Researchers Submit Patent Application, “Systems And Methods For Customizing Insurance”, for Approval (USPTO 20220391991): Patent Application

2022 DEC 22 (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 Wilson, Thomas J. (Chicago, IL, US); Yager, Floyd M. (Park Ridge, IL, US), filed on August 15, 2022, was made available online on December 8, 2022.

No assignee for this patent application has been made.

News editors 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.”

As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventors’ summary information for this patent application: “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.

“Another system consistent with the invention provides insurance. The system comprises a database, the database storing a profile of a customer accessing a website; and a processor, the processor identifying 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.

“Both the foregoing general description and the following detailed description are exemplary and explanatory only and do not restrict the claimed invention.”

The claims supplied by the inventors are:

“1. A system, the system comprising: memory that stores a plurality of profiles and a plurality of different packages each corresponding to a different set of features; a network interface that communicates over a communication network, wherein the network interface communicates with a terminal computing device accessing a website; and at least one processor that executes instructions to: retrieve, from the database, profile information corresponding to the terminal device accessing the website; identify one or more other profiles having characteristics in common with the retrieved profile information; select a subset of the packages from the stored plurality of different packages indicated as preferred by the identified profiles; predict, using a demand simulator, demand for individual features associated with the characteristics of the profile information; refine, using the demand simulator, the subset of packages comprising one or more of the features associated with the characteristics of the profile information by iteratively evaluating different combinations of the features and iteratively modifying the subset of packages comprising the features associated with the characteristics of the profile information, wherein the demand simulator is configured to select particular features based on the preference information associated with the identified profiles; further iteratively refine the subset of packages in response to receiving, from the terminal computing device, one or more feature selections made by a user of the terminal computing device, wherein the subset of packages is iteratively refined to customize at least one of the subset of packages based on the feature selections of the user; and generate a display of the at least one customized package for presentation on a display device of the terminal computing device with each iteration.”

For additional information on this patent application, see: Wilson, Thomas J.; Yager, Floyd M. Systems And Methods For Customizing Insurance. U.S. Patent Application Number 20220391991, filed August 15, 2022 and posted December 8, 2022. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(20220391991)&db=US-PGPUB&type=ids

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