Patent Issued for Delivery of customized insurance products and services (USPTO 11854086): Allstate Insurance Company

2024 JAN 12 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Alexandria, Virginia, by NewsRx journalists, a patent 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 March 26, 2019, was published online on December 26, 2023.

The assignee for this patent, patent number 11854086, is Allstate Insurance Company (Northbrook, Illinois, United States).

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, NewsRx editors also obtained the inventors’ summary information for this patent: “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, via a communication interface, identifying data from an insurance consumer at a server; using at least one processor communicably coupled to the communication interface, determining a first plurality of attributes of the insurance consumer based on the identifying data; retrieving, at the at least one processor and from at least one database communicably coupled to the at least one processor, a plurality of customers associated with a second plurality of attributes and a plurality of insurance features, wherein the plurality of customers are retrieved based on at least one of the first plurality of attributes matching with at least one of the second plurality of attributes; using the at least one 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 the at least one 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.

“2. The method of claim 1, wherein the identifying data comprises at least one of a name, address, social security number, or driver’s license number associated with the insurance consumer.

“3. The method of claim 1, wherein the first plurality of attributes comprises one or more of age, gender, and marital status of the insurance consumer.

“4. The method of claim 1, wherein the first plurality of attributes comprise one or more of model year, category, list price, ownership status, and use related to a vehicle operated by the insurance consumer.

“5. The method of claim 1, wherein the plurality of insurance features comprise information on one or more of bodily injury limits, liability, collision, and comprehensive coverage associated with automobile insurance policies of the plurality of customers.

“6. The method of claim 1, wherein the first subset of the plurality of customers represents a majority of the plurality of customers, and the second subset of the plurality of customers represents a minority of the plurality of customers.

“7. The method of claim 1, further comprising: using the at least one processor, modifying the tradeoff insurance options based on customer-driven tradeoff scenario, wherein the insurance consumer provides feedback on behavior tradeoff preferences.

“8. The method of claim 7, wherein the behavior tradeoff preferences are based on varying levels of cost and coverage.

“9. The method of claim 7, further comprising: using the at least one processor, modifying the tradeoff insurance options based on data-driven tradeoff scenario, wherein the at least one processor retrieves behavior tradeoff preferences from the at least one database.

“10. The method of claim 1, further comprising: accessing a social network of the insurance consumer, wherein tradeoff insurance options are provided based on the social network of the insurance consumer.

“11. A non-transitory computer-readable storage medium having computer-executable program instructions stored thereon that when executed by at least one processor, cause the at least one processor to: receive, via a communication interface, identifying data from an insurance consumer at a server; using the at least one processor communicably coupled to the communication interface, determine a first plurality of attributes of the insurance consumer based on the identifying data; determine, at the at least one processor and from at least one database communicably coupled to the at least one processor, a plurality of customers associated with a second plurality of attributes and a plurality of insurance features, wherein the plurality of customers are determined based on at least one of the first plurality of attributes matching with at least one of the second plurality of attributes; using the at least one processor, assign weight factors to the first plurality of insurance features; using the at least one processor and based on the assigned weight factors, determine 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 the at least one processor and via the communication interface, present tradeoff insurance options comprising at least one of the first plurality of features and at least one of the second plurality of features.

“12. The non-transitory computer-readable storage medium of claim 11, wherein the at least one of the first plurality of features is associated with a first weight factor greater than a second weight factor of the at least one of the second plurality of features.

“13. The non-transitory computer-readable storage medium of claim 11, wherein instructions further cause the at least one processor to: dynamically change the weight factors based on a change in a size of datasets in the at least one database.

“14. The non-transitory computer-readable storage medium of claim 11, wherein instructions further cause the at least one processor to: using the at least one processor, modify the tradeoff insurance options based on customer-driven tradeoff scenario, wherein the insurance consumer provides feedback on behavior tradeoff preferences.

“15. The non-transitory computer-readable storage medium of claim 14, wherein the behavior tradeoff preferences are based on varying levels of cost and coverage.

“16. The non-transitory computer-readable storage medium of claim 14, wherein instructions further cause the at least one processor to: using the at least one processor, modify the tradeoff insurance options based on data-driven tradeoff scenario, wherein the at least one processor retrieves behavior tradeoff preferences from the at least one database.

“17. The non-transitory computer-readable storage medium of claim 11, wherein instructions further cause the at least one processor to access a social network of the insurance consumer.

“18. An apparatus comprising: at least one processor; and a memory storing computer-readable instructions that, when executed by the at least one processor, cause the apparatus to: receive, via a communication interface communicably coupled to the at least one processor, data from an insurance consumer; based on the received data, generate, at the at least one processor communicably coupled to the communication interface, a plurality of behavior tradeoff preferences questions to be answered by the insurance consumer; receive, via the communication interface, a plurality of answers to the plurality of behavior tradeoff preferences questions; determine, at the at least one processor, a first set of current customers based on the received data and a first set answers of the plurality of answers matching at least a first answer provided by the first set of current customers; determine, at the at least one processor, a second set of current customers based on the received data and a second answer of the plurality of answers matching at least a second answer provided by the second set of current customers; and present, via the communication interface, tradeoff insurance options corresponding to insurance policies of the first set of current customers and the second set of current customers.

“19. The apparatus of claim 18, wherein the plurality of behavior tradeoff preferences questions relate to at least one of a level of risk tolerance preferred by the insurance consumer, value of assets that the insurance consumer seeks to protect, a willingness by the insurance consumer to pay more for a lower deductible, or a desire by the insurance consumer for predictable out-of-pocket expenses.

“20. The apparatus of claim 18, wherein the computer-readable instructions further cause the at least one processor to analyze the plurality of answers from the insurance consumer to modify the plurality of behavior tradeoff preferences questions.”

For more information, see this patent: Azar, Pablo. Delivery of customized insurance products and services. U.S. Patent Number 11854086, filed March 26, 2019, and published online on December 26, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(11854086)&db=USPAT&type=ids

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