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Insurance Abstract
Systems and methods for facilitating the dispensing of insurance
and of an insurance company selling insurance policies are provided,
which may be network or Internet based, and may be managed through
a general agent. Policy information from insurance companies may
be received or stored. Data may be received from customers and insurance
rates or quotes provided, which may be from competing companies.
An instruction to purchase and payment may be received and proof
of coverage, such as printing a document, may be facilitated. Data
may be input directly by a customer or by an agent on behalf of
the customer. The policy information, customer data, and premiums
may be provided to the insurance companies. Insurance agents may
advertise, and may refer customers from their own websites in exchange
for commissions. The insurance offered for sale may be, automobile
or specialty insurance, and may provide coverage in another country.
Insurance Claims
1. A network-based method for facilitating the dispensing of insurance
policies, comprising: receiving insurance policy information, at
a host, from a plurality of insurance companies, the insurance policy
information including at least one of insurance rates and underwriting
guidelines; receiving, at the host, customer data from the customer,
the data including at least identification of the desired type of
insurance and parameters applicable to the underwriting guidelines;
obtaining, at the host, calculations of insurance rates for insurance
policies from a plurality of competing insurance companies; providing,
by the host to the customer via the network, the insurance rates
for the insurance policies from at least a portion of the plurality
of competing insurance companies; receiving, by the host, a selection
from the customer of at least one insurance policy from the provided
insurance rates and insurance policies, wherein the plurality of
competing insurance companies are required to bind coverage and
provide the at least one insurance policy to the customer upon selection;
receiving, at the host from the customer via the network, instructions
to purchase the selected insurance policy, along with customer financial
transaction account information to facilitate payment; facilitating,
by the host, authorization of the customer financial transaction
account information without involvement by the agent or the plurality
of insurance companies; and creating and distributing, by the host,
the electronic proof of the bound coverage to the location of the
customer.
2. The method of claim 1, wherein the insurance provides coverage
in a country other than the country in which the customer resides.
3. The method of claim 1, wherein the country in which the customer
resides is the United States, and the country wherein the insurance
provides coverage is Mexico.
4. The method of claim 1, further comprising contracting, by the
host, with an agent to sell, via an agent website, insurance policies
from the plurality of insurance companies in accordance with the
policy information.
5. The method of claim 1, wherein the step of receiving the customer
data further comprises receiving the customer data from at least
one of an agent website and an agent representative via the network.
6. The method of claim 1, wherein the step of creating and distributing
the electronic proof of the bound coverage includes printing at
the location of the customer, via a printer accessed by the customer,
a document providing proof of coverage.
7. The method of claim 1, further comprising at least one of paying
the insurance companies premiums and paying an insurance agent commissions.
8. The method of claim 1, further comprising underwriting the insurance
policy.
9. The method of claim 1, wherein the insurance policy is at least
one of an auto insurance policy and a specialty insurance policy.
10. The method of claim 1, wherein the data is input into a computer
by an insurance agent on behalf of the customer.
11. The method of claim 1, further comprising receiving customer
data from the customer after the customer linked to the host via
a link from a non-agent website.
12. The method of claim 1, further comprising providing authorization
levels based upon account numbers associated with the plurality
of insurance companies, such that the authorization levels provide
an agent with various levels of at least one of access and editing
capabilities.
13. The method of claim 1, wherein the step of facilitating the
electronic creation and distribution of proof of coverage to the
location of the customer further comprises providing proof of coverage
with at least one of scripted functions and customized information
based on requirements from one of the plurality of insurance companies.
14. The method of claim 1, wherein the step of providing the insurance
rates further comprises providing the insurance rates which include
opinions or extra knowledge from an agent related to the insurance
companies associated with the insurance rates.
15. The method of claim 1, wherein the step of providing the insurance
rates further comprises providing the insurance rates without identifying
the related insurance company providing the insurance rate.
16. The method of claim 1, wherein the step of providing the insurance
rates further comprises providing a quotation analysis report which
lists statistics related to the quotes requested.
17. The method of claim 1, further comprising receiving claims
information from policyholders which is automatically transmitted
to claims adjusters for processing.
18. A network-based method for an agent website to facilitate the
dispensing of insurance policies, comprising: receiving insurance
policy information, at the agent website from a host, from a plurality
of insurance companies, the insurance policy information including
at least one of insurance rates and underwriting guidelines; receiving
at the agent website and transmitting to the host, customer data
from the customer, the data including at least identification of
the desired type of insurance and parameters applicable to the underwriting
guidelines; obtaining, at the agent website from the host, calculations
of insurance rates for insurance policies from a plurality of competing
insurance companies; providing, at the agent website to the customer,
the insurance rates for the insurance policies from at least a portion
of the plurality of competing insurance companies; receiving at
the agent website and transmitting to the host, a selection from
the customer of at least one insurance policy from the provided
insurance rates and insurance policies, wherein the plurality of
competing insurance companies are required to bind coverage and
provide the at least one insurance policy to the customer upon selection;
and, receiving at the agent website and transmitting to the host,
instructions to purchase the selected insurance policy, along with
customer financial transaction account information to facilitate
payment, thereby causing authorization of the customer financial
transaction account information without involvement plurality of
insurance companies and causing the creation and distribution, by
the host, of the electronic proof of the bound coverage to the location
of the customer.
19. The method of claim 18, further comprising the agent contracting
with the host to sell, via the agent website, insurance policies
from the plurality of insurance companies in accordance with the
policy information.
20. The method of claim 18, wherein the step of receiving the customer
data further comprises receiving the customer data from an agent
representative via the network.
Insurance Description
CROSS REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation application of and claims
priority to U.S. patent application Ser. No. 10/051,645, filed Jan.
18, 2002 and entitled "SYSTEM AND METHOD OF DISPENSING INSURANCE
THROUGH A COMPUTER NETWORK", which application is a non-provisional
of and claims priority to, U.S. Provisional Patent Application Ser.
No. 60/262,534, filed Jan. 18, 2001 and entitled "Coveragemaker."
This application hereby incorporates by reference these prior applications
in their entirety.
FIELD OF INVENTION
[0002] This invention relates generally to systems and methods
for dispensing insurance services through a computer network.
BACKGROUND OF THE INVENTION
[0003] In service-oriented industries such as the insurance industry,
offices traditionally were staffed with sales personnel working
on a one-to-one basis with walk-in or phone-in customers. Often
personnel time would be inefficient since advice and quotations
given do not result in a sale. The potential customer might have
been under sales pressure, and had to visit or call various companies
in order to obtain competing coverages and prices. Thus, time and
energy would be wasted for both the industry and the customer, increasing
the cost of receiving such services and thereby reducing their demand.
[0004] Some individual insurance companies have more recently had
sites on the Internet where they provide information or quotes regarding
their products. Such websites may be advertised in various ways,
including through registering with popular search engines. However,
it may be necessary for a potential customer to go to the websites
of several insurance companies in order to get competing quotes,
typically spending considerable time inputting the same data at
each website.
[0005] A need exists for potential purchasers of insurance to be
able to go to one location or website, input information, and receive
quotes for insurance from a plurality of competing insurance companies.
In addition, a need exists for insurance companies offering competitive
products to be able to advertise and communicate more efficiently
and effectively with customers looking for their products and services.
Further, a need exists for insurance brokers or agents to be able
to more efficiently sell a variety of insurance products from a
plurality of insurance companies.
SUMMARY OF THE INVENTION
[0006] The present invention provides, inter alia, systems and
methods for automatically dispensing information, services and products
to customers or their insurance agents, which may be carried out
by the customer in a self-service fashion. Such systems and methods
may be used, for example, for automatically dispensing insurance
quotations and policies. Thus, embodiments of the present invention
include systems and methods of distributing insurance that minimize
or replace the antiquated and costly gathering of information by
telephone or in person, and dispensing of forms and documents by
hand, via Telecopier, Fax, or regular mail.
[0007] Accordingly, it is a feature of various embodiments of the
present invention to provide an automatic and efficient system and
method for dispensing information and contractual services to the
general public on a self-service basis by accessing the system from
the Internet. It is a further feature of various embodiments of
the invention to provide such a system which is particularly useful
for dispensing information, goods and services such as insurance
quotations and policy binder agreements. It is also a feature of
various embodiments of this invention to provide the general public
with information about comparable insurance coverages from several
sources for comparison purposes and in some embodiments to automatically
generate and issue insurance binder agreements or insurance policies
according to a customer's choices or specifications. An additional
feature of various embodiments of this invention is to provide such
services by means of a network request from an automated "agent"
for the orderly collection of essential information. It is yet another
feature of various embodiments of the invention to provide a system
which reduces the overall cost of such services by lowering the
personnel and office expenses and overheads.
[0008] Systems and methods in accordance with the present invention
may change and automate many office functions, and may benefit many
of the people and entities involved in the industry by reducing
paperwork, safely storing and automatically backing up valuable
documents, and by reducing workload. Documents may be updated with
substantially real-time processing resulting in accurate reporting
without waiting for commonly-used, end-of-day processing. In addition,
the network may be linked to many computers worldwide, such as the
Internet. In some embodiments, virtually any person at any location
in the world may be able use the system and method as long as Internet
access is available.
[0009] The system and method of this invention may allow a potential
customer or customer quick and easy access to insurance quotations
from more than one company simultaneously, and may allow the customer
to select, purchase and receive their documents on a self-service
and substantially real-time basis. The operations of gathering information,
processing their credit card payment, and issuing policies, may
be carried out in substantially real time and automatically. This
may result in considerable savings in time and money for the customer
and insurance companies alike, and may potentially result in more
sales since the number of Internet-connected computers far exceeds
what would normally be serviced using current practice by insurance
offices and representatives. From the insurance industry's perspective,
it may be that many members of the public may be more willing to
purchase insurance when they can obtain their policy so easily and
quickly, without any sales pressure. In addition, insurance companies
may have significant savings on overhead costs.
[0010] In addition, this system and method may be applied to many
other types of customer service and sales industries. Some examples
may be banking, title companies, and financial service companies,
and other service industries.
[0011] In an exemplary embodiment, the present invention provides
a network-based system for facilitating the dispensing of insurance.
The system generally receives policy information (for instance,
insurance rates and underwriting guidelines, which may be received
via the network) from a plurality of insurance companies, and may
also contract (e.g., through the network) with insurance companies
to sell the companies' insurance policies in accordance with the
policy information provided by them. The system may receive customer
data (for instance, identification of the desired type of insurance
and parameters applicable to the underwriting guidelines) via the
network from one or more customers, and provide to each customer
(e.g., via the network) insurance rates for insurance policies from
a plurality of competing insurance companies. The insurance company
may be identified for each insurance rate quotation. The system
may also: receive from the customer (e.g., via the network) an instruction
to purchase an insurance policy; receive a payment or a promise
to pay; and facilitate the electronic distribution of proof of coverage
to the location of the customer (e.g., printing at the location
of the customer, a document providing proof of coverage).
[0012] In some embodiments, the system may be further configured
to receive the customer data and an instruction to purchase that
were input by an insurance broker or agent (herein insurance agent)
on behalf of the customer, receive the payment or promise to pay
via the insurance agent, and facilitate printing via a printer controlled
by the insurance agent (for the insurance agent to give to the customer).
The type of insurance offered for sale may be, for example, automobile
or specialty insurance, and may provide coverage exclusively in
a specific country (which may be other than the one in which the
customer resides). The system may further be configured to store
the policy information and customer data, and provide customer service
(e.g., notifying customers of changes in the policy information),
and may even provide claims service.
[0013] The network may be, for example, the Internet. In such embodiments,
the system may be configured to receive customer data and instructions
to purchase that were input directly by the customer into a computer
accessed directly by the customer. Similarly, the system may be
configured to receive the payment or promise to pay via the Internet,
and/or facilitate printing directly by the customer via a printer
accessed by the customer. In some embodiments, the system may be
configured to receive customers from insurance agents who perform
advertising (for instance, registering with one or more search engines).
The system may be further configured to pay the insurance companies
the rates of insurance policies issued minus commissions, and pay
the insurance agents their appropriate commissions.
[0014] The present invention further provides an Internet-based
method of facilitating the dispensing of insurance, which may include,
in any order, at least the steps of: storing policy information;
contracting with insurance agents; receiving customer data, providing
insurance rates; receiving an instruction to purchase an insurance
policy; receiving a payment; storing at least part of the customer
data; and facilitating the electronic distribution of proof of coverage
to the location of the customer. This may involve, for instance,
directing customers to a website. For instance, the insurance agents
may have websites that may be registered with search engines, and
customers may be received via links from the insurance agents' websites.
The method may further include paying the insurance agents for customers
that purchased insurance received via their links. Non-agents' websites
may also refer customers, and the method may include paying the
non-agents. There may be competing insurance companies, and the
method may include reporting to the insurance companies an accounting
of the insurance policies that have been issued and the appropriate
customer data, and paying the insurance companies premiums for the
insurance policies that have been issued. Such methods may be performed
by, for instance, a general agent or an insurance company.
[0015] The present invention even further provides another Internet-based
method of facilitating the dispensing of insurance. This method
generally includes in combination, and in any order, at least the
steps of: offering quotes through an Internet website on insurance
policies from a plurality of insurance companies, and offering quotes
through the Internet website on insurance policies through a plurality
of insurance agents. The insurance agents may, for example, log
into the website. The method generally also includes the steps of:
offering quotes through the Internet website on insurance policies
directly to members of the public who log into the website, and
offering quotes through the Internet website to members of the public
through links on insurance agents' websites. The quotes may be offered
to customers, at least some of whom may be at different locations.
Some customers may accept at least one of the quotes and agree to
purchase an insurance policy. In addition, in some embodiments,
the method further includes the step of facilitating the electronic
distribution of proof of coverage to the locations of the customers
who agree to purchase insurance policies.
[0016] The present invention still further provides, in another
exemplary embodiment, a method of an insurance company selling insurance
policies. The method may include (in any order) the steps of providing
policy information to a managing general agent, and authorizing
the general agent to sell the insurance company's insurance. The
general agent may be, for instance, a separate company, part of
the insurance company, or another insurance company. The general
agent will generally receive data (e.g., via the Internet) from
customers, provide to the customer insurance rates (for insurance,
for policies from a plurality of competing companies which may be
identified for each insurance rate), and receive from the customer
an instruction to purchase an insurance policy. The general agent
may also receive payment (or a promise to pay) and facilitate the
electronic distribution of proof of coverage to the location of
the customer (e.g., printing a document). The method will generally
also include the steps of receiving from the general agent: an accounting
of the insurance policies that have been issued, at least part of
the customer data, and payment for the insurance policies that have
been issued.
[0017] The general agent may contract with a plurality of insurance
agents who may advertise the general agent's services. The general
agent may have a website configured to receive the customer data,
provide the rates, receive customer instructions to purchase, and
facilitate the electronic distribution of proof of coverage. The
insurance agents may refer customers to the website and the general
agent may pay the insurance agents commissions and the insurance
company for the insurance policies sold. The customers may also
be referred to the website from non-agents; and the general agent
may pay the non-agents for referrals as well. The method may also
include the steps of verifying the customer data received and/or
adjusting claims submitted by the customers. In other respects,
various methods in accordance with the present invention may be
similar to the system described above, and vice versa.
BRIEF DESCRIPTION OF THE DRAWINGS
[0018] FIG. 1 is a block diagram illustrating an example of a system
in accordance with the present invention;
[0019] FIG. 2 is a flow chart illustrating the steps of an exemplary
method in accordance with the present invention; and
[0020] FIG. 3 is another flow chart illustrating the steps of another
exemplary method in accordance with the present invention.
DETAILED DESCRIPTION OF EXEMPLARY EMBODIMENTS
[0021] According to various embodiments of the present invention,
an automatic system and method for dispensing valuable documents
(such as binder agreements for insurance policies) may be provided.
The system may comprise, as an example, a server and computers connected
via a network such as the Internet. The network may be linked to
information sources of one or more of various companies containing
information, for instance, to calculate premiums and to issue official
documents. The computers may provide self-service sales to end users
(consumers, such as potential customers or policyholders, collectively
herein called customers) or sales through other real insurance agents.
Embodiments having an insurance agent, may have a system of affiliate
identification, a way to process payments, and a printing device
or printer to furnish the customer with a permanent record of the
issuance of valuable documents such as a document providing proof
of (insurance) coverage or an insurance binder.
[0022] In this general embodiment of the present invention, the
server may automatically store detailed information regarding services
and pricing, as well as regarding customer sales completed by each
carrier (e.g., insurance company) and sub-producer (e.g., insurance
agent). The server may be programmed to offer each carrier and sub-producer,
constantly or frequently updated information on sales and commissions
due for each carrier and sub-producer. The server may also be programmed
to receive information on any changes in rates or services, and
may automatically update the information stored accordingly. The
server may further be programmed to offer a predetermined sequence
of gathering and providing information from/to a customer on the
services in which the customer may be interested, and of transmitting
the gathered information to the server. In response to the receipt
of gathered information, the server may extract the information
requested to be provided by the customer from storage and transmit
it back via the network where it may be relayed to the customer.
In some embodiments, the server can subsequently accept an instruction
to purchase for the offered services from the customer, collect
the payment from the customer, and dispense official documents (e.g.,
proof of coverage) to the customer. The server may then automatically
update in substantially real time the information stored (for example,
in a database) regarding sales, commissions due for each carrier
and sub-producer, master agent direct sales, and backup timing.
[0023] The figures include flow charts illustrating various steps
of various embodiments of the present invention. Embodiments of
methods in accordance with the present invention may contain, inter
alia, steps from one or more of these drawing figures. As examples
of various steps that may be performed, queries from a customer
may be accepted by the server, the server may solicit any necessary
information or customer data from the customer, and data may be
exchanged with the server. In addition, relevant data (e.g., customer
data) may be retrieved from one or more data sources, processed,
and transmitted to the terminal, and if the customer elects to make
a credit card or debit card purchase of goods or services in response
to the information received, a credit check may be requested from
a credit information source. Further, on credit approval, the requested
goods or services (e.g., an insurance policy) may be dispensed (or
a document providing proof thereof) in consideration for customer's
payment by credit card or other form of payment, and information
on the transaction may be transmitted to the relevant company's
(e.g., insurance company) data source. In other words, the server
may be suitably and securely interfaced to a credit card payment
gateway for accepting payments from a customer in response to an
instruction to purchase. Such a system and method can, for example,
be used in the insurance industry.
[0024] The system and method may also store and verify account
numbers for the carriers and sub-producers through utilization of
which they may allow or restrict authorization to deliver information
and/or make any changes in prices or services. There may be, as
an example, four levels in which authorization may be given. The
first level may be standard web-to-web sales, the second level may
be insurance agent sales without the ability to do any editing,
the third level may be insurance agent sales with editing capability
at the time of the sale and the fourth level may be the master of
the universe that can void or edit any aspect of the system at any
time.
[0025] Accordingly, FIG. 1 is a block diagram illustrating an exemplary
system 100 in accordance with the present invention that relates
specifically to providing or dispensing insurance services or insurance.
System 100 may be, for example, a network-based system for facilitating
the dispensing or sale of insurance. System 100 may consist of general
agent 160, which may include, control, or use, server 150. General
agent 160 (e.g., via server 150) may be in communication (either
directly or through someone else) with some combination of insurance
companies (e.g., 111 and 112), insurance agents (e.g., 121 and 122),
customers (e.g., customers 101 and 102), advertisers (e.g., advertiser
131) and other businesses (e.g., business 141) which may refer customers
to general agent 160. Server 150 may be programmed to gather and
process the required information by way of scripted functions which
may have been customized as may be necessary to facilitate the dispensing
of official documents from the various companies. As used herein,
a customer (e.g., 101 or 102) may include a person, business, organization,
entity, software, hardware, or the like who is, has been, or may
be interested in purchasing insurance. Customers 101 and 102 may
be, for instance, policyholders or potential customers (e.g., interested
in purchasing insurance). As used herein, an insurance company (e.g.,
111 or 112) may include an insurance underwriter or insurer (e.g.,
a company or business enterprise that sells insurance or assumes
the risks of others, e.g., in exchange for payment). System 100
may be managed by a general agent 160 as described herein. General
agent 160 may control or operate all or part of server 150.
[0026] Communication may be (in whole or in part) via a network,
which may be, for example, the Internet, a local area network (LAN)
or a wide area network (WAN). Communication with customers (e.g.,
101) may be through insurance agents (e.g., 121 as shown in FIG.
1) or directly (e.g., be directly through the network, e.g., as
shown in FIG. 1 for customer 102). Communication through insurance
agents (e.g., 121 as shown in FIG. 1) may be, for example, through
in-person contact with the insurance agent, by telephone, or by
e-mail. Customers (e.g., customer 102) may contact the insurance
companies (e.g., 111) directly, through an insurance agent, or through
the present invention (e.g., server 150) for the making and adjustment
of claims. Advertiser 131 may include various Internet advertisers
or other traditional sources of advertisement (e.g., in the entertainment
or information industry). Other businesses 141 may include, for
example, dealers for equipment (e.g., cars or recreational vehicles)
that may be insured, travel agents, and the like, but generally
will not include licensed insurance agents. Insurance agents (e.g.,
121 and 122) may be licensed insurance agents who may have offices
where they sell insurance and/or may have websites that offer insurance
for sale. In some embodiments, agents (e.g., 121 and 122) may be
unlicensed insurance distributors.
[0027] Embodiments of the present invention (e.g., server 150)
may gather and categorize information, for example, from typical
Internet-connected computers or terminals. As those skilled in the
art will appreciate, a user's (e.g., a customer 102 or an insurance
agent 121 acting on behalf of a customer 101) computer will typically
include various conventional support software and drivers typically
associated with computers. The users (e.g., customers 102 or insurance
agent 121) may interact with server 150 or other aspects of system
100 via any input device such as a keyboard, mouse, kiosk, personal
digital assistant, handheld computer (e.g., Palm Pilot.RTM.), cellular
phone and/or the like. Similarly, the invention could be used (e.g.,
server 150 could be accessed) in conjunction with any type of personal
computer, network computer, workstation, minicomputer, mainframe,
or the like running any operating system such as any version of
Windows, Windows NT, Windows2000, Windows 98, Windows 95, 95/98/2000,
MacOS, OS/2, BeOS, Linux, UNIX, Solaris, ArcSoft (GIS) or the like.
[0028] Server 150 of system 100 may include a host server or other
computing system, including, as examples: a processor for processing
digital data; a memory (e.g., containing database 152) coupled to
the processor for storing digital data; an input digitizer coupled
to the processor for inputting digital data; an application program
stored in the memory and accessible by the processor for directing
the processing of digital data by the processor; a display coupled
to the processor and memory for displaying information derived from
digital data processed by the processor; and one or more databases
(e.g., 152), which may include input data, historical data, specification
data and/or like data and information that could be used in association
with the present invention.
[0029] The software elements of the present invention, for instance
used in conjunction with server 150, may be implemented with one
or more of various types of computer software or programs. For instance,
a programming or scripting language may be used such as C, C++,
Java, COBOL, assembler, PERL, extensible markup language (XML),
with the various algorithms being implemented with any combination
of data structures, objects, processes, routines or other programming
elements. Further, it should be noted that the present invention
may employ (e.g., in the network) any number of conventional techniques
for data transmission, signaling, data processing, network control,
and the like. Still further, the invention could detect or prevent
security issues with a client-side scripting language, such as JavaScript,
VBScript or the like.
[0030] Database 152 (e.g., used with server 150) may be of a variety
of types, such as relational, hierarchical, object-oriented, and/or
the like. Common database products that may be used to implement
database 152 include DB2 by IBM (White Plains, N.Y.), any of the
database products available from Oracle Corporation (Redwood Shores,
Calif.), Microsoft Access by Microsoft Corporation (Redmond, Wash.),
or another database product. Database 152 may be organized in a
suitable manner, including as data tables or lookup tables. Association
of certain data may be accomplished through a data association technique
such as those known and practiced in the art.
[0031] Turning to how the various equipment associated with the
present invention may be configured to interact in various embodiments
of the present invention, the system and method of the present invention,
as described herein, may carry out various steps. In this regard,
the present invention may be described herein in terms of functional
block components and various processing steps. It should be appreciated
that such functional blocks may be realized by any number of hardware,
firmware, and/or software components configured to perform the specified
functions, including those components described above. It should
also be understood that the exemplary processes illustrated may
include more or less steps or may be performed in the context of
a larger processing scheme. Furthermore, the various flowcharts
presented in the drawing figures are not to be construed as limiting
the order in which the individual process steps may be performed.
[0032] Accordingly, an exemplary embodiment of the present invention
may be directed to a system and method for automatically dispensing
insurance quotations, policies, proof of insurance, or other valuable
documents such as stock certificates. Still referring occasionally
to FIG. 1, but also introducing FIG. 2, general agent 160 (e.g.,
via server 150) generally receives policy information (step 202),
for instance, insurance rates and underwriting guidelines, which
may be received via the network from a plurality of insurance companies
(e.g., 111 and 112). Underwriting guidelines may include, as examples,
in the case of automobile insurance, vehicle type, the age of the
driver, the driver's driving record, and any other parameters or
factors which insurance companies (e.g., 111 and 112) may use to
determine the rates they charge to various customers (e.g., 101
and 102). The policy information (e.g., received in step 202) may
be programmed into server 150, for instance, in database 152, or
a link may be provided to a remote server or other data storage
device. The insurance companies (e.g., 111 and 112) may have access
to update the policy information, for instance as rates change.
[0033] General agent 160 (described in more detail below) may also
contract (e.g., through the network) with insurance companies (e.g.,
111 and 112) (step 204) to sell the companies' (e.g., 111 and 112)
insurance policies in accordance with the policy information (obtained
in step 202). The contract (of step 204) may be, for instance, a
written contract, an agreement entered into via a network (e.g.,
the Internet), an understanding based on established business practices,
performance in accordance with an open-ended offer, a partnership,
a joint business venture, forming a corporation together, and the
like. General agent 160 (e.g., via server 150) may also receive
customer information or data (step 210), for instance, identification
of the desired type of insurance (type of insurance the customer,
e.g., 101 or 102, is interested in purchasing, for instance, automobile
insurance, specialty insurance, home owner's insurance, Mexican
insurance, and the like) and various parameters applicable to the
underwriting guidelines (i.e., parameters which influence the rates
or whether insurance may be issued (received in step 202)). In other
words, the parameters applicable to the underwriter guidelines include
information that may be needed or desirable to apply the underwriter
guidelines to determine whether the customer qualifies for insurance
and what rates to charge. A customer (e.g., 101 or 102) may be asked
pertinent questions, for instance, regarding the value of the property
to be insured, the insurance desired, and any other information
necessary or desirable to process a quotation for that particular
type of insurance.
[0034] The gathered data (customer data) may be sent to the server
(e.g., 150) where the data may be processed and interpreted. The
customer may be asked first for basic information or data, which
may be used (e.g., by server 150) to determine what additional,
more-detailed information (customer data) is requested and obtained.
Various fields on particular pages on a web site may be required
to be satisfied (e.g., by customer 102) before proceeding to the
next page or step. The customer data (e.g., received in step 210)
may be stored, for instance, in database 152.
[0035] The customer data may be received (step 210) via the network
from one or more customers. For instance, the data may be received
(step 210) from customer 101, who may have used insurance agent
121, who may have actually input the data. On the other hand, the
data may have been input by customer 101 after being referred to
general agent 160 by insurance agent 121. As another option, the
information may be received from customer 102, who may have directly
input the information without using a separate insurance agent.
Various embodiments may feature various combinations of these options.
[0036] General agent 160 (e.g., via server 150) may further provide
(in step 212), for instance, to each customer (e.g., 101 or 102,
which may also be via the network) quotes for insurance policies
or insurance rates for insurance policies from a one or more (e.g.,
a plurality of) competing insurance companies (e.g., companies 111
and/or 112). The insurance company (e.g., 111 or 112), offering
the policy may be identified for each insurance rate (e.g., in step
212) so that the customer will be aware of the source of the insurance
and may apply any knowledge or opinions he may have regarding the
company, for instance regarding claims service, which may be from
the customer's past experience, the reputation of the insurance
company, a industry or governmental entity which tracks the performance
of or rates insurance companies, or advertising by the insurance
company or others. The insurance company offering each policy may
be identified, for instance, by showing the name of the insurance
company, its initials, or its logo, next to the rate. In some embodiments,
the insurance company offering each policy may be identified for
some (e.g., a plurality of) policies, but rates for other policies
may also be provided without identifying the insurance company (e.g.,
to appeal to customers who may have a low opinion of the insurance
company or may wish to purchase insurance without considering the
reputation of the company).
[0037] An exemplary embodiment of the present invention includes
in combination, and in any order, at least the steps of: offering
quotes (step 212) for instance through an Internet website on insurance
policies from one or more insurance companies (e.g., 111 and 112),
and offering quotes (step 212) (which may also be through the Internet
website) on insurance policies, through a plurality of insurance
agents (e.g., 121). The insurance agents (e.g., 121) may, for example,
log into the website (e.g., via server 150). The method generally
also includes the steps of: offering quotes (step 212) on insurance
policies directly to members of the public (e.g., customer 102)
who log into the website, and offering quotes (step 212) to members
of the public (e.g., customer 101) through links on insurance agents'
(e.g., 121) websites. The quotes (e.g., provided in step 212) may
be offered to customers (e.g., 101 and 102), at least some of whom
may be at different physical locations, which may be many miles
apart. Some customers (e.g., 101 or 102) may accept at least one
of the quotes (provided in step 212) and agree to purchase an insurance
policy (step 214 and/or 215). In addition, in some embodiments,
the method further includes facilitating the electronic distribution
of proof of coverage (step 218) to the locations of the customers
(e.g., 101 or 102) who agree to purchase insurance policies.
[0038] General agent 160 (e.g., via server 150) may then (after
providing the rate in step 212) receive (e.g., in step 214) from
the customer (e.g., 101 or 102) an instruction (one or more instructions)
to purchase an insurance policy, if the customer (e.g., 101 or 102)
elects to do so (in step 214). General agent 160 (e.g., via server
150) may also receive from customer (e.g., 101 or 102) an indication
of which insurance policy the customer chooses to purchase (step
215).
[0039] General agent 160 (e.g., via server 150) may also receive
a payment or a promise to pay (step 216, which may include a credit
check or verification, which may be via a network), and facilitate
the electronic distribution of proof of coverage to the location
of the customer (e.g., in step 218, e.g., customer 101 or 102).
In an exemplary embodiment, a document providing proof of coverage
may be printed, and electronic distribution may include providing
access to a web page to print, sending an e-mail or e-mail attachment,
sending a facsimile, and the like. The proof of coverage may be,
as examples, an electronic copy of the insurance policy or a summary
thereof that may be stored on a portable electronic device, a hard
(paper) copy of the insurance policy, a binder, a proof-of-insurance
card, or the like. For instance, general agent 160 (e.g., via server
150) may transmit digital data or instructions to print a document
(step 218) providing proof of coverage (insurance coverage) at the
printer of the customer, or make available a screen which when printed
provides proof of coverage. Electronic distribution of proof of
coverage may include providing information or data that may be stored
electronically (e.g., on a personal digital assistant (PDA), smart
card, or the like). Thus, customers 101 or 102 may be able to bind
insurance coverage virtually immediately. The proof of coverage
may show, as examples, a combination of: the dates of coverage,
the name and logo of the insurance company (e.g., 111 or 112), the
type of coverage, the person or persons covered, a policy number,
where the insurance is applicable, the amount paid, coverage limits,
and the like.
[0040] Thus, in an exemplary embodiment of the present invention,
after being provided the rates (step 212) the customer (e.g., 101
or 102) may be given an opportunity to immediately select (steps
214 and 215) an insurance policy, and purchase it (steps 216 and
218) from one of the institutions (e.g., insurance companies 111
or 112), and download or print it or proof of purchasing it (step
218) at the customer's location. For instance, if an insurance policy
binder is desired (e.g., to be printed in step 218), payment may
be processed (step 216) and a policy or document proving possession
thereof (e.g., a document providing proof of coverage) may be printed
(step 218) on the customer's printer attached to the customer's
computer. A prospective insurance purchaser (e.g., customer 101
or 102) may quickly receive a plurality of quotes (step 212) from
various institutions at virtually any time, in many embodiments
without having to submit information to a real person or be subjected
to an in-person sales presentation.
[0041] In some embodiments, general agent 160 (e.g., via server
150) may be further configured to receive the customer data (step
210) and instructions (one instruction or more) to purchase (steps
214 and 215) that were input or input by an insurance agent (e.g.,
121) on behalf of the customer (e.g., 101). This information may
be input, for instance, at the insurance agent's (e.g., 121) office,
and the customer (e.g., 101) may be present at the insurance agent's
office, (e.g., 121) or in contact with him, e.g., via phone or e-mail.
In such embodiments (or others), a contract may be entered (step
206) with the insurance agent (e.g., 121) to sell the insurance.
General agent 160 may receive (step 216) the payment (e.g., cash
or money order) or promise to pay (e.g., via credit card) via the
insurance agent (e.g., 121), and facilitate printing (step 218)
via a printer controlled by the same insurance agent (e.g., for
the insurance agent 121 to give to the customer 101). In other words,
the insurance agent (e.g., 121) may take the payment or promise
to pay (e.g., cash, check, or charge) from the customer (e.g., 101),
and may send payment (e.g., minus a commission) to general agent
160. General agent 160 (e.g., via server 150) may calculate the
amount of net premium (e.g., gross premium paid to the insurance
agent less commission), which may be due, e.g., monthly. General
agent 160 (e.g., via server 150) may bill the insurance agent (e.g.,
121) or may subtract what the insurance agent (e.g., 121) owes general
agent 160 from what general agent 160 owes the insurance agent (e.g.,
121). In other embodiments, the insurance agent (e.g., 121) may
send payment directly to the insurance companies (e.g., 111 and/or
112), who may pay general agent 160.
[0042] The insurance of various embodiments of the present invention
may be, for example, automobile or specialty insurance, or may provide
coverage exclusively in a country other than the one in which the
customer (e.g., 101 or 102) resides. Specialty insurance, as used
herein, includes specialty consumer insurance or personal lines
of insurance, as the terms are used in the insurance industry, and
includes, as examples, insurance for recreational vehicles (RV's)
including motor homes and trailers, boats, motorcycles, all-terrain
vehicles (ATV's), sand rails, off-road vehicles (ORV's), jet skis,
and the like.
[0043] In various embodiments of the present invention, the network
(e.g., described above) may be, for example, the Internet. In such
embodiments, general agent 160 (e.g., via server 150) may be configured
to receive data (step 210) and instructions to purchase (steps 214
and 215) that were input or input directly by the customer (e.g.,
102 into a computer accessed directly by customer 102). Similarly,
the general agent 160 (e.g., via server 150) may be configured to
receive the payment or promise to pay (step 216) via the Internet,
and/or facilitate the electronic distribution of proof of coverage
(step 218) to the location of the customer (e.g., 102). For instance,
a document providing proof of coverage may be printed directly by
the customer via a printer accessed by the customer (e.g., 102).
In various embodiments of the present invention, time may be saved
by automatically qualifying the buyer (e.g., customer 101 or 102).
If the customer (101 or 102) elects to purchase (e.g., an insurance
policy), a secure, encrypted web page may be made to appear where
the customer's (101 or 102) credit card information may be gathered,
the network or server 150 may initiate a credit check and, on approval,
dispense the electronic or paper document (step 218) (e.g., an insurance
policy or proof of coverage).
[0044] In some embodiments, the general agent 160 (e.g., via server
150) may be configured to receive customers (e.g., 101) from insurance
agents (e.g., 121) who perform advertising (step 208). For instance,
insurance agents (e.g., 121) may have their own web page (or a plurality
of web pages) and may register with one or more search engines or
may have rights to one or more domain names that may be reached
frequently by customers (e.g., 101). The insurance agents' (e.g.,
121) web page may have various meta tags configured so that the
insurance agents' web pages are identified by the search engines
when customers (e.g., 102) search for insurance companies (e.g.,
111 or 112) with the search engines. Once a customer (e.g., 101)
reach the insurance agent's (e.g., 121) website, the customer (e.g.,
101) may be sent, for instance via a link, to general agent's 160
website (e.g., via server 150) where general agent 160 (e.g., via
server 150) may connect with the customer (step 209) through the
website, identify which insurance agent referred the customer for
purposes of paying commissions, receive customer data (step 210),
etc.
[0045] General agent 160 (e.g., via server 150) may be further
configured to pay (step 220) the insurance companies (e.g., 111
and 112) the insurance premiums (e.g., the rates of insurance policies
issued minus commissions), and pay (step 222) the insurance agents
(e.g., 121 and 122) their appropriate commissions. The insurance
agents (e.g., 121 or 122) may be paid, for instance, commissions
on sales of insurance, which may be a percentage of the premium.
Commissions may be paid or sent out each month (e.g., checks by
regular mail or electronic payments into designated accounts).
[0046] General agent 160 (e.g., via server 150) may also pay others
who refer business (step 224), such as businesses who sell the products
that are being insured, travel agents, and other entities other
than insurance agents (non-agents). For instance, a boat dealer
may have on his website a link to general agent 160 (e.g., via server
150) which may provide boat insurance, or a travel agent who provides
travel services to Mexico may have a link on his website to general
agent 160 (e.g., via server 150) which may provide Mexican automobile
insurance. Payments for such referrals (paid in step 224 e.g., to
non-agents) may be based on the number of referrals rather than
on the premiums collected or policies sold, and may also be paid,
periodically (e.g., monthly).
[0047] General agent 160 (e.g., via server 150) may also store
(for instance, in database 152) the policy information and customer
data (e.g., received in steps 202 and 210, e.g., through server
150), and may report (step 226) information and data to the insurance
companies (e.g., 111 and 112) provide customer service (step 227)
and may even provide claims service (step 228). Customer service
(provided in step 227) may include, for instance, sending renewal
notices, billing customers, notifying customers of changes in the
policy information (e.g., rates or coverage), providing notices
of hazards, and the like.
[0048] Thus, general agent 160 may service the product for the
insurance companies (e.g., 111 and 112). The information that is
reported (step 226) may include some or all of the customer data
(obtained in step 210), information regarding payment (e.g., received
in step 216), other information from previous transactions, and
the like. To obtain the information, the insurance company (e.g.,
111 or 112), as an example, may obtain a report from a website at
a time selected by the insurance company (e.g., 111 or 112), or
may receive a report (e.g., an e-mail from server 150), which may
be sent by general agent 160 or server 150 at particular times (e.g.,
daily or monthly). Customers (e.g., 101 and 102) and insurance agents
(e.g., 121 and 122) may be sent or obtain (step 226) reports similarly.
The information reported (e.g., in step 226), and other information
and data (e.g., used in steps 218, 220, 222, 224, 227, or 228) may
be stored in, or retrieved from, for instance, database 152.
[0049] Accordingly, various embodiments of system 100 and method
200 as applied to the insurance industry may offer personalized
insurance quotations (step 212), make sales or take orders (e.g.,
steps 214 and 215), collect the premiums (step 216), and may make
pertinent information available (step 226) to the respective insurance
company (e.g., 111 or 112) on a substantially real-time basis. The
respective insurance company (e.g., 111 or 112) may have reduced
paperwork, less overhead costs, and access to accurate information
substantially in real time (e.g., via step 226). The various reports
(e.g., from step 226) may allow each company, carrier and sub-producer
to view data in system 100 as necessary or desirable. A quotation
analysis report may give listings by carrier and/or sub-producer,
service type; by company, by date; or based on other data being
gathered. Thus service companies (e.g., insurance companies 111
or 112) may be able to analyze the areas where more quotes are being
requested. The rates may be updated by adding the rate files for
each type of service offered by each company.
[0050] Referring to FIG. 3, the present invention further provides
a method 300 of an insurance company (e.g., 111 or 112) marketing
or selling insurance policies. Method 300 may include (in any order)
the steps of providing policy information (step 302) to a managing
general agent 160 (e.g., via server 150), and authorizing (step
304) general agent 160 (e.g., via server 150) to market or sell
the insurance company's (e.g., company 111 or 112) insurance. Information
and data manipulated in method 300, may be stored in database 152,
which may be at server 150. Although referred to herein as being
a separate entity, the role of general agent 160 may be performed
by an insurance company.
[0051] Referring back for a moment to FIG. 2, and also to FIG.
1, general agent 160 (e.g., via server 150) will generally receive
Customer data (step 210, e.g., via the Internet) from Customers
(e.g., 101 or 102), provide to the customer (e.g., 101 or 102) insurance
rates (step 212, for insurance, for policies from a plurality of
competing companies, e.g., 111 and 112, which may be identified
for each insurance rate), and receive from the customer (e.g., 101
or 102) instructions to purchase an insurance policy (e.g., in steps
214 and/or 215). One or more of these steps may be though an insurance
agent (e.g., 121), for instance, as described herein. General agent
160 (e.g., via server 150) may also receive payment (or a promise
to pay, e.g., in step 216) and facilitate the electronic distribution
of proof of coverage (e.g., step 218, which may be to the location
of the customer 101 or 102). Method 300 will generally also include
the steps of receiving from general agent 160 (e.g., from server
150): an accounting (step 326) of the insurance policies that have
been issued (e.g., which may be as reported in step 226, and generally
including at least part of the customer data received in step 210)
and payment (step 320, as paid in step 220) generally for the insurance
policies that have been issued.
[0052] General agent 160 may contract (e.g., through server 150)
with one or a plurality of insurance agents (e.g., 121 and 122)
who may perform advertising (e.g., step 208). General agent 160
may have a website (e.g., on server 150) configured to receive the
Customer data (step 210), provide the rates (step 212), receive
the instructions to purchase (e.g., for steps 214 and/or 215), and
facilitate the electronic distribution of proof of coverage (step
218). The insurance agents (e.g., 121) may refer customers (e.g.,
101) to the website and general agent 160 may pay the insurance
agents' (e.g., 212) commissions (step 222) and the insurance companies'
(e.g., 111 or 1112) premiums (step 220) for the insurance policies
sold. Thus, general agent 160 may effectively manage the insurance
companies' (e.g., 111 and 112) transactions with its insurance agents
(e.g., 121 and 122).
[0053] The customers (e.g., 101 or 102) may also be referred to
the website from non-agents (e.g., advertiser's 131 or other businesses
141, non-agents generally being anyone who is not a licensed insurance
agent and whose main business is other than selling insurance);
and general agent 160 may pay the non-agents (e.g., in step 224)
for referrals as well. Method 300 may also include the steps of
verifying the customer data (step 330) and/or adjusting claims (step
339) submitted by the customers (e.g., 101 or 102). Verifying the
customer data (step 330) may include, as examples, obtaining information
from, or providing information to, various levels of government
or other entities (e.g., verifying the license and registration
of a vehicle, verifying the customer's driving record, appraising
the value of property, checking claims history, and the like). In
some embodiments, step 330 may be performed via the Internet, and
in some situations may be automatically performed (e.g., by server
150). If the customer data is found to be inconsistent in a relevant
way with what was known or believed at the time the policy was issued
(e.g., in step 333), for example, the rates may be adjusted or the
policy terminated or cancelled (step 336), in accordance with applicable
laws and regulations.
[0054] Adjusting claims (step 228 or 339) may include providing
a forum for policyholders (customers who have purchased insurance,
e.g., customers 101 or 102) to input claims information (e.g., as
prompted or as text) which may be provided to real claims adjusters
who may further investigate or verify the claims information. Once
the process is complete, a settlement offer or payment may be made,
which may be via server 150. Performing step 228 or 339 via server
150 may allow the policyholder to input information quickly and
easily, and may save time for the real adjuster obtaining claims
information and paying claims. In addition, claims information may
be stored via database 152 for future use or reporting.
[0055] In many other respects, the methods 200 and 300 may be similar
to the system 100 described above, and vice versa.
[0056] Modifications may be made to the disclosed embodiments without
departing from the scope of the invention. The scope of the invention
is therefore not limited to the disclosed embodiments but is defined
by the appended claims. In other words, other variations and modifications
of the present invention will be apparent to those of ordinary skill
in the art, and it is the intent of the appended claims that such
variations and modifications be covered. The particular values and
configurations discussed above can be varied, are cited to illustrate
particular embodiments of the present invention, and are not intended
to limit the scope of the invention. It is contemplated that the
use of the present invention can involve components having different
characteristics as long as the elements of at least one of the claims
below, or the equivalents thereof, are included.
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