System and method for predicting, comparing and presenting the cost of self insurance versus insurance and for creating bond financing when advantageous
First Claim
1. A system for predicting, comparing, and presenting a cost of self insurance versus a cost of insurance employing a computer, a video monitor, a printer, and at least one user input mechanism, the system comprising:
- a computer executable program or programs adapted to;
estimate a cost of self insurance by processing self insurance information;
estimate a cost of insurance and savings realized by replacing self insurance with insurance by processing insurance information;
adjust said savings where said cost of self insurance is not equal to an average cost of self insurance;
generate and provide, to the video monitor, data usable by the video monitor to generate at least one visual display representing a preliminary evaluation questionnaire;
enable a user of the computer to input said insurance information with the user input mechanism at said preliminary evaluation questionnaire;
generate data usable by the computer to provide an indication of said cost of a liability, said cost of insurance, and said savings;
determine a plurality of payout patterns for a premium financing mechanism employed to pay for said insurance; and
generate data usable by the computer to provide an indication of said payout pattern.
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Accused Products
Abstract
A system and method for predicting, comparing, and presenting the cost of self insurance versus insurance for property, casualty, or employee benefit liabilities, and for creating bond financing when advantageous. For a self insured entity, the cost of insurance is estimated by reviewing available data from actuarial studies, claims audits, loss runs, similar self insureds, recent similar insurance deals and rating agencies. These preliminary pricing estimates are used to decide if pursuing insurance is likely to provide savings to the self insured. Suggested pricing estimates are also provided to facilitate marketing the program to insurance carriers. If a carrier offers an insurance program which provides savings and the insured entity requires bond financing, the system is adapted to calculate bond payments based on budget constraints or claims payout patterns.
212 Citations
69 Claims
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1. A system for predicting, comparing, and presenting a cost of self insurance versus a cost of insurance employing a computer, a video monitor, a printer, and at least one user input mechanism, the system comprising:
a computer executable program or programs adapted to; estimate a cost of self insurance by processing self insurance information; estimate a cost of insurance and savings realized by replacing self insurance with insurance by processing insurance information; adjust said savings where said cost of self insurance is not equal to an average cost of self insurance; generate and provide, to the video monitor, data usable by the video monitor to generate at least one visual display representing a preliminary evaluation questionnaire; enable a user of the computer to input said insurance information with the user input mechanism at said preliminary evaluation questionnaire; generate data usable by the computer to provide an indication of said cost of a liability, said cost of insurance, and said savings; determine a plurality of payout patterns for a premium financing mechanism employed to pay for said insurance; and generate data usable by the computer to provide an indication of said payout pattern.
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2. A method for predicting, comparing, and presenting a cost of a liability versus a cost of insurance, the method comprising the steps of:
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estimating a cost of a liability by processing liability information; estimating a cost of insurance and savings realized by replacing said liability with insurance by processing insurance information; adjusting said savings where said cost of a liability is not equal to an average cost of said liability; providing an indication of said cost of a liability, said cost of insurance, and said savings; determining a payout pattern for a premium financing mechanism employed to pay for said insurance; and providing an indication of said payout pattern. - View Dependent Claims (3, 4)
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5. A method for predicting, comparing, and presenting a cost of self insurance versus a cost of insurance, the method comprising the steps of:
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estimating a cost of self insurance by processing self insurance information; estimating a cost of insurance and savings realized by replacing self insurance with insurance by processing insurance information; and estimating a cost of a premium financing mechanism proposed to pay for said insurance in consideration of regulatory and budget constraints. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54)
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55. A system for predicting, comparing, and presenting a cost of self insurance versus a cost of insurance utilizing a computer, a video monitor, a printer, and at least one user input mechanism, and at least one output mechanism, the system comprising:
at least one computer executable program adapted to; accept user input regarding self insurance and insurance using at least one user input mechanism, estimate a cost of self insurance by processing self insurance information; and estimate a cost of insurance and savings realized by replacing self insurance with insurance by processing insurance information; generate and provide output data regarding a cost of self insurance versus a cost of insurance, said output being provided to at least one computer output mechanism. - View Dependent Claims (56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69)
Specification