Patent Application Titled “Delivery Of Customized Insurance Products And Services” Published Online (USPTO 20240062309): Patent Application

2024 MAR 11 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Washington, D.C., by NewsRx journalists, a patent application by the inventors Azar, Pablo (Winnetka, IL, US); Biemer, Edward A. (Eastbourne, GB); Frank, Jeremy (Chicago, IL, US); Pitchford, Mark David (Evanston, IL, US); Wasserman, Robert (Wheaton, IL, US); Wilson, THOMAS J. (Chicago, IL, US); Yager, Floyd M. (Park Ridge, IL, US), filed on September 1, 2023, was made available online on February 22, 2024.

No assignee for this patent application has been made.

Reporters obtained the following quote from the background information supplied by the inventors: “Today’s consumer is presented with an increasing number of purchase options and is more pressed than ever for time. With increasing choices and time demands, consumers can become overwhelmed when reviewing the massive amount of information they encounter in shopping. The pressures attendant the time constraints and information can pervade a consumer’s shopping experience, including shopping for insurance.

“New technologies, however, now make possible aids to help consumers as they make informed choices about insurance products/services in much less time that they could years ago. The challenge is how to harness those technologies.”

In addition to obtaining background information on this patent application, NewsRx editors also obtained the inventors’ summary information for this patent application: “Methods and systems are provided for creating insurance packages and providing insurance services. Insurance packages may be created by performing research to identify a target population and a set of insurance features desired by the target population. The set of insurance features may be bundled into an insurance package. The packages may include standard components, combinations of optimized components, optimized combinations of standard components and various combinations. The insurance packages may provide automobile insurance, homeowner’s insurance and other types of insurance.

“In certain embodiments of the invention, aspects of the present invention can be partially or wholly implemented with a computer-readable medium, for example, by storing computer-executable instructions or modules, or by utilizing computer-readable data structures.

“Of course, the methods and systems of the above-referenced embodiments may also include other additional elements, steps, computer-executable instructions, or computer-readable data structures.

“The details of these and other embodiments of the present invention are set forth in the accompanying drawings and the description below. Other features and advantages of the invention will be apparent from the description and drawings, and from the claims.”

The claims supplied by the inventors are:

“1. A method comprising: receiving identifying data from an insurance consumer at a server; using a processor, determining a first plurality of attributes of the insurance consumer based on the identifying data; retrieving, from at least one database, a plurality of customers associated with a second plurality of attributes and a plurality of insurance features, wherein at least one of the first plurality of attributes matches with at least one of the second plurality of attributes; using a processor, determining a first plurality of features, of the plurality of insurance features, preferred by a first subset of the plurality of customers and a second plurality of features, of the plurality of insurance features, preferred by a second subset of the plurality of customers; and using a processor, presenting tradeoff insurance options comprising at least one of the first plurality of features and at least one of the second plurality of features.”

For more information, see this patent application: Azar, Pablo; Biemer, Edward A.; Frank, Jeremy; Pitchford, Mark David; Wasserman, Robert; Wilson, THOMAS J.; Yager, Floyd M. Delivery Of Customized Insurance Products And Services. U.S. Patent Application Number 20240062309, filed September 1, 2023 and posted February 22, 2024. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20240062309)&db=US-PGPUB&type=ids

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