Patent Issued for Insurance product development maintenance system and method (USPTO 11481844): Allstate Insurance Company

2022 NOV 15 (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 Wilson, Thomas J. (Chicago, IL, US), Yager, Floyd M. (Park Ridge, IL, US), filed on March 27, 2015, was published online on October 25, 2022.

The assignee for this patent, patent number 11481844, 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 more pressed than ever for time. With increasing time demands placed, many consumers do not have much time to shop, and what time they do have seems to be consumed in 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 insurance choices in much less time than 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: “A method consistent with the invention provides insurance using a data processing system. The method comprises electronically analyzing, by a processor, data to identify a target population and a set of insurance features desired by the target population; and bundling the set of insurance features into an insurance package.

“Another method consistent with the invention provides insurance using a data processing system. The method comprises creating a standard package with a set of insurance features; electronically analyzing, by a processor, data to identify a market segment; identifying insurance features desired by the market segment; and bundling the identified insurance features into an insurance package.

“Yet another method consistent with the invention creates an insurance package using a data processing system. The method comprises creating a standard package with a set of insurance features; electronically analyzing, by a processor, data gathered through consumer research to identify a target population; identifying insurance features desired by the target population; and bundling the identified insurance features into an insurance package.

“A system consistent with the invention provides optimized insurance. The system comprises a memory; a server coupled to a network, wherein the server executes program instructions for an optimization process; and a terminal coupled to the network, wherein the terminal allows a user to execute the optimization process to create an insurance package.

“Another method consistent with the invention provides insurance using a data processing system. The method comprises retrieving, from a database, a profile of a customer accessing a website; electronically identifying, by a processor, profiles of customers in common with the profile of a customer; and presenting an insurance package to the customer for consideration that is based upon a comparison of the profile of the customer and the identified profiles.”

The claims supplied by the inventors are:

“1. A system comprising: a remote terminal; an insurance policy configuration server; and an insurance policy record server; wherein the remote terminal comprises a display screen, an input device, a processor and a first memory, and is configured to: provide an internet browser to allow an insurance customer to navigate to a website that displays, on the display screen, a first menu listing a first set of selectable graphical objects associated with an automobile insurance package; receive data corresponding to the automobile insurance package, wherein the data comprises at least one premium for the automobile insurance package; cause a presentation of the at least one premium via the display screen; receive an indication from the insurance customer regarding a selection of one or more objects of the first set of selectable graphical objects associated with the automobile insurance package; and transmit via a computer network and from the insurance customer, the indication regarding the selection; and wherein the insurance policy configuration server comprises: one or more first processors; a first data store storing: first data defining one or more insurance policies, second data defining, for the one or more insurance policies, one or more insurance premiums and one or more deductibles, and third data defining one or more insurance policy features available to be added to individual insurance policies; a second memory storing first computer-readable instructions that, when executed by the one or more first processors, cause the insurance policy servers configuration server to: provide the website on the display screen of the remote terminal, the first menu listing the first set of selectable graphical objects that present an insurance policy of the one or more insurance policies, the at least one of the premiums for the insurance policy, and at least one of the deductibles for the insurance policy; receive, from the remote terminal, a selection of a first selectable graphical object identifying the insurance policy that has been selected by the insurance customer; receive, from the remote terminal, a selection of a second selectable graphical object identifying one of the insurance policy features to add to the insurance policy; provide the website on the display screen of the remote terminal, a second menu listing a second set of selectable graphic objects based on the selection of the first selectable graphical object and the selection of the second selectable graphical object; and receive, from the remote terminal, a request to purchase the insurance policy; and wherein the insurance policy record server in signal communication with the insurance policy configuration server comprises: one or more second processors configured to engage in parallel processing; a second data store storing fourth data defining a set of insurance policy records; and memory storing second computer-readable instructions that, when executed by the one or more second processors, cause the insurance policy record server to: create an insurance policy record identifying the insurance policy purchased by the insurance customer and identifying the insurance policy feature added to the insurance policy; configure the insurance policy record to indicate that a deductible amount specified by the insurance policy is reduced, for a first insurance policy period of the insurance policy, by a first deductible reduction amount specified by the insurance policy feature; determine whether a first predetermined criteria specified by the insurance policy feature is satisfied; configure the insurance policy record to indicate that the deductible amount is further reduced, for a second insurance policy period of the insurance policy subsequent to the first insurance policy period, by a second deductible reduction amount; and transmit, to the display screen of the remote terminal, via the computer network, and based on an indication that the deductible amount is reduced, a presentation of the insurance policy record with the reduced deductible amount.

“2. The system of claim 1, wherein: the first predetermined criteria comprises an occurrence of an insurance rate-affecting event.

“3. The system of claim 2, wherein: the insurance rate-affecting event comprises an accident involving a vehicle insured by the insurance policy.

“4. The system of claim 1, wherein: the first predetermined criteria comprises an occurrence of an insurance deductible-affecting event.

“5. The system of claim 4, wherein: the insurance deductible-affecting event comprises an accident involving a vehicle insured by the insurance policy.

“6. The system of claim 1, wherein: the second computer-readable instructions, when executed by the one or more second processors, further cause the insurance policy record server to: determine whether a second predetermined criteria specified by the insurance policy feature is satisfied, and configure the insurance policy record to indicate that the deductible amount is further reduced, for a third insurance policy period of the insurance policy subsequent to the second insurance policy period, by a third deductible reduction amount.

“7. The system of claim 6, wherein: the second computer-readable instructions, when executed by the one or more second processors, further cause the insurance policy record server to: determine whether a third predetermined criteria specified by the insurance policy feature is satisfied, and configure the insurance policy record to indicate that the deductible amount is further reduced, for a fourth insurance policy period of the insurance policy subsequent to the third insurance policy period, by a fourth deductible reduction amount.

“8. The system of claim 7, wherein: the second computer-readable instructions, when executed by the one or more second processors, further cause the insurance policy record server to: determine whether a fourth predetermined criteria specified by the insurance policy feature is satisfied, and configure the insurance policy record to indicate that the deductible amount is further reduced, for a fifth insurance policy period of the insurance policy subsequent to the fourth insurance policy period, by a fifth deductible reduction amount.

“9. The system of claim 1, wherein: the insurance policy is an automobile insurance policy.

“10. A system comprising: a remote terminal; and an insurance policy record server; wherein the remote terminal comprises a display screen, an input device, a processor and a first memory, and is configured to: provide an internet browser to allow an insurance customer to navigate to a web site that displays, on the display screen, a first menu listing a first set of selectable graphical objects associated with a plurality of insurance policy features; receive an indication from the insurance customer regarding a selection of a selectable graphical object, of the first set of selectable graphical objects, associated with an insurance policy feature; transmit, via a computer network, the indication regarding the selection; and cause a presentation of an insurance policy record on the display screen that displays a second menu listing a second set of selectable graphical objects based on the selection; and wherein the insurance policy record server comprises: one or more processors configured to engage in parallel processing; a data store storing data defining a set of insurance policy records; and a second memory storing computer-readable instructions that, when executed by the one or more processors, cause the insurance policy record server to: create the insurance policy record identifying an insurance policy purchased by the insurance customer and identifying the insurance policy feature based on the selectable graphical object the insurance customer has selected to the insurance policy; configure the insurance policy record to indicate that a deductible amount specified by the insurance policy is reduced, for a first insurance policy period of the insurance policy, by a first deductible reduction amount specified by the insurance policy feature; determine whether a first predetermined criteria specified by the insurance policy feature is satisfied; configure the insurance policy record to indicate that the deductible amount is further reduced, for a second insurance policy period of the insurance policy subsequent to the first insurance policy period, by a second deductible reduction amount; and transmit, to the display screen of the remote terminal and based on an indication that the deductible amount is reduced, the presentation of the insurance policy record with the reduced deductible amount.

“11. The system of claim 10, wherein: the first predetermined criteria comprises an occurrence of an insurance rate-affecting event.

“12. The system of claim 11, wherein: the insurance rate-affecting event is an accident involving a vehicle insured by the insurance policy.

“13. The system of claim 10, wherein: the first predetermined criteria comprises an occurrence of an insurance deductible-affecting event.

“14. The system of claim 13, wherein: the insurance deductible-affecting event comprises an accident involving a vehicle insured by the insurance policy.”

There are additional claims. Please visit full patent to read further.

For more information, see this patent: Wilson, Thomas J. Insurance product development maintenance system and method. U.S. Patent Number 11481844, filed March 27, 2015, and published online on October 25, 2022. Patent URL: 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=11481844.PN.&OS=PN/11481844RS=PN/11481844

(Our reports deliver fact-based news of research and discoveries from around the world.)