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US 9,805,422 B1Granted
Systems and methods for calculating seasonal insurance premiums
AssigneeAllstate Insurance Company
InventorsJeffrey T May, Richard J Taranda
Life of this patent
Estimating the term…
Abstract
Insurance premiums for seasonal products may be generated. The insurance premium may be calculated by determining a historic seasonal variation in aggregate risk to an insurer; determining a predicted seasonal variation in aggregate risk to the insurer; and generating a premium installment payment schedule. The predicted seasonal variation in aggregate risk to the insurer may be based on the historical seasonal variation in aggregate risk. The premium installment payment schedule may be based on the predicted seasonal variation in aggregate risk. The monthly insurance premium may vary throughout the year and be based on a seasonal predicted risk to an insurer.
Claims17
A computer-implemented method for developing a seasonal payment schedule for insurance premiums comprising:
- determining, by an insurance premium calculation and billing server, a historic seasonal variation in aggregate risk to an insurer, wherein the insurance premium calculation and billing server includes a processor that controls operation of the insurance premium calculation and billing server, memory that stores an operating system software for controlling overall operation of the insurance premium calculation and billing server, a network interface, and input/output interfaces and the insurance premium calculation and billing server provides overall access, control, and administration of databases and the operating system software;
- determining, by the insurance premium calculation and billing server, a real-time predicted seasonal variation in aggregate risk to the insurer, wherein the real-time predicted seasonal variation in aggregate risk is based on the historical seasonal variation in aggregate risk, wherein the aggregate risk is the real-time predicted seasonal variation based from the historical seasonal variation of risk towards the insurer;
- generating, by the insurance premium calculation and billing server, a premium installment payment schedule for a seasonal product based on the real-time predicted seasonal variation in aggregate risk, wherein the seasonal product is only used during a portion of a calendar year;
- generating a real-time notification when there is a change in the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- sending, over the Internet to an application on a client device, the real-time notification to cause the application to display an alert to adjust the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- and
- presenting, by the insurance premium calculation and billing server, the generated premium installment payment schedule to a customer in a billing statement.
4 more elements
One or more non-transitory computer readable storage media storing computer readable instructions that, when executed, cause a computer at least to perform:
- determining, by an insurance premium calculation and billing server, a historic seasonal variation in aggregate risk to an insurer, wherein the insurance premium calculation and billing server includes a processor that controls operation of the insurance premium calculation and billing server, memory that stores an operating system software for controlling overall operation of the insurance premium calculation and billing server, a network interface, and input/output interfaces and the insurance premium calculation and billing server provides overall access, control, and administration of databases and the operating system software;
- determining, by the insurance premium calculation and billing server, a real-time predicted seasonal variation in aggregate risk to the insurer, wherein the real-time predicted seasonal variation in aggregate risk is based on the historical seasonal variation in aggregate risk, wherein the aggregate risk is the real-time predicted seasonal variation based from the historical seasonal variation of risk towards the insurer;
- generating, by the insurance premium calculation and billing server, a premium installment payment schedule for a seasonal product based on the real-time predicted seasonal variation in aggregate risk, wherein the seasonal product is only used during a portion of a calendar year;
- generating a real-time notification when there is a change in the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- sending, over the Internet to an application on a client device, the real-time notification to cause the application to display an alert to adjust the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- and
- presenting, by the insurance premium calculation and billing server, the generated premium installment payment schedule to a customer in a billing statement.
4 more elements
A system comprising:
- an insurance premium calculation and billing server that provides overall access, control, and administration of databases and an operating system software, the insurance premium calculation and billing server includes:
- a processor controlling the operation of the insurance premium calculation and billing server;
- a network interface;
- and
- input/output interfaces;
- and
- a memory that stores the operating system software for controlling overall operation of the insurance premium calculation and billing server, the memory storing computer executable instructions that when executed cause the system at least to:
- determine a historic seasonal variation in aggregate risk to an insurer;
- determine a real-time predicted seasonal variation in aggregate risk to the insurer,
- wherein the real-time predicted seasonal variation in aggregate risk is based on the historical seasonal variation in aggregate risk, wherein the aggregate risk is the real-time predicted seasonal variation based from the historical seasonal variation of risk towards the insurer;
- generate a premium installment payment schedule for a seasonal product based on the real-time predicted seasonal variation in aggregate risk, wherein the seasonal product is only used during a portion of a calendar year;
- generate a real-time notification when there is a change in the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- send, over the Internet to an application on a client device, the real-time notification to cause the application to display an alert to adjust the premium installment payment schedule for the seasonal product based on the real-time predicted season variation in aggregate risk to the insurer;
- and
- present the generated premium installment payment schedule to a customer in a billing statement.
12 more elements
Dependencies are inferred from the claim text.