Insurance renewal is facilitated in a computerized system by filtering
information on expiring insurance contacts to determine which contracts
qualify for automatic pricing. In response to a signal from a client,
a portfolio of the client's expiring contracts is generated and
the client is provided with a display of the portfolio. The portfolio
includes at least an identification of the client's expiring contracts,
the status of each contract and, a field for renewal pricing. An
expiring contract identified in the portfolio is renewed upon the
provision of a renewal instruction from the client.
1. A method for insurance renewal notification comprising the steps
of: (a) querying a source system containing information about client
contracts for contracts expiring within a predetermined period for
a client; (b) for an expiring contract, determining whether the
contract qualifies for automatic pricing based on a first parameter
included in the information; and (c) generating a notification for
the client of the expiring contract that qualifies for automatic
2. The method of claim 1 wherein the querying step is performed
automatically on a periodic basis.
3. The method of claim 1 further comprising the steps of: (a) upon
receiving a request from the client, determining a premium quote
for a selected one of the contracts based on a second parameter
in the information; and (b) producing the premium quote for the
4. The method of claim 3 wherein the step of producing the premium
quote is performed in real-time with respect to receiving the request
from the client and determining the premium quote.
5. The method of claim 3 further comprising the steps of: (a) receiving
an instruction from the client to renew the selected contract for
the quoted premium; (b) updating the source system to indicate the
selected contract renewed for the quoted premium; and (c) generating
a notification for the client of the competed pricing.
6. The method of claim 1 wherein the source system is a database
system storing information details of a plurality of contracts for
a plurality of clients.
7. The method of claim 1 wherein the contracts are facultative
8. The method of claim 1 wherein the client is a cedent entity.
9. The method of claim 1 wherein the first parameter is at least
one from the group of total insured value, retention, limit, and
10. The method of claim 3 wherein the second parameter is at least
one from the group of geographic location, insured value, construction,
occupancy, and protection.
11. The method of claim 1 further comprising the step of updating
the source system to indicate the expiring contracts that qualify
for automatic pricing.
12. The method of claim 1 further comprising the steps of: (a)
for an expiring contract that does not qualify for automatic pricing,
determining whether the expiring contract qualifies for manual pricing
based at least in part on the first parameter; and (b) generating
a notification for the client of the expiring contract that qualifies
for manual pricing.
13. The method of claim 1 further comprising the step of: (a) for
an expiring contract that qualifies for automatic pricing, including
at least the following information in the notification: name of
the insured, policy number, expiration date, expiring premium, and
14. The method of claim 3 further comprising the steps of: (a)
displaying the second parameter for the selected contract; (b) selectively
updating the information for the second parameter; and (c) using
the updated information for the second parameter in determining
the premium quote.
15. The method of claim 1 further comprising the steps of: (a)
receiving approval of the determination on qualification for automatic
pricing from a provider for the expiring contract; and (b) updating
the source system to indicate the expiring contract is approved
for automatic pricing.
16. The method of claim 15 wherein the provider is one of a reinsurance
entity, underwriter, reinsurance broker, and hub provider.
17. The method of claim 15 further for comprising the steps of:
(a) for an expiring contract approved for automatic pricing, determining
a premium quote based on a second parameter included in the information;
(b) updating the source system with the premium quote for the expiring
contract; and (c) including the premium quote with the client notification
of the expiring contract approved for automatic pricing.
18. The method of claim 15 further for comprising the steps of:
(a) upon receiving a request from the client, determining a premium
quote for a selected one of the contracts based on a second parameter
included in the information; (b) updating the source system with
the premium quote for the selected contract; and (c) producing the
premium quote for the selected contract for the client.
19. A method for insurance pricing notification using a communications
network comprising the steps of: (a) determining one or more contracts
that expire within a predetermined period for a plurality of clients;
(b) storing at a location accessible through the network, a list
for a client of parameters for the one or more expiring contracts
associated with the client; and (c) producing a notification for
said client of the list of expiring contracts for that client using
20. The method of claim 19 further comprising the step of: (a)
automatically querying a source system on a periodic basis to determine
the one or more contracts that expire within a predetermined period
for the plurality of clients.
21. The method of claim 19 further comprising the steps of: (a)
for an expiring contract, determining whether the expiring contract
qualifies for automatic pricing; and (b) indicating on the list
whether the expiring contract qualifies for automatic pricing.
22. The method of claim 21 further comprising the steps of: (a)
determining a premium quote for the expiring contract that qualifies
for automatic pricing; and (b) including the premium quote in the
list associated with the expiring contract.
23. The method of claim 19 further comprising the step of organizing
the list according to the subject for each expiring contract wherein
the subject is one from the group of an insured, and a risk.
24. The method of claim 19 wherein the parameters include at least
one from the group of name of the insured, policy number, expiration
date, expiring premium, and status.
25. A method for facilitating insurance renewal using computer
communication between a client's computer and a server, comprising
the steps of: (a) in response to a first signal from the client's
computer, generating a portfolio at the server for the client of
one or more client contracts expiring within a predetermined period,
the portfolio including pricing for renewal for the one or more
expiring contracts; and (b) in response to a second signal from
the client's computer, updating the portfolio at the server to reflect
renewal of any of the expiring contracts for which renewal was requested
by the client.
26. The method of claim 25 further comprising the steps of: (a)
querying a source system containing information about client contracts
to identify the one or more contracts expiring within the predetermined
period; (b) for an identified expiring contract, determining whether
the identified contract qualifies for automatic pricing based on
a first parameter included in the information; and (c) in the portfolio,
displaying an indication associated with the identified expiring
contract according to the determination of qualification for automatic
27. A method for insurance renewal notification from a server to
a client computer each connected to a network, the method comprising
the steps of: (a) at the server, generating a signal representing
a display including at least a field identifying an expiring contract,
a field indicating the status of the expiring contract, and a field
reserved for indicating a new premium for the contract; and (b)
sending the signal from the server to the client computer.
28. The method of claim 27 wherein the sending step is performed
in response to a request from the client computer to the provider
29. The method of claim 27 further comprising the step of sending
at least a portion of the signal upon establishing a connection
between the provider server and client computer.
30. The method of claim 27 further comprising the steps of: (a)
determining the new premium for the expiring contract; and (b) including
the new premium in the field reserve for indicating the new premium.
31. The method of claim 30 further comprising the steps of: (a)
receiving at the server a request signal from the client computer
indicating a request to renew the expiring contract; (b) renewing
the expiring contract at the new premium; and (c) sending an update
signal to the client computer indicating that the expiring contract
32. The method of claim 30 further comprising the steps of: (a)
determining whether the expiring contract qualifies for automatic
pricing based on at least one parameter of the expiring contract;
and (b) if the expiring contract qualifies for automatic pricing,
indicating such qualification in the signal
33. A system for facilitating insurance renewal, comprising: a
database component containing information about client contracts;
and a computer executable application that: queries the database
component for contracts that expire within a predetermined period;
filters the expiring contracts according to whether the contracts
qualify for automatic pricing; and generates a signal representing
a portfolio of the expiring contracts with pricing; the database
component being updated in response to a signal received from the
client or the application.
34. A system for facilitating insurance renewal, comprising: a
server connected to communicate with at least one client computer;
and a computer executable application (i) generating a portfolio,
accessible to the server, in response to a first signal from the
client computer, the portfolio indicating one or more contracts
expiring within a predetermined period and pricing for renewal for
the one or more expiring contracts; and (ii) updating the portfolio
in response to a second signal from the client computer, the updated
portfolio indicating renewal of any of the expiring contracts for
which renewal was requested by the client.
35. A system for insurance renewal notification, comprising: a
server connected to a network to which at least one client's computer
is also connected; and a computer executable applications accessible
through the network generating a signal representing a display including
at least (i) a field identifying an expiring contract for the at
least one client, (ii) a field indicating the status of the expiring
contract, and (iii) a field reserved for indicating a new premium
for the expiring contract.
36. A system for insurance pricing notification using a computer
network, comprising: a computer executable application accessible
through the network including a filtering module determining one
or more contracts that expire within a predetermined period for
a plurality of clients; and a notification module producing a notification
for a client, the notification containing information corresponding
to at least one expiring contract for that client; and a storage
device accessible through the network for storing the notification
in association with an identification of the client.
 This application claims the benefit of U.S. Provisional Application
Serial No. 60/428,730 filed Nov. 22, 2002, which is hereby incorporated
by reference in its entirety.
 Communications and transactions pertaining to insurance.
 Reinsurance indemnifies an insurance company, known in the
industry as cedent, against all or part of the loss sustained under
an insurance policy it issued on a risk. The term "risk"
refers to the property or liability being insured. An insurance
company may be vulnerable in the event of a particular disaster
affecting the risk underlying many policies. To spread its risks,
among other reasons, the insurance company may contract with a reinsurer
to assume some risk of the insured loss.
 There are various parties in this relationship: the policy
holders who purchase insurance from the insurance company; the reinsurance
company that reduces the risk of loss on the policies issued by
the insurance company; and the insurance company in the middle having
relationships with the policy holders and one or more reinsurance
companies. Sometimes, the insurance company is represented by a
reinsurance broker who facilitates the process of finding a reinsurance
company agreeable to indemnify certain risks. An exchange or data
hub is an environment for insurance companies and reinsurers to
interact. Typically, the insurance company has to keep track of
many policies and contracts, which can become quite complicated
 In current practice, the insurance company or reinsurance
broker initiates transactions, directly or through an exchange with
the reinsurance company. In this context the insurance company or
reinsurance broker acts as a "client" and the reinsurance
company or underwriter acts as a "provider." As with many
businesses, the client conducts transactions and the provider issues
a bill or invoice to the client for payment. If there is an adjustment
of some underlying policy, the client contacts the appropriate provider
to update and/or adjust the corresponding reinsurance contract.
If the reinsurance contract is to be changed or renewed, the client
contacts the appropriate provider with the request to change or
renew. The reinsurance company is passive, reacting to requests
from the insurance company. Contracts are handled on an individual
basis by the reinsurer and insurance company. Further, the insurance
company or broker and the reinsurer duplicate a significant amount
of information regarding the reinsurance contracts.
 The present invention alleviates some of the burden of maintaining
the status of the policies and contracts that are subject to the
transactions between the providers and clients. Furthermore the
present invention is a method for the provider to service the client
efficiently in renewing contracts. The term "provider"
here and throughout refers to the reinsurance company, underwriter,
or other entity that provides products or services and "client"
here and throughout refers to the insurance company, reinsurance
broker, or other entity that contracts to receive the products or
SUMMARY OF INVENTION
 The present invention is a method and system for facilitating
insurance renewal using computer communication or a network for
transmitting information between the provider or server and the
client or clients. A source system or database component is queried
to identify those contracts, e.g., reinsurance contracts, that are
due to expire within the predetermined period. The query results
are filtered to determine which expiring contracts qualify for automatic
pricing. A portfolio is generated identifying the client's expiring
contracts and indicating which of the expiring contracts qualify
for automatic pricing. When the client accesses its portfolio, the
client is provided with the options, of updating contract information,
requesting a premium quote, or renewing a quoted expiring contract,
among others. The client may select any of the identified contracts
to receive further details of the selected contract.
 For contracts that qualify for automatic pricing, the renewal
premium quote is computed in real-time based on one or more parameters
pertaining to the contract and included in the portfolio. The client
renews the contract by accepting the quoted premium. The renewed
contract is then certificated or bound in real-time. If the client
wants the contract to expire, the client indicates non-renewal for
the contract. For contracts that do not qualify for automatic pricing,
after the provider determines the premium quote, it is included
in the portfolio. The client can then renew the contract for the
quoted premium, allow it to expire, request communication from the
provider, or select another transaction from the portfolio access.
BRIEF DESCRIPTION OF DRAWINGS
 FIG. 1 shows a block diagram of the system according to
the preferred embodiment of the invention;
 FIG. 2 shows a flowchart of the method according to the
 FIG. 3 shows a sample portfolio display of expiring contracts
for a client according to the preferred embodiment; and
 FIG. 4 shows a sample expiring contract profile display
according to the preferred embodiment.
DETAILED DESCRIPTION OF PREFERRED EMBODIMENT
 In the preferred embodiment described below, the subject
matter is reinsurance and the interactions are between the reinsurer
and insurance company or broker. However the invention applies to
contracts and interactions between providers and clients. In this
embodiment, the reinsurer is both a party to the contract and the
entity managing the invention method and system. However, the invention
may be performed or managed by an entity separate from the reinsurer.
For example, an exchange or third party may maintain the system
infrastructure and provide the application-based service to subscribed
providers and clients.
 Facultative reinsurance agreements are particularly suitable
to benefit from this invention because the contract parameters are
qualitative in nature. Facultative reinsurance contracts cover individual
underlying policies on an individual basis for particular risk exposure.
In contrast treaty reinsurance contracts cover a class of risks
such as the insurance company's workers' compensation portfolio.
However, the present invention is applicable to other insurance
agreements or contracts, including but not limited to property,
casualty, liability, engineering, and life. The term insurance is
used throughout to encompass at least insurance and reinsurance.
 The method is implemented by a computer software application
(executable computer program) operating within the network computer
system according to the preferred embodiment. Referring to FIG.
1, the application operates on a server (or servers) 110 having
access to the source system or database component 112 and a computer
network or communication system. For example, an Internet 100 or
online service is used to provide efficient communication between
the application server(s) 110, the clients' computer or workstations
("client computer") 114 and the providers' computer or
workstations 116. A website or other means of access is established
as a portal to the application through the network or communication
system. Clients and providers use standard browsers to access the
portal. The application is web-enabled (or otherwise activated)
creating an interactive environment for clients and providers and
coordinating with the source system. The application can operate
substantially continuously as is known in the computing industry,
so that information may be communicated and transactions performed
at any time. The application or database may be down occasionally
(or periodically) for maintenance, archive, or other practical considerations.
The database may reside on the same server as the application or
a separate server or computer. The database may be connected directly
to the server, as illustrated, of indirectly through the network.
The server and provider computer may be the same or separate computer,
collectively referred to as the "provider server." A provider
workstation 118 may be directly connected to the server in addition
to or instead of the network connection such as provider workstation
 The application notifies insurance companies of their reinsurance
contracts that will expire within some predetermined period, which
may be selectable, and presents the information in a portfolio format.
For qualifying reinsurance contracts, the insurance company can
renew the expiring contract for a quoted premium directly through
the automated system.
 The source system manages all the information about the
reinsurance contracts referred to herein as parameters. For each
reinsurance contract, the database stores, for example, the following
parameters: reinsurance contract number (risk number), effective
period and/or expiration date, premium, total insured value, layer
(coverage amount), limit, retention, deductibles, the name of the
insurance company (cedent), the policy number for the policy issued
by the cedent to the insured, the name of the insured, perils, geographic
location of the insured property, insured value of the insured property,
construction of the insured property, occupancy of the insured property,
protection for the insured property, and status of the reinsurance
 Various features of the invention according to the preferred
embodiment are described with reference to FIG. 2. One feature is
that the client can remotely access and transaction on its contracts
through the portal connection. This feature enhances the client's
control and flexibility in handling its contracts. Typically, this
arrangement is implemented by a subscription service where the client
has an account, username and password and the client's contracts
are associated with the client's account as is known in the computing
industry. As illustrated, at step 200 the client accesses its account
through the portal. At step 210, the application queries the source
system for the client's contracts, i.e., the contracts associated
with the client's account. A portfolio display of the client's contracts
is generated based on the query as described below with reference
to step 218.
 Another feature of the preferred embodiment is that all
the clients' contracts (typically for one provider) are managed
collectively based on the expiration dates. At step 212, the application
queries the source system for the reinsurance contracts that will
expire within the predetermined period. For example if the predetermined
period is forty-five days, then the query will identify all reinsurance
contracts that will expire within the next forty-five days from
the date of the query. The provider (or its system administrator)
specifies or selects the predetermined period.
 In the preferred embodiment, the query is performed periodically
independent of the client's access. For example, the query may be
triggered by a timer such that query is repeated periodically such
as weekly, biweekly, monthly on a particular day of the month, etc.
The query is typically database-wide capturing all expiring contracts
regardless of the client. In a another embodiment, the query is
triggered by a signal from the client or provider indicating a request
for particular contracts or expiring contracts. For example, the
query may be limited to a specific client or group of clients based
on contract parameters such as region, or underwriter, etc. In further
embodiment, the query is triggered by the client's account access,
i.e., when a connection is established between the client's computer
workstation and the server. (Here and throughout, the various embodiments
described may be concurrently operative, i.e. the application may
be designed to include more than one way of performing a feature.)
 At step 214, the query results (from step 212) are filtered
to identify whether each contract qualifies for automatic pricing.
Automatic pricing means that the contract falls within certain normal
characteristics and therefore may be priced without additional consideration.
Filtering the normal characteristics is performed based on one or
more of the contract parameters. The filter may be configured to
disqualify a contract that covers an unusual risk or has some particular
feature. For example, the reinsurer may want contracts with high
insured-value or a high premium to be reviewed individually by the
provider underwriter. The filter then is a threshold on the appropriate
contract parameter, e.g., total insured value or premium. The filter
may be compound such as the following conditions for qualifying
a contact for automatic pricing: (a) the property is in region A
and the premium is below B; (b) the property occupancy is X, Y,
or Z; or (c) the total insured value is more than W. For automatically
priced contracts, a premium is calculated based on a formula and
the cedent can renew the contract for the automatically determined
premium by communicating directly with the system, without personal
involvement from the reinsurer.
 If the contract does not qualify for automatic pricing,
the contract may be priced manually. The term "manual"
as applied to pricing denotes that the contract did not qualify
for automatic pricing. For manual pricing, the provider may use
automated tools to assist in computing the premium. The provider
may review all or some of the contract parameters and/or consult
with the client as part of the process of determining the premium.
By definition of manual pricing, there is no inherent limit on when
the manual pricing is performed, except that obviously a contract
designated for manual pricing cannot be renewed before a new premium
is determined. Manual pricing is further described with reference
to steps 226 and 228 according to the preferred embodiment. The
filter may also be configured to designate contracts with certain
characteristics as non-renewable.
 The results of the filtering step 214 are stored in the
source system. The appropriate contract parameter is updated with
the resulting designation: automatic, manual, and non-renewable.
 In a further embodiment, step 216 the application provides
the filtered query results to the provider for approval of the filtering
into automatic and manual pricing before generating the portfolio
display. The dotted arrows to and from step 216 indicate that this
approval step is a further embodiment. In the approval process,
the provider has various options, for example: approve the designation
(automatic pricing, manual pricing, or non-renewable) as determined
by the filter; change the designation, e.g., from automatic to manual
pricing; or change the designation from automatic or manual to non-renewable.
If the designation is changed, the source system is updated accordingly.
The source system may also store the stats indicating that the contract
has been approved.
 In this further embodiment, if the source system handles
more than one underwriter associated with the reinsurance company,
the query results are sorted and distributed to the appropriate
underwriter. Each underwriter for the reinsurer receives the information
about those identified expiring contracts that it underwrites. For
convenience, the underwriter initially receives a summary of resulting
expiring contracts, i.e., the basic parameters about each contract,
including whether the contract qualifies for automatic pricing.
Basic parameters include, for example, name of insured, the policy
number, the total insured value, and the expiring premium. Upon
request, the underwriter may access further information about any
of its contracts. Once the designations for the expiring contracts
have been approved or revised and thereby approved by the provider,
the portfolio display for the client is generated at step 218.
 In the preferred embodiment, the client receives or accesses
the portfolio display by "logging on" to its account through
the portal, substantially at any time. However, it is also useful
for the client to be notified that an updated portfolio is available.
For example, the application may send an e-mail, page a beeper or
disseminate some other communication to the client. The communication
may be merely stating that the updated portfolio is available through
portal access or include substantive information including all or
part of the portfolio display generated at step 218. Some type of
notification may be particularly useful, in the further embodiment,
where the filtering step 214 is subject to approval (step 216).
For the embodiment where the querying and filtering steps (212-214)
are performed periodically, the notification may be configured for
distribution to clients who do not access their accounts through
the portal within some period after the filtering is performed.
 Continuing with the description of the preferred embodiment,
at step 218, a portfolio display is generated based on the various
query results. as indicated above, in the preferred embodiment,
the query for expiring contracts (step 212) and filtering (step
214) is performed periodically. Thus, when a client accesses its
account through the portal (step 200) triggering a query for the
contracts associated with the client (step 210), the generated portfolio
display (at step 218) takes into account whether the expiring contract
has been designated for automatic pricing, manual pricing, or non-renewal.
Alternatively or in addition, the filtering step (214) may be performed
on the results of the query at step 210 (for the client's contracts
expiring within the predetermined period) triggered by the client
access at step 200.
 As illustrated in FIG. 3, the portfolio display includes
a profile for each expiring contract including (1) a field that
identifies the contract and (2) a field that indicates the status
16 of the contract. The portfolio also indicates whether the contracts
qualify for automatic pricing 10 or manual 23. This indication may
be achieved by separately listing the automatic pricing contracts
from the manual pricing contracts, as illustrated. The automatic
versus manual pricing may be indicated in other ways, such as a
field in the profile for each contract. The contract is identified,
for example, by the name of the insured 11 or policy number 12.
The profile also includes a field for the new premium 15 which would
apply if the contract were renewed. The profile may include other
fields such as the expiration date 13 and expiring premium 14. For
each contract, the information in the fields is based on the corresponding
contract parameters. If the new premium has not yet been computed,
the field for the new premium 15 is empty. When the new premium
is computed, either automatically or manually depending on its qualifications,
the profile is updated and new premium is displayed at field 15
of the profile.
 For contracts that qualify for automatic or manual pricing,
the status 16 of the contract may be, for example, expiring 20,
quoted 18, certificate 17, binder 21, and non-renew 19. Expiring
status 21 means that the contract is due to expire within the predetermined
period however the new premium has not yet been determined. Quoted
status 18 means that a premium to renew the contract was computed
(automatically or otherwise). After an agreement is reached between
the cedent and reinsurer on the. premium to renew the contract,
and the underlying insurance policy is made available by the cedent
to the reinsurer, a certificate number is issued by the reinsurer
(to comply with insurance regulations); thus the certificate status
17. To accommodate the regulations, a interim status is introduced
called binder. When the cedent is ready to accept the quoted premium,
the cedent can finalize the renewal with a binder number, thus the
binder status 21, which represents the renewed insurance contract
while waiting for the certificate to be issued. When the reinsurer
replaces the binder with a certificate, the contract status changes
from binder 21 to certificate 17. From the perspective of the cedent,
binder is as final as the certificate and the renewal transaction
is complete. If the client does not want to perform any transaction
on the listed contracts, the client may request a reminder by selecting
remind 22 as illustrated in FIG. 2.
 From the portfolio display, when the client selects one
of the contracts, more details of the selected contract are presented
in the profile display. As illustrated in FIG. 4, contract details
in the profile display include for example, risk details 30, layers
39, perils 41, and location information 44. Risk details refers
to contract parameters such as the insured's name 31, risk number
32, policy number 33, status 34, effective period 35, reminder date
36 (if any), premium 36, and total insured value 38. Layer 40 refers
to the coverage amount in excess of retention. Perils refers to
the risk 42 and deductibles 43. Location information includes for
example, address 45, insured value 46, construction 47 (e.g. what
the property is made of), occupancy 48 (e.g., what the property
is used for), and protection 49 (or precaution that reduce the chance
 From the detailed profile display (illustrated in FIG. 4)
or by scrolling through nested displays, the client had various
options for transactions on the contract. Depending on the status
of the contract, the client may have the following options: update
contract information, request a premium quote 50, renew a contract
at the quoted premiums by binder or certificate, request a reminder
51, forward contract details to someone else 52, request that the
provider contact the client 53, designate a contract as non-renewable
54, and print contract details 55.
 Referring again to FIG. 2, at step 220, the client requests
a quote for a premium for one of the profiled expiring contracts.
The client is prompted to confirm or update select contract details
that may impact the contract's qualification of automatic pricing.
For example select contract details may include occupancy, protection,
catastrophe deductible, perils, whether there were any losses over
a predetermined threshold, whether any other insurance or reinsurance
coverage applies to the risk, and the current total insured value.
In a further embodiment, the client may update the contract details
at any time, however certain changes may trigger a change in status
from automatic pricing to manual or if a premium was already quoted,
adjusting contract details may void the premium quote and require
a recalculation. Updated or adjusted contract details are stored
in the source system by updating the appropriate parameters.
 At step 222, the application checks and confirms whether
the contract qualifies for automatic pricing. If there were no changes
in the contract details that affect qualification for automatic
pricing, the application checks the indication stored in the source
system associated with the contract as a result of the filtering
step 214 or in the further embodiment as a result of the approval
step 216. If there were changes in the contract details that affect
qualification for automatic pricing, then the application determines
 If the contract still qualifies for automatic pricing, at
step 224, the application computes a premium based on the contract
details in accordance with a predetermined formula. If the client
updated any of the contract details that affect the premium, the
updated information is used to compute the premium quote. The premium
is computed and at step 230 the updated portfolio display including
the premium quote is provided to the client in real time in response
to the client's request at step 220. The source system is updated
with the premium quote.
 If the contract does not qualify for automatic pricing,
at step 226, the request for a premium quote is directed (and communicated)
to the provider. At step 228 the provider determines the premium
quote and the source system is updated. Thereafter the portfolio
display is updated at step 230. Due to the unknown amount of time
for the provider to determine the premium quote, the client typically
disconnects from the portal. Upon subsequent connection the updated
portfolio display will reflect the premium quote. Also as described
above, the client may be notified by e-mail, phone, or other communication
when the premium is available at which time the client may reestablish
the connection through the portal. Under appropriate conditions
(as determined by the provider), the provider may determine a premium
quote for a manual pricing contract at or about the time of performing
the filtering (214) or approval (216) steps. Thus premium may be
provided in the portfolio display generated at step 218 or if the
contract details remain unchanged after the request at step 220,
the premium may be provided in the updated portfolio display presented
in real time (bypassing steps 226 and 228).
 The premium for renewing the contract typically varies according
to market forces as well as changes in the contract details. The
reinsurer specifies modifiers to reflect these factors. The premium
quote is then computed by adding the product of the expiring premium
and the one or more modifiers. For example, if inflation is 7%,
the modifier for all contracts may be 0.07 to match inflation, or
0.10 to produce profits above inflation.. For an example of a modifier
based on contract details, if a penthouse was added to a three story
building, the modifier may be 0.25 which would raise the premium
by 25%. If both modifiers were applied, the premium would be raised
32%. Another example is if the reinsurer perceives an increased
risk in a geographic region, the modifier for this geographic region
may be 0.12. If this modifier was combined with the inflation modifier,
the premium would be raised 19%. The reinsure may establish rules
to reflect the conditions that set the modifiers. In the alternative,
the reinsure can set the modifiers directly.
 After a premium quote is provided (whether computed automatically
or manually), at step 232, the client can accepts the quoted premium
by selecting certificate or bind, thus renewing the contract. The
renewal is performed directly in response to the client's selection
based on the portfolio and profile displays. At step 234, the portfolio
display is updated as well as the source system.