System for electronically managing and documenting the underwriting of an excess casualty insurance policy

• US 5,873,066 A
• Filed: 02/10/1997
• Issued: 02/16/1999
• Est. Priority Date: 02/10/1997
• Status: Expired due to Fees

• Current Assignee: Insurance Company Of North America (Sanwa Holdings Corp.)
• Original Assignee: Insurance Company Of North America (Sanwa Holdings Corp.)
• Inventors: Grady, Michael, Wall, William F., Dely, Richard, Platt, John R., Flynn, Jerry, Bens, Patricia A., Underwood, Robert B.
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US08/796,465
• Time in Patent Office: 736 Days
• Field of Search: 705/2-4, 283/54
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer-implemented system for managing the underwriting, quoting and binding by an insurance company of an excess casualty insurance policy for an insured having a primary insurance policy with a primary insurance limit amount. The system selects and stores at least one standard industrial classification code ("SIC code") associated with the insured and a primary carrier name or multiple carriers associated with the primary insurance policy. A plurality of SIC code records corresponding to a plurality of SIC codes are stored in a database. Each of the SIC code records are linked to underwriting guidelines established and filed by the insurance carrier. These criteria include guidelines related to minimum premiums, hazard rating, underwriting authority, and referral criteria. Primary insurance carrier public bureau rating records are also stored in the database. Each of the primary insurance carrier public bureau rating records includes a field for storing a rating code representing a financial stability rating associated with a primary insurance carrier. The system displays for the insurance carrier underwriter a plurality of candidate risk modifiers associated with the retrieved SIC code record, and for documenting and storing a selected risk modifier code and related underwriting criteria associated with the policy. The system develops the quotation using a detailed description of the insured'"'"'s operation, the minimum premium amount information, the selected hazard code, the selected risk modifier code, primary insurance limits, and one or more attachment points.

Claims

1. A computer-implemented system for managing the quotation of an excess casualty insurance policy for an insured having a primary insurance policy with at least one primary insurance limit amount, comprising:

(A) means for receiving and storing at least one standard industrial classification code ("SIC code") associated with said insured and a primary carrier name associated with said primary insurance policy;

(B) database means for storing a plurality of SIC code records corresponding to a plurality of SIC codes, each of said SIC code records including a minimum premium field for storing minimum premium amount information and a hazard rating field for storing hazard rating information associated with one of said plurality of SIC codes;

(C) said database means including means for storing a plurality of primary insurance carrier rating records corresponding to a plurality of primary insurance carriers, each of said primary insurance carrier rating records including a rating code field for storing a rating code representing a financial stability rating associated with one of said plurality of primary insurance carriers;

(D) means for retrieving, from said database means, a primary insurance carrier rating record associated with said primary carrier name and for comparing said rating code stored in said primary insurance carrier rating record to a predetermined rating level;

(E) means for declining said quotation if said rating code stored in said primary insurance carrier rating record is below said predetermined rating level;

(F) means for retrieving, from said database means, an SIC code record corresponding to said SIC code associated with said insured and for displaying hazard rating information stored in said SIC code record;

(G) means for receiving and storing one of a plurality of hazard codes selected in response to said displayed hazard rating information;

(H) means for displaying a plurality of candidate risk modifiers associated with said quotation and means for receiving and storing a risk modifier code selected from said plurality of candidate risk modifiers;

(I) means for selecting at least one insurance attachment point which is greater than said primary insurance limit amount and at least one insurance layer amount; and

(I) means for generating said quotation from said minimum premium amount information stored in said SIC code record associated with said insured, said selected hazard code, said selected risk modifier code, said at least one insurance attachment point, and said at least one insurance layer amount.

2. The system of claim 1, wherein said means for declining said quotation further includes means documenting an explanation for issuing said quotation when said rating code stored in said primary insurance carrier rating record is below said predetermined rating level.

3. The system of claim 2, wherein said excess casualty insurance policy represents general liability insurance coverage.

4. The system of claim 3, wherein said excess casualty insurance policy further represents automobile liability coverage.

5. The system of claim 4, wherein said computer implemented system is formed of a plurality of remote workstations each of which is electronically coupled to a network server located at a home office, said database means being coupled to said network server at said home office.