System and method for determining insurance group dividends

A computerized method of determining a dividend for an insurance customer in relation to an insurance policy, the method comprising:

• storing data in one or more data storage devices regarding a plurality of insurance group dividend plans, including, with respect to at least one group dividend plan, eligibility criteria to be a member of the group dividend plan, a group of customers assigned to the group dividend plan, and premium payments and safety data associated with each customer of the group of customers assigned to the group dividend plan, the safety data including data indicative of at least one of a participation or a performance of the customer in one or more loss prevention programs;
• receiving, by a computer processor, eligibility data related to a customer's eligibility to be assigned to a group dividend plan;
• identifying, by the computer processor, the group dividend plan that the customer is eligible to join based on the received eligibility data and the eligibility criteria stored in the one or more data storage devices;
• assigning, by the computer processor, the customer to the identified group dividend plan;
• determining, by the computer processor, an eligible premium for the customer based on the customer's assigned group dividend plan;
• and
• calculating, by the computer processor, the dividend to provide to the customer based on the group dividend plan to which the customer is assigned, the eligible premium, and the safety data stored in the one or more data storage devices related to the customer.

A non-transitory computer readable medium storing computer executable instructions, which, when executed by a computer processor, cause the computer processor to:

• store in one or more data storage devices data regarding a plurality of insurance group dividend plans, including, with respect to at least one group dividend plan, eligibility criteria to be a member of the group dividend plan, a group of customers assigned to the group dividend plan, and premium payments and safety data associated with each customer of the group of customers assigned to the group dividend plan, the safety data including data indicative of at least one of a participation or a performance of the customer in one or more loss prevention programs;
• receive eligibility data related to a customer's eligibility to be assigned to a group dividend plan;
• identify the group dividend plan that the customer is eligible to join based on the received eligibility data and the eligibility criteria stored in the one or more data storage devices;
• assign the customer to the identified group dividend plan;
• determine an eligible premium for the customer based on the customer's assigned group dividend plan;
• calculate a dividend to provide to the customer based on the group dividend plan to which the customer is assigned, the eligible premium, and the safety data stored in the one or more data storage devices related to the customer.