Researchers Submit Patent Application, “Generating Insurance Quotes”, for Approval (USPTO 20230360142): Patent Application

2023 NOV 27 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Washington, D.C., NewsRx journalists report that a patent application by the inventors Hannebrink, Anastasia (Northbrook, IL, US); Krieter, Dean (Rolling Meadows, IL, US); Lopez, Salvador (Round Lake, IL, US), filed on July 13, 2023, was made available online on November 9, 2023.

No assignee for this patent application has been made.

News editors obtained the following quote from the background information supplied by the inventors: “Conventional methods of delivering insurance quotes are focused on getting a price to a customer as quick as possible. In general, the process of generating and delivering insurance quotes can be driven by the desire of an insurance provider to get potential consumers to sign up as quickly as possible. Some insurance providers may set goals of providing an insurance quote within a certain amount of time beginning from a time at which a user begins entering information into, for example, an online (e.g., Internet) form. The consumer is often left with little understanding of the extent of the quoted insurance coverage. For example, when a consumer is provided with a quote for home insurance, the consumer is not provided with information that can help the consumer actually understand the type of coverage being offered and the reason for the coverage. Therefore, there may be a demand for a more consultative way of delivering insurance quotes and related supplemental information.

“In view of the state of the insurance industry and insurance products, there may be demand for methods, systems, devices, software, etc. that provide a way of providing a consumer with more options to customize insurance coverage and information that aids consumers in understanding insurance quotes. There may also be a demand to provide more tailored quotes (e.g., quotes that focus on the characteristics of the consumer/policyholder as they are on the property to be insured).”

As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventors’ summary information for this patent application: “In light of the foregoing background, the following presents a simplified summary of the present disclosure in order to provide a basic understanding of some aspects of the invention. This summary is not an extensive overview of the disclosure. It is not intended to identify key or critical elements of the disclosure or to delineate the scope of the invention. The following summary merely presents some concepts of the disclosure in a simplified form as a prelude to the more detailed description provided below.

“Certain aspects of the disclosure address one or more of the issues mentioned above by disclosing methods, computer readable storage media, software, systems, and apparatuses for providing a more consultative way of delivering insurance quotes and insurance quote information. In particular, the system may include a server or computing device for receiving, analyzing, and determining different information in regards to a particular consumer and providing insurance information and a quote based on the received information. The system may include computing devices associated with a consumer as well as network computing devices (e.g., computing devices in the “cloud” such as a server). The system may receive a request or information from a customer or potential customer regarding a house or home. The system may gather other information based on the location and demographics of the house or home. The system may receive customer information about the customer’s financial risk tolerance or the customer’s financial stability such as the customer’s savings or liquid assets (or other readily available assets). The system may determine a quote based on the customer information. The system may determine common claims or costly claims to houses and homes similar to the house or home of the customer. The system may analyze the received information to calculate or determine deductible information for the customer. The system may determine a quote for the customer based on the information received.

“Certain other aspects disclose a system comprising: a first computing device associated with a user (e.g., a mobile computing device associated with a home owner). The first computing device may be, for example, a smart phone, tablet, etc. The first computing device may be configured to communicate with other computing devices via a network. The system may also include more than one computing device, for example, a second or third computing device, which may be another computing device (e.g., a server) connected to the network (e.g., the Internet). The second computing device may be configured to receive information from the first computing device. The information may be a quote request or user information related to a quote, or risk tolerance data, or liquid asset data or any user information used for generating a quote and any user information needed for interpreting and understanding a quote. Certain other aspects disclose a method including: receiving, from a first device at a server, a request for a quote for home insurance by a user; receiving, from the first device at the server, user information, wherein the user information may include risk tolerance data for the user, liquid asset data for the user, or zip code data for a home for which the home insurance may cover; determining, at the server, based on the zip code data, common claims or costly claims; analyzing the risk tolerance data or the liquid asset data in order to determine a deductible; determining a premium; generating the quote based on the deductible or the premium; or outputting, from the server, the quote along with at least one of common claim information indicating at least one of the common claims, costly claim information indicating at least one of the costly claims, or deductible information which may provide an explanation for the deductible.

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

The claims supplied by the inventors are:

“1. A method comprising: at a server comprising at least one processor, a communication interface, and memory storing computer executable instructions that, when executed, cause the server to: generate, one or more interactive user interfaces; receive, from a first device, a request for a quote for home insurance by a user; responsive to receiving the request for a quote for home insurance, transmit, via an established network connection, the one or more interactive user interfaces; receive, user information, wherein the user information comprises risk tolerance data for the user, liquid asset data for the user, and zip code data for a home for which the home insurance is to cover, wherein the liquid asset data is received via the one or more user interfaces; analyze, the received user information, including: determining a risk tolerance of the user to be applied to the quote for home insurance; determining one or more subsequent steps for execution; responsive to determining the one or more subsequent steps for execution, determining whether supplemental information is needed; responsive to determining that supplemental information is needed, generating and transmitting a first user interface to the first device, the first user interface including a prompt requesting the supplemental information; responsive to determining that supplemental information is not needed, determining, by the server and based on the zip code data, common claims or costly claims for an area associated with the zip code; map the risk tolerance of the user and the liquid asset data to a deductible matrix in order to determine a customized deductible for the home insurance; determine a premium; generate the quote based on the deductible and the premium; and output, via the network connection, the quote along with at least one of: common claim information indicating at least one of the common claims, costly claim information indicating at least one of the costly claims, or deductible information providing an explanation for the deductible for display via the one or more interactive user interfaces, the one or more interactive user interfaces including a plurality of buttons representing links to execute one or more interactive tools for use by the user; receive selection of a button representing a link to a first interactive tool; and responsive to receiving selection of the button, executing the first interactive tool and causing display of a second interactive user interface including functionality of the first interactive tool.”

For additional information on this patent application, see: Hannebrink, Anastasia; Krieter, Dean; Lopez, Salvador. Generating Insurance Quotes. U.S. Patent Application Number 20230360142, filed July 13, 2023 and posted November 9, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20230360142)&db=US-PGPUB&type=ids

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