WO2002035318A2 - Process for online sale of an internet insurance product - Google Patents

Process for online sale of an internet insurance product Download PDF

Info

Publication number
WO2002035318A2
WO2002035318A2 PCT/US2001/050727 US0150727W WO0235318A2 WO 2002035318 A2 WO2002035318 A2 WO 2002035318A2 US 0150727 W US0150727 W US 0150727W WO 0235318 A2 WO0235318 A2 WO 0235318A2
Authority
WO
WIPO (PCT)
Prior art keywords
user
online
quote
assessment
risk analysis
Prior art date
Application number
PCT/US2001/050727
Other languages
French (fr)
Other versions
WO2002035318A3 (en
WO2002035318A9 (en
Inventor
Ty R. Sagalow
Original Assignee
American International Group, Inc.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by American International Group, Inc. filed Critical American International Group, Inc.
Priority to AU2002232904A priority Critical patent/AU2002232904A1/en
Publication of WO2002035318A2 publication Critical patent/WO2002035318A2/en
Publication of WO2002035318A3 publication Critical patent/WO2002035318A3/en
Publication of WO2002035318A9 publication Critical patent/WO2002035318A9/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/08—Insurance

Definitions

  • Provisional Patent Application No. 60/233,503 entitled 'Internet Insurance Product was filed on September 19, 2000, and is incorporated herein by reference.
  • the subject matter of Provisional Patent Application No. 60/233,503 is related to the subject matter of the present invention, and is commonly assigned to the same assignee as is this application.
  • the present invention relates to an internet insurance product. More specifically, the present invention relates to a process for the online sale of an internet insurance product.
  • AIGnetAdvantage SM Suite The internet insurance product disclosed in the above referenced Provisional Patent Application is designated therein as "AIGnetAdvantage SM Suite", and is comprised of 5 insurance policies, as described below: AIGnetAdvantage SM ⁇ for companies that use the Internet for advertising and marketing activities; AIGnetAdvantage Professional SM — for companies rendering professional services via the web, or serving e-clients; AIGnetAdvantage Liability SM ⁇ an extensive third-party Internet liability coverage for any company using the Internet;
  • AIGnetAdvantage Security SM robust protection for web content and network security risks for any company using the Internet; and AIGnetAdvantage Complete SM — total protection for web content, professional services and network security for any company using the Internet.
  • Some types of insurance coverage require an onsite security assessment of the customer, which is conducted by an outside consulting agency. If a security assessment is deemed necessary by the underwriter, he will so advise the customer, and will introduce the customer to the appropriate security consulting agency.
  • customers requesting some form of network security coverage e.g., AIGnetAdvantage Liability SM , AIGnetAdvantage Security SM , or AIGnetAdvantage Complete SM
  • limits of liability in excess of a certain dollar amount e.g., $3,000,000
  • the underwriter will also base a decision regarding onsite assessment upon additional criteria, such as complexity of the applicant' s network architecture, operations of the applicant, and so forth.
  • an online self-assessment rating engine can be supplied. Upon answering a number of questions (based largely upon British Standard 7799), the applicant will receive a grade representing his security protocols against best practices. The result of this self-assessment will be utilized by the underwriter to complete the underwriting process.
  • Additional functionality of the online process can include access to specimen policies and marketing materials. Moreover, the user can also have access to a status report of submission activity, as well as to a 24/7 customer call center.
  • Another development for the online sale of insurance products can include a fully automated underwriting process, which integrates a premium rating engine with the online security assessment, where applicable.
  • indicators and binders can be available for procurement online.
  • a method for selling an internet insurance product online comprises the steps of: a. offering an online application to a user, where the online application includes a menu of available internet insurance coverages, b. upon the user completing the online application, offering an online self-assessment rating engine to the user, c. upon the user completing an online self-assessment, offering an online quote request form to the user, d. upon the user completing the online quote request form for a particular set of internet insurance coverages, performing a risk analysis on the user, e. upon satisfactorily completing the risk analysis, offering an online quote for the desired set of internet insurance coverages to the user, f. upon the user accepting the online quote, completing the sale of the quoted set of internet insurance coverages to the user.
  • the user risk analysis is performed by the insurance underwriter, either offline or online.
  • the underwriter can require an onsite security assessment of the user, to determine whether or not to approve the user for an online quote.
  • Other online features of the inventive method enable the user to have access to specimen policies, status information regarding his quote request, and to a customer call center.
  • Figure 1 depicts a flow diagram of an insurance product sales process, in accordance with one embodiment of the invention
  • Figure 2 depicts a flow diagram of an insurance product sales process, in accordance with another embodiment of the invention.
  • a first embodiment of the present invention is represented by the flow diagram in Figure 1.
  • the sale of an internet insurance product takes place online, while the underwriting risk analysis is performed off-line.
  • step 1 a prospective customer/user submits a request for insurance coverage by means of an online application, in which the various types of online insurance products are described (step 2).
  • the user may be subject to an onsite security assessment, or he may be able to utilize an online self-assessment rating engine (step 3).
  • step 4 If the user completes an online self-assessment, he can then request an online quote (step 4), which is reviewed by the insurance underwriter (steps 5 and 6). Assuming the self-assessment is satisfactory, the underwriter then determines whether or not a quote can be prepared for submission to the user (step 7).
  • an online quote is created (step 8), and submitted to the user.
  • the user can then accept the quote (step 9) and purchase the policy (step 10).
  • step 7 if more user information is needed to satisfy the underwriter' s requirements, it is collected online and the assessment is completed (step 11).
  • step 12 If all conditions are satisfactory to the underwriter (step 12), a quote is created (step 8), and the process continues as previously described.
  • step 13 if the underwriter determines that an onsite security assessment is required, he can create a non-binding quote (step 13), and proceed with the services of an outside security agency (step 15).
  • the security agency performs the onsite security audit (step 16), and reports back to the underwriter (step 17).
  • the underwriter can then issue the quote in the manner previously described. If the audit is not approved, the quote will not be issued.
  • Additional functionality of the inventive embodiment includes access to specimen policies and marketing materials. Moreover, the user will have access to status reports of submission activity, and a 24/7 customer call center.
  • a second embodiment of the present invention is depicted in website form in the flow diagram shown in Figure 2.
  • the underwriting process is online and fully automated, including a premium rating engine integrated with an online security assessment, as applicable.
  • box 100 represents the website home page, providing the prospective customer with various choices (101a, 101b, 101c, lOld). For example, the customer can select 101a to view a list of insurance product applications (102), as well as the application details (103). The customer can also request a quote (101b) by means of an application form (104).
  • the customer can then submit the application (105), and await notification of acceptance (106).
  • the customer can also request an onsite audit (101c) by means of an audit request form (107). He can then submit the audit request (108), and await notification (109), or he can cancel the request.
  • the customer can select 10 Id to make use of an online premium rating engine (110), such as IBM Global IntegrityTM.
  • an online premium rating engine such as IBM Global IntegrityTM.
  • the customer can also procure indications and binders online.
  • an online process for the sale of an internet insurance product which includes product selection, underwriting risk analysis, and quote creation.
  • the disclosed method can include a completely automated, online underwriting process.

Abstract

A method for selling internet insurance product online includes an online application form (104) with a menu of available insurance coverages. A user selects the coverages he wants, and completes the online application. The underwriter performs a risk analysis, based on user's online self-assessment, or on the writer's own security assessment. If the user is approved, an online quote is generated, and offered to the user (109). The user can then either accept or reject the quote online.

Description

PROCESS FORONLINE SALE OFANINTERNETINSURANCEPRODUCT
Related Application
A Provisional Patent Application No. 60/233,503, entitled 'Internet Insurance Product" was filed on September 19, 2000, and is incorporated herein by reference. The subject matter of Provisional Patent Application No. 60/233,503 is related to the subject matter of the present invention, and is commonly assigned to the same assignee as is this application.
Background of the Invention
The present invention relates to an internet insurance product. More specifically, the present invention relates to a process for the online sale of an internet insurance product.
The internet insurance product disclosed in the above referenced Provisional Patent Application is designated therein as "AIGnetAdvantageSM Suite", and is comprised of 5 insurance policies, as described below: AIGnetAdvantageSM ~ for companies that use the Internet for advertising and marketing activities; AIGnetAdvantage ProfessionalSM — for companies rendering professional services via the web, or serving e-clients; AIGnetAdvantage LiabilitySM ~ an extensive third-party Internet liability coverage for any company using the Internet;
AIGnetAdvantage SecuritySM ~ robust protection for web content and network security risks for any company using the Internet; and AIGnetAdvantage CompleteSM — total protection for web content, professional services and network security for any company using the Internet.
In order to sell this type of product on the internet, there must be an online application available for prospective customers. This application must be configured so that the customer can select only those insurance coverages he needs from the total suite of products offered.
While the application process is initiated online, the underwriting (risk analysis) can take place off-line or online, depending on the specific situation.
Furthermore, some types of insurance coverage require an onsite security assessment of the customer, which is conducted by an outside consulting agency. If a security assessment is deemed necessary by the underwriter, he will so advise the customer, and will introduce the customer to the appropriate security consulting agency. Typically, customers requesting some form of network security coverage (e.g., AIGnetAdvantage LiabilitySM, AIGnetAdvantage SecuritySM, or AIGnetAdvantage CompleteSM), and limits of liability in excess of a certain dollar amount (e.g., $3,000,000), will require an onsite security assessment. Moreover, the underwriter will also base a decision regarding onsite assessment upon additional criteria, such as complexity of the applicant' s network architecture, operations of the applicant, and so forth.
For those customers requesting network security insurance coverage and lower dollar limits, an online self-assessment rating engine can be supplied. Upon answering a number of questions (based largely upon British Standard 7799), the applicant will receive a grade representing his security protocols against best practices. The result of this self-assessment will be utilized by the underwriter to complete the underwriting process.
Upon completion of the underwriter's analysis, an indication of coverage will be forwarded electronically to the applicant.
Additional functionality of the online process can include access to specimen policies and marketing materials. Moreover, the user can also have access to a status report of submission activity, as well as to a 24/7 customer call center.
Another development for the online sale of insurance products can include a fully automated underwriting process, which integrates a premium rating engine with the online security assessment, where applicable. In addition, indicators and binders can be available for procurement online.
Accordingly, it is an object of the present invention to define a method for the online sale of internet insurance products, such as AIGnetAdvantageSM Suite, which includes all of the above described functionality.
Summary of the Invention
In accordance with an illustrative embodiment of the present invention, a method for selling an internet insurance product online comprises the steps of: a. offering an online application to a user, where the online application includes a menu of available internet insurance coverages, b. upon the user completing the online application, offering an online self-assessment rating engine to the user, c. upon the user completing an online self-assessment, offering an online quote request form to the user, d. upon the user completing the online quote request form for a particular set of internet insurance coverages, performing a risk analysis on the user, e. upon satisfactorily completing the risk analysis, offering an online quote for the desired set of internet insurance coverages to the user, f. upon the user accepting the online quote, completing the sale of the quoted set of internet insurance coverages to the user.
The user risk analysis is performed by the insurance underwriter, either offline or online.
In the event the user requests a quote without completing an online self- assessment, the underwriter can require an onsite security assessment of the user, to determine whether or not to approve the user for an online quote. Other online features of the inventive method enable the user to have access to specimen policies, status information regarding his quote request, and to a customer call center.
Brief Description of the Drawings
The invention is described in greater detail below through the example of embodiments shown in the drawings, wherein:
Figure 1 depicts a flow diagram of an insurance product sales process, in accordance with one embodiment of the invention; and Figure 2 depicts a flow diagram of an insurance product sales process, in accordance with another embodiment of the invention.
Detailed Description of Preferred Embodiments of the Invention
A first embodiment of the present invention is represented by the flow diagram in Figure 1. In this embodiment, the sale of an internet insurance product takes place online, while the underwriting risk analysis is performed off-line.
In step 1 (Fig. 1), a prospective customer/user submits a request for insurance coverage by means of an online application, in which the various types of online insurance products are described (step 2).
Depending on the type of insurance product requested by the user, as well as the amount of applicable liability, the user may be subject to an onsite security assessment, or he may be able to utilize an online self-assessment rating engine (step 3).
If the user completes an online self-assessment, he can then request an online quote (step 4), which is reviewed by the insurance underwriter (steps 5 and 6). Assuming the self-assessment is satisfactory, the underwriter then determines whether or not a quote can be prepared for submission to the user (step 7).
If the underwriter is satisfied with the user' s application and self-assessment, an online quote is created (step 8), and submitted to the user. The user can then accept the quote (step 9) and purchase the policy (step 10).
Referring again to step 7, if more user information is needed to satisfy the underwriter' s requirements, it is collected online and the assessment is completed (step 11).
If all conditions are satisfactory to the underwriter (step 12), a quote is created (step 8), and the process continues as previously described.
Referring back to steps 3-6, if the underwriter determines that an onsite security assessment is required, he can create a non-binding quote (step 13), and proceed with the services of an outside security agency (step 15).
The security agency performs the onsite security audit (step 16), and reports back to the underwriter (step 17).
If the audit is approved, the underwriter can then issue the quote in the manner previously described. If the audit is not approved, the quote will not be issued.
Additional functionality of the inventive embodiment includes access to specimen policies and marketing materials. Moreover, the user will have access to status reports of submission activity, and a 24/7 customer call center.
A second embodiment of the present invention is depicted in website form in the flow diagram shown in Figure 2. In this embodiment, the underwriting process is online and fully automated, including a premium rating engine integrated with an online security assessment, as applicable.
In Figure 2, box 100 represents the website home page, providing the prospective customer with various choices (101a, 101b, 101c, lOld). For example, the customer can select 101a to view a list of insurance product applications (102), as well as the application details (103). The customer can also request a quote (101b) by means of an application form (104).
The customer can then submit the application (105), and await notification of acceptance (106).
Referring again to box 101 , the customer can also request an onsite audit (101c) by means of an audit request form (107). He can then submit the audit request (108), and await notification (109), or he can cancel the request.
Where applicable, the customer can select 10 Id to make use of an online premium rating engine (110), such as IBM Global Integrity™.
In other embodiments of the inventive method, the customer can also procure indications and binders online.
In short, an online process for the sale of an internet insurance product is disclosed, which includes product selection, underwriting risk analysis, and quote creation. Moreover, the disclosed method can include a completely automated, online underwriting process.
While the invention has been described by reference to specific embodiments, this was for purposes of illustration only and should not be construed to limit the scope of the invention. Numerous alternative embodiments will be apparent to those skilled in the art.

Claims

1. A method for selling an internet insurance product online to a user, comprising the steps of: a. offering an online application to said user, said online application having a menu of available internet insurance coverages, b. upon said user completing said online application, offering an online self-assessment rating engine to said user, c. upon said user completing an online self-assessment, offering an online quote request form to said user, d. upon said user completing said online quote request form for a particular set of internet insurance coverages, performing a risk analysis on said user, e. upon satisfactorily completing said risk analysis, offering an online quote for said particular set of internet insurance coverages to said user, f. upon said user accepting said online quote, selling said particular set of internet insurance coverages to said user.
2. The method of claim 1 wherein said risk analysis is performed off-line.
3. The method of claim 1 wherein said risk analysis is performed online.
4. The method of claim 1 wherein said user requests a quote without completing an online self-assessment.
5. The method of claim 1 wherein said risk analysis includes an onsite security assessment of said user.
6. The method of claim 5 wherein said onsite security assessment determines whether or not the user is approved for said online quote.
7. The method of claim 1 wherein said user has access to specimen policies.
8. The method of claim 1 wherein said user has access to status information regarding his quote request.
9. The method of claim 1 wherein said user has access to a call center.
PCT/US2001/050727 2000-10-26 2001-10-26 Process for online sale of an internet insurance product WO2002035318A2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2002232904A AU2002232904A1 (en) 2000-10-26 2001-10-26 Process for online sale of an internet insurance product

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US24354700P 2000-10-26 2000-10-26
US60/243,547 2000-10-26

Publications (3)

Publication Number Publication Date
WO2002035318A2 true WO2002035318A2 (en) 2002-05-02
WO2002035318A3 WO2002035318A3 (en) 2002-12-12
WO2002035318A9 WO2002035318A9 (en) 2003-04-24

Family

ID=22919177

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2001/050727 WO2002035318A2 (en) 2000-10-26 2001-10-26 Process for online sale of an internet insurance product

Country Status (2)

Country Link
AU (1) AU2002232904A1 (en)
WO (1) WO2002035318A2 (en)

Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5809487A (en) * 1993-07-13 1998-09-15 Siemens Aktiengesellschaft Arrangement for modeling a non-linear process
US6119093A (en) * 1997-07-01 2000-09-12 Walker Asset Management Limited Partnership System for syndication of insurance
US20020010598A1 (en) * 1999-12-18 2002-01-24 Johnson Jerome Dale System and method for providing configuration and sales information to assist in the development of insurance plans
US20020029158A1 (en) * 1999-12-23 2002-03-07 Wolff Stephen C. Method and system for the life insurance industry
US20020032586A1 (en) * 1997-07-31 2002-03-14 Joao Raymond Anthony Apparatus and method for providing insurance products, services and/or coverage for leased entities
US20020046063A1 (en) * 2000-08-07 2002-04-18 Naoya Fujio Insurance marketing method and system
US20020046064A1 (en) * 2000-05-19 2002-04-18 Hector Maury Method and system for furnishing an on-line quote for an insurance product
US20020055862A1 (en) * 2000-11-09 2002-05-09 Jinks Jill K. Systems and methods for interactively evaluating a commercial insurance risk

Patent Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5809487A (en) * 1993-07-13 1998-09-15 Siemens Aktiengesellschaft Arrangement for modeling a non-linear process
US6119093A (en) * 1997-07-01 2000-09-12 Walker Asset Management Limited Partnership System for syndication of insurance
US20020032586A1 (en) * 1997-07-31 2002-03-14 Joao Raymond Anthony Apparatus and method for providing insurance products, services and/or coverage for leased entities
US20020010598A1 (en) * 1999-12-18 2002-01-24 Johnson Jerome Dale System and method for providing configuration and sales information to assist in the development of insurance plans
US20020029158A1 (en) * 1999-12-23 2002-03-07 Wolff Stephen C. Method and system for the life insurance industry
US20020046064A1 (en) * 2000-05-19 2002-04-18 Hector Maury Method and system for furnishing an on-line quote for an insurance product
US20020046063A1 (en) * 2000-08-07 2002-04-18 Naoya Fujio Insurance marketing method and system
US20020055862A1 (en) * 2000-11-09 2002-05-09 Jinks Jill K. Systems and methods for interactively evaluating a commercial insurance risk

Non-Patent Citations (2)

* Cited by examiner, † Cited by third party
Title
'Buying life insurance products online' AMERICAN COUNCIL OF LIFE INSURERS, [Online] 1999, pages 1 - 2, XP002957750 Retrieved from the Internet: <URL:http://www.acli.com> *
'Insurance.com from fidelity investments, get free accurate, quotes. See what you can save today!' INSURANCE.COM INSURANCE AGENCY LLC, [Online] 2000, page 1, XP002957749 Retrieved from the Internet: <URL:http://www.insurance.com/> *

Also Published As

Publication number Publication date
WO2002035318A3 (en) 2002-12-12
AU2002232904A1 (en) 2002-05-06
WO2002035318A9 (en) 2003-04-24

Similar Documents

Publication Publication Date Title
US20020138310A1 (en) Process for online sale of an internet insurance product
AU2001288582B2 (en) Computer trading of financial interests
AU2005201966B2 (en) Network-based trading system and method
US7379910B2 (en) Apparatus, systems and methods for transacting and managing like-kind exchanges
US6823319B1 (en) System and method for automated process of deal structuring
US20080097898A1 (en) Transaction management system
US20020055862A1 (en) Systems and methods for interactively evaluating a commercial insurance risk
US20090259595A1 (en) Systems and Methods for Operating a Computerized Trade Finance Network
US20040078243A1 (en) Automatic insurance processing method
US20050289046A1 (en) System and method for facilitating realtor-assisted loan shopping and origination
US8650049B1 (en) Online system and method for processing life insurance applications
JP2003533793A (en) System and method for electronically executing a derivative transaction
AU2001288582A1 (en) Computer trading of financial interests
CA2750298A1 (en) Method and system for issuing primary securities in a trading market
CA2750390A1 (en) Method and system for facilitating securities placements
EP1121648A1 (en) Network-based trading system and method
WO2001007986A2 (en) System and method for managing swap orders
CA2750300A1 (en) Method and system for identifying potential parties for a trade of one or more securities
WO2002035318A2 (en) Process for online sale of an internet insurance product
JP2005032091A (en) System and program for supporting investment trust transaction
CA2750295A1 (en) Method and system for identifying parties with concentrated positions in securities
CA2750302A1 (en) Method and system for identifying primary issuers with ability to sell primary securities
AU2005201973B2 (en) Network-based trading system and method
WO2002025533A2 (en) System and method for facilitating online financial transactions
JP2002329073A (en) Commodity exchange system and commodity exchange processing system

Legal Events

Date Code Title Description
121 Ep: the epo has been informed by wipo that ep was designated in this application
AK Designated states

Kind code of ref document: A3

Designated state(s): AE AG AL AM AT AU AZ BA BB BG BR BY BZ CA CH CN CO CR CU CZ DE DK DM DZ EE ES FI GB GD GE GH GM HR HU ID IL IN IS JP KE KG KP KR KZ LC LK LR LS LT LU LV MA MD MG MK MN MW MX MZ NO NZ PL PT RO RU SD SE SG SI SK SL TJ TM TR TT TZ UA UG UZ VN YU ZA ZW

AL Designated countries for regional patents

Kind code of ref document: A3

Designated state(s): GH GM KE LS MW MZ SD SL SZ TZ UG ZW AM AZ BY KG KZ MD RU TJ TM AT BE CH CY DE DK ES FI FR GB GR IE IT LU MC NL PT SE TR BF BJ CF CG CI CM GA GN GQ GW ML MR NE SN TD TG

DFPE Request for preliminary examination filed prior to expiration of 19th month from priority date (pct application filed before 20040101)
COP Corrected version of pamphlet

Free format text: PAGES 1/2-2/2, DRAWINGS, REPLACED BY NEW PAGES 1/2-2/2; DUE TO LATE TRANSMITTAL BY THE RECEIVING OFFICE

REG Reference to national code

Ref country code: DE

Ref legal event code: 8642

122 Ep: pct application non-entry in european phase
NENP Non-entry into the national phase in:

Ref country code: JP