Processing an application for insurance coverage
DCFirst Claim
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1. A method of processing an application for insurance coverage, the method comprising:
- (a) providing insurance policy application options;
(b) receiving at a computer device an application for an insurance policy that includes at least one optional feature that provides a reward;
(c) generating at the computer device a customized insurance product;
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.
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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.
75 Citations
11 Claims
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1. A method of processing an application for insurance coverage, the method comprising:
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(a) providing insurance policy application options; (b) receiving at a computer device an application for an insurance policy that includes at least one optional feature that provides a reward; (c) generating at the computer device a customized insurance product; 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. - View Dependent Claims (2, 3, 4, 5)
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6. A non-transitory computer-readable medium containing computer-executable instructions that when executed cause a computer device to perform the steps comprising:
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(a) providing insurance policy application options; (b) receiving an application for an insurance policy that includes at least one optional feature that provides a reward; 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. - View Dependent Claims (7, 8, 9, 10, 11)
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Specification