Systems and methods for customizing insurance

• US 8,046,244 B1
• Filed: 06/03/2010
• Issued: 10/25/2011
• Est. Priority Date: 11/19/2004
• Status: Active Grant

• Current Assignee: Allstate Insurance Company (Allstate Corporation)
• Original Assignee: Allstate Insurance Company (Allstate Corporation)
• Inventors: Wilson, Thomas J., Yager, Floyd M.
• Primary Examiner(s): Morgan; Robert
• Assistant Examiner(s): Chng; Joy
• Application Number:
  US12/793,325
• Time in Patent Office: 509 Days
• Field of Search: 705 2- 4
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods provide customizable insurance according to consumer preferences. Demand simulators may be used to guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common characteristics. In addition, methods are provided for selling insurance products formed through an optimization process and providing corresponding insurance services.

Claims

1. A method of providing insurance coverage, the method comprising:

(a) receiving at a computer device from an insured a premium for an insurance policy that includes at least one optional feature that provides a reward;

(b) determining at the computer device when an event is covered by the insurance policy; and

wherein one of the at least one optional feature provides that;

upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the policy period; and

when no rate affecting events are assigned to the insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one claim during a subsequent policy period.

2. The method of claim 1, wherein one of the at least one optional feature affects the premium.

3. The method of claim 1, wherein one of the at least one optional feature affects at least one future premium upon renewal.

4. The method of claim 1, wherein one of the at least one optional feature provides that the insured will receive a credit for the absence of rate affecting events assigned to the insurance policy within a predetermined time period.

5. The method of claim 4, wherein the credit is applied to an amount payable for a subsequent premium.

6. A method of providing insurance coverage, the method comprising:

(a) receiving at a computer device from an insured a premium for an insurance policy that includes at least one package having a grouping of insurance features that share a common attribute;

(b) determining at a computer device when an event is covered by the insurance policy; and

wherein a feature included within the grouping of insurance features provides that;

upon enrollment the insured will be granted a deductible reduction amount to be applied to at least one deductible during the insurance policy period; and

when no rate affecting events are assigned to the insurance policy during an experience period, then granting an additional deductible reduction amount to be applied to at least one deductible during a subsequent insurance policy period.

7. The method of claim 6, wherein a feature included within the grouping of insurance features provides that a first rate affecting event will not impact a discount or result in an application of a surcharge.

8. The method of claim 7, wherein the feature that provides that a first rate affecting event will not impact a discount or result in the application of a surcharge is effective upon enrollment.

9. The method of claim 7, wherein the feature further provides that a second rate affecting event will not impact a discount or result in the application of a surcharge.

10. The method of claim 6, wherein a feature included within the grouping of insurance features provides that the insured will receive a credit for the absence of rate affecting events assigned to the insurance policy within a predetermined time period.

11. The method of claim 10, wherein the credit is applied to an amount payable for a subsequent premium.