of an average property retention duration for the at least one category of property.
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Abstract
Accurate, appropriate valuation of the contents of a residence is facilitated based on characteristics of the household and the residence. These factors are used to estimate the proper value of the contents and may be based, at least in part and in various embodiments, on information collected in the course of the insurance underwriting process and from public and non-public consumer spending data.
45 Citations
25 Claims
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1. A workflow system for assembling a predicted inventory of property present in a home or business, the system comprising:
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a database for storing data for a plurality of consumers or businesses, the data comprising, for each consumer or business, (i) categories of personal or business property typically found in a home or business, (ii) a geographic location of the consumer or business, and (iii) demographic characteristics of the consumer or business; a segregation module for accessing a bulk source of consumer or business spending data for personal property and segregating the spending data based on the categories data, the demographic characteristics and the geographic locations; an aggregate lifetime spending determination module for accessing data from the segregation module and compiling an aggregate lifetime spending amount for at least one category of property based on the segregated spending data and an amount of time since an inception date, the inception date corresponding (i) in the case of a consumer, to when the consumer became an adult, and (ii) in the case of a business, to when the business began operations; and a depletion module for applying to the aggregate lifetime spending amount at least one depletion factor indicative of an average property retention duration for the at least one category of property. - View Dependent Claims (2, 3)
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4. A workflow system for assembling an insurance product, the system comprising:
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a database for storing policyholder data for a plurality of policyholders, the policyholder data comprising, for each policyholder, (i) categories of personal property covered by an insurance policy associated with the policyholder, (ii) a geographic location of the policyholder, (iii) demographic characteristics of the policyholder, and (iv) data indicative of when the policyholder became an independent adult consumer; a segregation module for accessing a bulk source of consumer spending data for personal property and segregating the spending data for each policyholder based on the categories data, the demographic characteristics and the geographic location associated with the policyholder; a coverage determination module for accessing data from the segregation module and compiling an aggregate lifetime spending amount for each policyholder for at least one category of personal property based on the segregated spending data and an amount of time since the policyholder became an adult consumer; and a depletion module for adjusting the coverage amount by applying thereto at least one depletion factor indicative of an average property retention duration for the at least one category of personal property. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11, 12)
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13. A method of assembling an insurance product based on stored policyholder data for a plurality of policyholders, the policyholder data comprising, for each policyholder, (i) categories of personal property covered by an insurance policy associated with the policyholder, (ii) a geographic location of the policyholder, (iii) demographic characteristics of the policyholder, and (iv) data indicative of when the policyholder became an independent adult consumer, the method comprising the steps of:
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using a computer to access a bulk source of consumer spending data for personal property; computationally segregating the spending data for each policyholder based on the categories data, the demographic characteristics and the geographic location associated with the policyholder; using the computer to compile a coverage amount for each policyholder based on the segregated spending data and an amount of time since the policyholder became an adult consumer; and computationally adjusting the coverage amount by applying thereto at least one depletion factor indicative of an average property retention duration. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A method of assembling a predicted inventory of property present in a home or business based on data for a plurality of consumers or businesses, the data comprising, for each consumer or business, (i) categories of personal or business property typically found in a home or business, (ii) a geographic location of the consumer or business, and (iii) demographic characteristics of the consumer or business, the method comprising the steps of:
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using a computer to access a bulk source of consumer or business spending data; computationally segregating the spending data based on the categories data, the demographic characteristics and the geographic locations; using the computer to determine an aggregate lifetime spending by accessing the segregated data and compiling an aggregate lifetime spending amount for at least one category of property based on the segregated spending data and an amount of time since an inception date, the inception date corresponding to (i) in the case of a consumer, when the consumer became an adult, and (ii) in the case of a business, when the business began operations; and computationally adjusting the aggregate lifetime spending amount by applying thereto at least one depletion factor indicative of an average property retention duration for the at least one category of property. - View Dependent Claims (24, 25)
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Specification