Researchers Submit Patent Application, “System And Method Of Determining And Providing Bindable Insurance Quotes”, for Approval (USPTO 20220309591): Frontline Insurance Managers Inc.
2022 OCT 14 (NewsRx) -- By a
The patent’s assignee is
News editors obtained the following quote from the background information supplied by the inventors: “The process of obtaining insurance on property through an online application typically requires a potential customer to provide 30 to 40 pieces of information about the property and the customer. However, information about the property may not be readily known by a customer and must be acquired by looking to other sources. Even after acquiring customer and property information, the information must be validated by the company. Whether the information is provided in-person, on paper, or online, the back and forth with the agent can take days or even weeks for a customer to finally be provided with a bindable proposal.
“The process of obtaining insurance on property through an online application platform requires a potential customer to provide information about the customer and the home. Typically, a potential customer must provide thirty to forty items of information in the online application or in follow-up discussions with an agent. For example, an application for insurance on a home requires the address of the home, the roof and wall materials, the type of roof, when the roof was last replaced, square footage, when the home was built, if the home is in a flood zone, proximity to a fire station, and the like. Once the application has been completed, the company must validate the information, which may be done by looking to other information sources. Even after the information is validated, an insurance company must consider many factors to determine an appropriate premium for a policy. Generally, whether this process is performed in person, on paper, or online, the back and forth with the agent required to validate the information may take several days or even weeks. Thus, there is a need for an insurance platform that acquires and validates information with minimal input from a customer, and analyzes the information to provide an underwritten, bindable insurance policy proposal to an online user in a matter of minutes.”
As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventors’ summary information for this patent application: “The systems and methods described herein address the afore-mentioned needs in the art by providing an electronic communications platform that receives property and personal information about home insurance applications from either an individual or prospective customer or through various data sources for expedited completion and approval of insurance applications. The insurance application information is obtained from one or more relevant information sources and then normalized and mapped to a template in a standard format for obtaining a quote based on the acquired information. Logic and business rules are used to enable real-time determinations of underwriting and de-risking decisions that are typically made by or reviewed by underwriters after an online application has been submitted.
“In some embodiments, a method for performing an insurance process includes: receiving, by one or more processors, search data relating to a property seeking insurance coverage; querying by a communications device an interface of a third-party platform based on the search data; receiving, by the one or more processors, insurance application data from the third-party platform; analyzing, by the one or more processors, the insurance application data to determine a premium quote.
“In some embodiments, a system for making an insurance evaluation includes a memory, coupled to one or more computer processors, storing program instructions which may include underwriting rules, rating rules, and de-risking rules. The process identifies and customizes coverage protection designed for the customer by combining probability and severity of loss potential, using risk characteristics.
“In some embodiments, a method for determining a rating and score for the customer is performed without agent assistance relying entirely on a computer system for gathering information on an entity and determining an insurance premium price for the entity. The method begins with obtaining a property address. The method does not require any personally identifying information from a potential customer until after a bindable quote has been presented. Once the address is obtained, the method includes obtaining data related to the property from one or more data sources. The one or more data sources may be queried simultaneously or in a predetermined sequence based on preset rules. Once it has been determined that no more additional data is needed, computerized predictive models and/or other processing elements analyze information related to the entity, and an insurance price is presented. Finally, the insurance at the determined premium price is offered to the entity.
“In another exemplary embodiment, a method for processing data related to at least one quote for a property insurance product, comprises: accessing, by at least one processor, data stored in a memory, the data comprising data relating to a plurality of insurance processes related to the at least one insurance product, the plurality of insurance processes comprising a process for determining insurance application information relating to a prospective customer, a process for underwriting, a process for determining a risk category, and a process for determining at least one insurance quote; providing, by the at least one processor, a graphical user interface for display, configured for entry of a property address; receiving, by the at least one processor, information entered via the graphical user interface; requesting, by the at least one processor, insurance application information from one or more data sources; receiving, by the at least one processor, the insurance application information from the one or more data sources; retrieving, from a memory, proprietary data; applying, by the at least one processor, underwriting rules to the insurance application information and the proprietary data; determining, by the at least one processor, a risk category based the insurance application information and proprietary data; responsive to a determination of an acceptable risk category, generating an initial insurance quote of the property insurance product for a prospective customer; providing, by at least one processor, a coverage and rewards adjustment interface to the prospective customer; receiving a customized rewards selection and a set of customized coverage parameters from the prospective customer; requesting, by at least one processor, from one or more data sources additional information about the prospective customer; and generating, by at least one processor, a final quote for the property insurance product.
“In one exemplary embodiment, the risk category is selected from the group consisting of green, yellow, or red. After determining the risk category, the system may flag the application as ineligible and send it to an offline agent for further processing.
“In some embodiments, after generating a final quote, responsive to a determination of a risk category of green, the system may request billing information to bind a policy for the property insurance product; and request a self-inspection by the prospective customer.
“In some embodiments, after generating a final quote, responsive to a determination of a risk category of yellow, the system may request a self-inspection by the prospective customer, then request billing information and binding a policy for the property insurance product.
“In one exemplary embodiment, a system for making an insurance evaluation related to property insurance, the system comprising: one or more data sources storing data relating to insurance coverage and insurance risk; one or more computer processors in communication with the one or more data sources; a virtual server in communication with the one or more data sources; a communications device in communication with the virtual server; and a memory, in communication with the one or more computer processors, storing program instructions. The memory cause the one or more computer processors to: provide a platform that is configured to be accessed by a prospective customer over an internet network; receive a property address of the prospective customer; request insurance application data from one or more data sources; receive insurance application data from the one or more data sources; analyze the insurance application data with underwriting rules implemented by the platform; determine a risk category for the prospective customer; generate an initial quote for an insurance product; receive, from the prospective customer, customized coverage parameters and customized rewards options; request loss history information and insurance rating information from one or more data sources; and generate a final quote for the insurance product.
“In another exemplary embodiment, a method of providing one or more bindable insurance quotes to a prospective customer without receiving any personally identifying information from the prospective customer, the method comprising: providing, by a system having at least one processor and at least one memory, a first graphical user interface configured for entry of a property address; receiving the property address from the prospective customer; requesting, from one or more data sources, insurance application information about the property address; receiving the insurance application information from the one or more data sources; applying underwriting rules stored on the memory to the insurance data; determining a risk category; determining an initial quote based on one or more underwriting rules and risk category; providing a second graphical user interface configured for customizing insurance coverage parameters and reward options; determining a finalized quote; providing a third graphical user interface configured for entry of personal information from the prospective customer; and generating disclosure schedules for the finalized quote.
“In some embodiments, the method further comprises, after providing a second graphical user interface: requesting, from one or more data sources, a loss history and an insurance rating for the prospective customer.”
The claims supplied by the inventors are:
“1. A method for processing data related to at least one quote for a property insurance product, comprising: accessing, by at least one processor, data stored in a memory, the data comprising data relating to a plurality of insurance processes related to the at least one insurance product, the plurality of insurance processes comprising a process for determining insurance application information relating to a prospective customer, a process for underwriting, a process for determining a risk category, and a process for determining at least one insurance quote; providing, by the at least one processor, a graphical user interface for display, configured for entry of a property address; receiving, by the at least one processor, information entered via the graphical user interface; requesting, by the at least one processor, insurance application information from one or more data sources; receiving, by the at least one processor, the insurance application information from the one or more data sources; retrieving, from a memory, proprietary data; applying, by the at least one processor, underwriting rules to the insurance application information and the proprietary data; determining, by the at least one processor, a risk category based the insurance application information and proprietary data; responsive to a determination of an acceptable risk category, generating an initial insurance quote of the property insurance product for a prospective customer; providing, by at least one processor, a coverage and rewards adjustment interface to the prospective customer; receiving a customized rewards selection and a set of customized coverage parameters from the prospective customer; requesting, by at least one processor, from one or more data sources additional information about the prospective customer; and generating, by at least one processor, a final quote for the property insurance product.
“2. The method of claim 1, wherein the information entered via the graphical user interface is a residential property address.
“3. The method of claim 1, wherein the risk category is selected from the group consisting of green, yellow, or red.
“4. The method of claim 3, further comprising, after the step of determining the risk category, responsive to a determination of a risk category of red, flagging the application as ineligible and sending to an offline agent for further processing.
“5. The method of claim 3, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of green, requesting billing information and binding a policy for the property insurance product; and requesting a self-inspection by the prospective customer.
“6. The method of claim 3, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of yellow, requesting a self-inspection by the prospective customer; and requesting billing information and binding a policy for the property insurance product.
“7. The method of claim 1, wherein the additional information about the prospective customer is a loss history.
“8. The method of claim 1, wherein the additional information about the prospective customer is an insurance rating.
“9. A system for making an insurance evaluation related to property insurance, the system comprising: one or more data sources storing data relating to insurance coverage and insurance risk; one or more computer processors in communication with the one or more data sources; a virtual server in communication with the one or more data sources; a communications device in communication with the virtual server; and a memory, in communication with the one or more computer processors, storing program instructions which cause the one or more computer processors to: provide a platform that is configured to be accessed by a prospective customer over an internet network; receive a property address of the prospective customer; request insurance application data from one or more data sources; receive insurance application data from the one or more data sources; analyze the insurance application data with underwriting rules implemented by the platform; determine a risk category for the prospective customer; generate an initial quote for an insurance product; receive, from the prospective customer, customized coverage parameters and customized rewards options; request loss history information and insurance rating information from one or more data sources; and generate a final quote for the insurance product.
“10. The system of claim 9, wherein the property address is a residential property address.
“11. The system of claim 9, wherein the risk category is selected from the group consisting of green, yellow, or red.
“12. The system of claim 11, further comprising, after the step of determining the risk category, responsive to a determination of a risk category of red, flagging the application as ineligible.
“13. The system of claim 11, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of green, requesting billing information and binding a policy for the property insurance product; and requesting a self-inspection by the prospective customer.
“14. The method of claim 11, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of yellow, requesting a self-inspection by the prospective customer; and requesting billing information and binding a policy for the property insurance product.
“15. A method of providing one or more bindable insurance quotes to a prospective customer without receiving any personally identifying information from the prospective customer, the method comprising: providing, by a system having at least one processor and at least one memory, a first graphical user interface configured for entry of a property address; receiving the property address from the prospective customer; requesting, from one or more data sources, insurance application information about the property address; receiving the insurance application information from the one or more data sources; applying underwriting rules stored on the memory to the insurance data; determining a risk category; determining an initial quote based on one or more underwriting rules and risk category; providing a second graphical user interface configured for customizing insurance coverage parameters and reward options; determining a finalized quote; providing a third graphical user interface configured for entry of personal information from the prospective customer; and generating disclosure schedules for the finalized quote.
“16. The method of claim 15, further comprising, after providing a second graphical user interface: requesting, from one or more data sources, a loss history and an insurance rating for the prospective customer.
“17. The method of claim 15, wherein the risk category is selected from the group consisting of green, yellow, and red.
“18. The method of claim 17, further comprising, after the step of determining the risk category, responsive to a determination of a risk category of red, flagging the application as ineligible and sending to an offline agent for further processing.
“19. The method of claim 17, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of green, requesting billing information and binding a policy for the property insurance product; and requesting a self-inspection by the prospective customer.
“20. The method of claim 17, further comprising: after the step of generating a final quote, responsive to a determination of a risk category of yellow, requesting a self-inspection by the prospective customer; and requesting billing information and binding a policy for the property insurance product.”
For additional information on this patent application, see: Gould, Charles; McCall, West; Ortiz, Alvaro; Porter, Leman. System And Method Of Determining And Providing Bindable Insurance Quotes. Filed
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