Allstate Insurance Assigned Patent for Prioritization of Insurance Requotations

ALEXANDRIA, Va., Nov. 23 -- Allstate Insurance, Northbrook, Illinois, has been assigned a patent (No. 10,482,536, initially filed July 9, 2014) developed by seven co-inventors for "prioritization of insurance requotations." The co-inventors are Alexander Doyle, Chicago, Illinois, Ryan Dunn, Grayslake, Illinois, Cristina I. Gheorghe, Chicago, Illinois, Eric Huls, Chicago, Illinois, Michael A. Lavigne, Prospect Heights, Illinois, David MacInnis, Lake Forest, Illinois, and Christopher Joseph DeCleene, Kenmore, Washington.

The full-text of the patent can be found at http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=10,482,536.PN.&OS=PN/10,482,536&RS=PN/10,482,536

The abstract states: "A computer-assisted method for providing re-quotations for insurance coverage may include receiving a list of insurance leads corresponding to individuals who received a previous quotation for insurance coverage but did not purchase the insurance coverage and identifying a difference between the previous quotation and a new quotation. This difference may include an increase in offered insurance coverage and/or a reduction in cost. A computing device may calculate a probability for each of the individuals on the list using a regression model based, at least in part, on the identified difference. In some cases, the regression model may be associated with individual states. In other cases, the regression model may correspond to a plurality of states. The regression model may output a probability that a resident of a particular state will purchase insurance in response to a re-quotation for insurance coverage, where individuals may then be ranked based on the probability."

Written by Ranjan Behera; edited by Sudarshan Harpal.