System and method for processing and administrating deductible calculations
AssigneeHartford Fire Insurance Company
InventorDouglas D. Schumann, Jr.
Life of this patent
Estimating the term…
Abstract
An insurance policy management system for administering and managing insurance policies having deductible coverage through a primary and a secondary insurer. The secondary insurer is provided a portion of a premium payment via the primary insurer to provide deductible coverage to a policyholder. The policyholder will not have to pay a lump sum deductible in the event of a loss when selecting the no deductible option and may have the option of bidding out the deductible coverage in a multi-insurer platform.
Claims19
A system for administering insurance policies for issue to a consumer by a primary insurer without requiring deductible payments by the consumer, the system comprising:
- at least one processor;
- a memory coupled to the at least one processor;
- and one or more programs, wherein the one or more programs are stored in the memory and configured to be executed by the at least one processor, the one or more programs including instructions for:
- providing a deductible option selection screen on a graphical user interface;
- receiving a deductible option selection from the graphical user interface;
- storing the deductible option selection in a storage device;
- and
- responsive to receiving an insured deductible option selection from the graphical user interface, communicating, via a communications network, the deductible option selection to the primary insurer and a secondary insurer distinct from the primary insurer, the primary insurer issuing to the consumer an insurance policy having a deductible, and the secondary insurer providing deductible insurance coverage for the policy without involving the consumer.
A computer system for providing insured deductible options to a current or future policyholder of an insurance policy for issue by a primary insurer, comprising:
- a processor;
- and
- a memory storage device in communication with the processor;
- the processor configured to:
- receive via a computer communications network applicant data related to a no deductible option selection;
- store the no deductible option selection in the memory storage device
- determine, based on the no deductible option selection, a total premium associated with the no deductible option selection;
- and
- transmit information related to the no deductible option selection to at least the primary insurer and a secondary insurer distinct from the primary insurer, wherein the at least the primary and the secondary insurers share the determined premium, the primary insurer issuing to the policyholder the insurance policy having a deductible, and the secondary insurer providing deductible insurance coverage for the policy.
A computer-implemented method for administering insurance policies in a multi-insurer platform, the policies each having a separable deductible, comprising:
- receiving, via a communications interface, data for an insurance policy having a separable deductible to at least one party;
- determining, via a computer processor, insurance premium information for the at least one party;
- selecting, via the computer processor, two or more insurers for sharing of the insurance policy;
- storing, via a data storage device information related to the two or more insurers;
- and
- transmitting data to the two or more selected insurers, the selected insurers being distinct entities, wherein one of the selected insurers is to issue to the at least one party the insurance policy and another one of the selected insurers is allocated a deductible coverage for the separable deductible associated with the insurance policy.
Dependencies are inferred from the claim text.