WO2013016235A2

WO2013016235A2 - Systems and methods for filtering and selecting disability insurance

Info

Publication number: WO2013016235A2
Application number: PCT/US2012/047709
Authority: WO
Inventors: Ted STEARNS
Original assignee: Edisability, Inc.
Priority date: 2011-07-22
Filing date: 2012-07-20
Publication date: 2013-01-31
Also published as: WO2013016235A3

Abstract

Methods and apparatus for an online disability insurance policy system are disclosed herein. In some embodiments, the system is configured to provide online quotes to a set of consumers by analyzing received consumer data and selecting the most appropriate set of disability insurance carriers based upon the analysis. Various rate illustrations associated with each disability insurance carrier may be stored in a database connected with a disability insurance authority. Received consumer information may be then analyzed and compared with the various rate illustrations in order to determine a set of ideal matches. A quote may then be generated based upon each identified rate illustration, or further refined by a set of algorithms stored within the disability insurance authority.

Description

SYSTEMS AND METHODS FOR FILTERING AND SELECTING

DISABILITY INSURANCE

BACKGROUND

1. Technical Field

[0001] The embodiments described herein are related to purchasing insurance online, and in particular to systems and methods for obtaining disability insurance.

2. Related Art

[0002] When purchasing disability insurance, it can be difficult for a consumer to understand which providers have the best policies, rates, etc., for the particular consumer. For example, factors such as profession, business volume, geography, cost of living, age, health, etc., can impact whether a particular carrier's policy is going to be a good fit for a particular consumer. Currently, there is no way for a consumer to quickly assess different carriers and policies and determine which ones would be best for him or her.

[0003] There are online services that allow a consumer to quickly gain access to and compare different quotes for loans, and other banking products; however, such conventional services do not deal with insurance, and certainly do not deal with disability insurance. Moreover, such systems do very little if any filtering on the providers to determine which ones would actually be a good fit for a particular consumer. Generally, such services simply provide a quote from all lenders that offer a particular product and it is up to the consumer to wade through and determine which quote may be best. But even then the consumer has little to go on other than price as it can still be difficult to determine related factors such as associated fees, servicing, expertise, etc.

SUMMARY

[0004] A system for filtering and providing online quotes for disability insurance is disclosed herein.

[0005] In a first exemplary aspect, a disability insurance authority system is disclosed. In one embodiment, the system comprises: a processor; memory coupled to the processor; a web module for receiving consumer information; a plurality of filters configured to select a matching carrier based at least in part on the consumer information; an illustration selection module configured to select an illustration based at least in part on the consumer information and the selected carrier; and a policy comparison and recommendation engine configured to transmit the matching carrier and the selected illustration.

[0006] In a second exemplary aspect, a computer-readable medium is disclosed. In one embodiment, the computer-readable medium contains instructions which, when executed by a computer, perform a process comprising: receiving a first set of data from a user; performing at least one analysis of the first set of data; selecting a disability insurance carrier based on said at least one analysis of the first set of data; identifying a rate illustration associated with the selected disability insurance carrier, wherein the rate illustration is based on said at least one analysis of the first set of data; generating a quote based at least in part upon the identified rate illustration; and generating a second set of data adapted to indicate to a user the selected disability insurance carrier and the generated quote.

[0007] In a third exemplary aspect, a disability insurance authority device is disclosed. In one embodiment, the device comprises: a processor; a web module coupled to the processor and adapted to host an online disability insurance application, the web module further adapted to receive and process a query provided by a remote user; a network interface module in electrical communication with a remote database and adapted to receive rate estimates from one or more carriers, the network interface module being further adapted to receive instructions for transferring said rate estimates to the remote database for storage as illustrations; and an analyzer coupled to the network interface module and adapted to analyze the illustrations in order to identify trends in one or more of the illustrations; wherein query is processed by searching at least one of a set of rate illustrations stored in a connected database, wherein each rate illustration is associated with a particular disability insurance carrier, and trend data generated by the analyzer.

[0008] In a fourth exemplary aspect, a computer-readable medium is disclosed. In one embodiment, the computer-readable medium contains instructions which, when executed by a computer, performs a process comprising: receiving a query from a remote user; determining the results of the query by searching at least one of: a set of rate illustrations stored in a connected database, wherein each rate illustration is associated with a particular disability insurance carrier, and trend data associated with one or more rate illustrations stored within the connected database; and returning the query results to the remote user.

[0009] In a fifth exemplary aspect, a method is disclosed. In one embodiment, the method comprises: receiving at a first network node a query entered from a user located at a second network node; automatically processing the query by electronically searching of at least one of: a set of rate illustrations stored in a connected database, wherein each rate illustration is associated with a particular disability insurance carrier, and trend data associated with one or more rate illustrations stored within the connected database; and returning a set of computer-generated data to the remote user over a network, the set of output data indicating the results of the query.

[0010] These and other features, aspects, and embodiments are described below in the section entitled "Detailed Description."

BRIEF DESCRIPTION OF THE DRAWINGS

[0011] Features, aspects, and embodiments are described in conjunction with the attached drawings, in which:

[0012] FIG. 1 is a diagram illustrating an example system for providing online quotes for disability insurance in accordance with one embodiment; and [0013] FIG. 2 is a diagram illustrating an example method for providing online quotes for disability insurance using the system of FIG. 1.

[0014] FIG. 3 is a diagram of an exemplary disability insurance authority in accordance with one embodiment of the present invention.

[0015] FIG. 4 is a diagram of an exemplary method of processing a received query according to one embodiment of the present invention.

DETAILED DESCRIPTION

[0016] The embodiments disclosed herein are directed to an online website to enable consumers to generate estimated disability insurance quotes from the top insurance providers, feature side-by-side comparisons of disability insurance plans, and offer electronic processing of disability insurance applications, all online. The system and methods described define an online disability insurance market that simplifies and automates the disability insurance purchasing process for the consumer.

[0017] The systems and methods described provide consumers a range of disability insurance plans from leading disability insurance companies nationwide. Consumer-friendly tools and resources deliver comprehensive information that is free from sales pressure, while proprietary technology simplifies and speeds the application and approval process. The systems and methods described herein bring to consumers a number of technologies that have streamlined the complex and traditionally paper-intensive disability insurance sales process. In some embodiments, the system includes: a streamlined online application process; immediate estimated disability quotes to help deliver to the consumer ideal disability insurance plans; and policy comparison and recommendation tools that distill voluminous disability insurance information and enable consumers to select disability insurance plans that best meet their needs. In some embodiments, the online applications are dynamic and request only the information required in the particular circumstance. In some embodiments, the system may also check the applicant's answers and provide immediate notification if any information is missing. This real-time process is substantially more efficient than traditional, paper-based process, where incomplete applications may be mailed back and forth between carriers, agents and applicants.

[0018] In some embodiments, a proprietary back-office customer relationship management system enables each applicant to receive instant email notifications as their application moves through the review and approval process with a disability insurance carrier.

[0019] These features enable consumers to select a disability insurance plan that is best suited to their particular needs.

[0020] In some embodiments, the web site may be created from the consumer's perspective, having a friendly interface and intuitive navigation that eliminates the need for visitors to sort through stacks of complex disability plan materials. Visitors may also be provided online access to tools to appropriately evaluate disability policies side-by- side, clearly understand policy features, and apply for coverage and manage underwriting— all with clear and straightforward language.

[0021] In addition, the systems and methods described herein have streamlined the application approval process. With immediate access to online applications and the implementation of e-signature, faster disability insurance approvals can be generated. A centrally located portal may be used to store all disability insurance data.

[0022] In some embodiments, the systems and methods described herein can service two key markets: consumers and brokers, thereby offering two means of access to the provided tools.

[0023] First, broad access to the tools and processes described herein can be provided to consumers via a website, for example. Here, consumers will be able to choose plans from all insurance partners by filtering such partners after providing the system with a set of selection criteria.

[0024] Second, access to participating brokers may also be available according to some embodiments. According to these embodiments, brokers may have the ability to install, for example, a "Powered by: eDisability" widget on their business website that provides them with multiple site functionalities (for example, immediate quotes, side-by-side comparisons, online applications, etc). Once an application for disability insurance is completed, it may then be sent to the site's customer care agents to complete the sale and begin the case management. [0025] In some embodiments, the "Powered by: eDisability" widget may not only provide a broker's clients with access to the site's technology, processes and people; it may also provide the broker with valuable services and marketing tools. Some of the benefits to the client include ease of use, immediate quotes, side-by-side comparisons, and an online application. Some of the benefits to the broker include additional time to sell, and less time processing paperwork.

[0026] Individuals and business owners who visit the site can find in one place a wide selection of disability plans, including individual, group, student plans and a wide variety of additional options and riders. These plans may be offered, for example, by disability insurance companies across the country.

[0027] In some embodiments, the website may provide its disability insurance carrier partners a large distribution channel that supports their member acquisition and retention goals. Inclusion on the site can potentially increase disability plan product exposure to millions of internet users.

[0028] Various embodiments of the present invention emphasize the importance of person-to-person interaction. On the Internet, consumers can use the Customer Care Center as much or as little as they like in connection with the purchase of disability insurance. Whether a consumer has a question about disability plan coverage, would like to check the status of an application or needs information on eligibility requirements, a large number of licensed customer care representatives (e.g., over 50) may be ready to provide assistance, either through online chat, phone, email or fax.

[0029] FIG. 1 is a diagram illustrating an example system 100 for providing online quotes for disability insurance in accordance with one embodiment. As can be seen, system 100 comprises a disability insurance authority 102 that is coupled with a plurality of insurance provider systems 104, and one or more databases 106 and that can be accessed, e.g., via the Internet 108 by a plurality of consumers. The consumers can access the site using a computer, laptop, tablet, etc. Moreover, authority 102 can be configured to allow access, e.g., via an application, by mobile devices 112.

[0030] The term "authority" is intended to mean that disability insurance authority comprises all of the hardware and software needed to carry out the functions and services described herein. Thus, for example, authority 102 can comprise all of the servers, routers, processors, co-processors, API's, programs, applications, user interfaces, communications ports, storage, databases, etc., required. These resources can be located in a single location or at multiple locations; accordingly authority 102 can also comprise the networking capability needed to connect all of the various resources required. In some embodiments, certain aspects of components of authority 102 can be repeated for redundancy, load sharing, load balancing, etc.

[0031] In certain embodiments, authority 102 can be configured to host a website that can be accessed by consumers in order to obtain quotes and begin the application process for disability insurance. As illustrated in FIG. 2 the process for obtaining quotes can begin with the user providing information that can be used by authority 102 to filter potential providers using one or more algorithms 114. This information can be provided by any input mechanism (e.g., a keyboard, mouse, voice recognition software, touch panel, etc.).

[0032] In step 202, the user can provide information relevant to disability insurance. This information may include information specific to the consumer, information specific to at least one person to be insured, and a set of selection criteria input by the user. Exemplary types of information may include, without limitation, a location; demographic information including: age, sex, weight, height, etc.; health factors such as whether the consumer is a smoker, diabetic, etc.; occupation; salary; price ranges, coverage sought, as well as other information as required.

[0033] In step 204, this information can be used to filter various carriers to determine which carriers good candidates for the consumer based on the information provided in step 202. For example, the location information can be used to determine a cost of living index as well as an estimate of business volume. If the consumer is, for instance, a particular type of doctor working in a particular are of the country, authority 102 can determine an average number of clients seen per day for such doctors in that location, which can impact terms of the insurance policy and which carriers would be a better fit. In general, the information provided can be used by authority 102 to determine a risk class and to then determine which carriers are a good fit based on the risk class.

[0034] In step 206, authority 102 can then generate a quote based on the information provide and possibly the filtered carrier information from step 204. In some embodiments, the quote may include simply the best-fit rate illustration associated with the filtered carrier information. In other embodiments (as described below), the quote may be more finely calibrated to the unique characteristics or circumstances associated with the individual(s) to be insured.

[0035] In certain embodiments, estimated quotes based on a plurality of factors and at least one carrier's terms can be stored in database 106 and can be used to generate estimated quotes in step 206. In other words, authority 102 can be configured to generate quotes using at least one carrier's rate information for a wide range of factors, such as locations, salaries, occupations, risk classes, etc. When a user provides information in step 202, it can then be used to select the estimated rate quote in database 106 that is the closest fit.

[0036] In certain embodiments, the estimated data can be massaged using algorithms 114 and based on the actual data provided in order to come up with a more accurate estimate. The estimates can also be massaged using algorithms 114 and based on which carriers were identified in step 204 to produce one or more estimates that will more accurately reflect what those particular carriers will provide in terms of rates, assuming of course that the carriers are not the carrier whose rate information was used to generate the estimates.

[0037] It should be noted that these tailored or massaged

"illustrations" can then be stored back in database 106 and used to more quickly and easily provide more granular estimates in the future. In this way, a very useful database of illustrations can be built up over time.

[0038] In other embodiments, authority 102 can be configured to access the carrier systems, using the appropriate APIs to access actual rate quote information, which can then be provided in real-time in step 206. Even in such embodiments, data can be pulled, e.g., periodically, ahead of time from the various carriers and stored as illustrations in database 106.

[0039] In step 208, a policy comparison and recommendation engine within authority 102 can distill voluminous disability insurance information and provide the consumer with a list of carriers that are the best fit in step 210. This enables consumers to select disability insurance plans that best meet their particular needs.

[0040] In step 212, a streamlined online application processor within authority 102 may then start the application process. In some embodiments, the online applications are dynamic, have the ability to automatically fill in previously entered data among forms, and therefore may request only the information that has not already been provided by the applicant. For example, because the system already has received some the consumer's information, it can automatically fill this information into other parts of application and then only request information not already provided. The system can also check the applicant's answers and provide immediate notification of any missing information. As noted, this real-time process is substantially more efficient than the traditional, paper-based process, where incomplete applications are mailed back and forth between carriers, agents and applicants.

[0041] The database of illustration described above can be a very useful tool. For example, in certain embodiments, the tool can be used to allow companies to determine rate information and make projections, assumptions, and to select carriers for its employee insurance needs. Algorithms 114 can also be used to perform analytics on the data to spot trends, which can then be used to help determine which carriers to select. In fact, this information can be helpful to companies in determining where to locate new branches, increase hiring, etc.

[0042] FIG. 3 is a diagram of an exemplary disability insurance authority 102 in accordance with one embodiment of the present invention. As can be seen by the figure, the exemplary disability insurance authority 102 may include a processor 302, a power supply unit 304, a network interface module 306, and a memory 308. Memory 308, in turn, may include an analyzer 310, web module 312, filters 314, policy comparison and recommendation engine 316, and illustration selection module 318.

[0043] A power supply module 304 provides a source of power to modules electrically disposed within the disability insurance authority 102. In some embodiments, power is supplied externally by one or more conductive wires, for example, from a power cable or a serial bus cable. In other embodiments, a battery may be used as a source of power.

[0044] Memory 308 comprises any type of module adapted to enable digital information to be stored, retained, and retrieved. Additionally, the memory 308 may comprise any combination of volatile and non-volatile storage devices, including without limitation RAM, DRAM, SRAM, ROM, and/or flash memory. Note also that the memory 308 may be organized in any number of architectural configurations utilizing, for example, registers, memory caches, data buffers, main memory, mass storage, and/or removable media.

[0045] One or more processors 302 are adapted to execute sequences of instructions by loading and storing data to the memory 308. Possible instructions include, without limitation, instructions for data conversions, formatting operations, communication instructions, and/or storage and retrieval operations. Additionally, the processors 302 may comprise any type of digital processing devices including, for example, reduced instruction set computer processors, general-purpose processors, microprocessors, digital signal processors, gate arrays, programmable logic devices, array processors, and/or application-specific integrated circuits. Note also that the processors 302 may be contained on a single unitary IC die or distributed across multiple components.

[0046] Network interface module 306 may enable disability insurance authority 102 to transmit data to or receive data/queries from one or more remote users. Additionally, network interface module 306 may further enable the disability insurance authority 102 to interface with connected databases 106 (see FIG. 1). Note that while the Internet has been primarily described as the selected communication network, it will be understood that any type of networking medium and/or networking protocol may be used in the alternative (e.g., cellular networks, fiber-optic networks, cable networks, satellite networks, wireless networks, serial bus networks, etc.), and further, that the network connection between the remote user and the disability insurance authority 102 may be a different type of network connection than that between the disability insurance authority 102 and the connected databases 106. Additionally, any type of network configuration or network topology may be used in accordance with the scope of various embodiments (e.g., personal area networks, metropolitan area networks, wide area networks, direct connection networks, star networks, ring topologies, etc.).

[0047] In some embodiments, analyzer 310 may be used to analyze rate illustrations stored in the connected databases 107 (see FIG. 1) in order to identify trends in one or more of the illustrations. The trends may be generated based on time, location, occupation, risk factors, or a myriad of other characteristics or circumstances. Optionally, a report generation engine may be utilized to generate and output a report of costs and trends for a given population of consumers.

[0048] Web module 312 may provide the functionality to host an online disability insurance web application for enabling, for example, consumers to acquire rate quotes (as previously described above and with reference to FIG. 2), and to also enable insurance brokers to receive, for example, specific information regarding disability insurance policies, or statistical information based on a volume of disability insurance applications. In some embodiments, the disability insurance authority 102 is adapted to process complex queries input by a remote user (e.g., using connectors and exclusions, search phrases, database joins, etc.).

[0049] A plurality of filters 314 may be used to select a matching carrier based on information provided to the web module. Any number of algorithms 114 may be used for this purpose.

[0050] Illustration selection module 318 may include the logic for selecting one or more illustrations. As described above and with reference to FIG. 1, these illustrations may be stored in one or more remote databases.

[0051] Policy comparison and recommendation engine 316 may be used to transmit the selected carrier and corresponding rate illustration. In some embodiments, policy comparison and recommendation engine 316 may be adapted to display two or more policies from multiple carriers for side -by- side comparison (or alternatively, multiple policies from the same carrier).

[0052] FIG. 4 is a diagram of an exemplary method of processing a received query according to one embodiment of the present invention.

[0053] At step 402, a query is received. The query can be transmitted over a network from a user situated at a remote network node to the disability insurance authority 102, for example. [0054] At step 404, the appropriate processing step (or steps) are invoked. Rate illustrations stored within a connected database 106 (see FIG. 1) may be searched, for example, in order to identify information specific to a policy. Alternatively, trend data may be searched if the query calls for a trend report or otherwise a range of values, for example. In some embodiments, the results of a query are cached locally in order to more efficiently process subsequently issued queries. One or more time-to-live values can be utilized in order to ensure that the cached data does not become stale.

[0055] At step 406, the results of the query are returned to the user. In some embodiments, the results are displayed visually, for example, in the user's web browser. In other embodiments, a file or other data structure may be transmitted to the user over the network, for example, where such a file is in a format that is specifically tailored for use in another application (e.g., a word processor or spreadsheet).

[0056] While certain embodiments have been described above, it will be understood that the embodiments described are by way of example only. Accordingly, the systems and methods described herein should not be limited based on the described embodiments. Rather, the systems and methods described herein should only be limited in light of the claims that follow when taken in conjunction with the above description and accompanying drawings.

Claims

What is claimed is:

1. A disability insurance authority system comprising:

a processor;

memory coupled to the processor;

a web module for receiving consumer information; a plurality of filters configured to select a matching carrier based at least in part on the consumer information; an illustration selection module configured to select an illustration based at least in part on the consumer information and the selected carrier; and

a policy comparison and recommendation engine configured to transmit the matching carrier and the selected illustration.

2. The system of Claim 1, wherein the web module is further configured to electronically present a disability insurance application to a consumer.

3. The system of Claim 1, wherein the consumer information comprises at least one of: a location, an occupation, a salary, an age of a person to be insured, a sex of a person to be insured, a weight of a person to be insured, a height of a person to be insured, and whether a person to be insured is a smoker.

4. The system of Claim 1, wherein the policy comparison and recommendation engine is further configured to output the matching carrier and the selected rate illustration alongside a second carrier and second selected rate illustration, the second selected rate illustration being associated with the second carrier.

5. The system of Claim 1, further comprising a network interface module adapted to connect the disability insurance system with one or more remote nodes on a network.

6. The system of Claim 5, wherein said one or more remote nodes comprises a database.

7. The system of Claim 6, wherein the illustration selection module is further configured to select an illustration from the database.

8. The system of Claim 5, wherein the one or more remote nodes comprises a disability insurance carrier device.

9. The system of Claim 8 further comprising logic for receiving additional rate illustrations transmitted from the disability insurance carrier device.

10. The system of Claim 8 further comprising logic for receiving rate illustration updates from the disability insurance carrier device.

11. A computer-readable medium containing instructions which, when executed by a processor, perform a process comprising:

receiving a first set of data from a user;

performing at least one analysis of the first set of data; selecting a disability insurance carrier based on said at least one analysis of the first set of data;

identifying a rate illustration associated with the selected disability insurance carrier, wherein the rate illustration is based on said at least one analysis of the first set of data;

generating a quote based at least in part upon the identified rate illustration; and

generating a second set of data adapted to indicate to a user the selected disability insurance carrier and the generated quote.

12. The computer-readable medium of Claim 11, wherein the user comprises a consumer.

13. The computer-readable medium of Claim 11, wherein the first set of data comprises information specific to at least one individual to be insured.

14. The computer-readable medium of Claim 11, wherein the first set of data comprises information specific to a consumer.

15. The computer-readable medium of Claim 11, wherein the first set of data comprises information a set of selection criteria provided by the user.

16. The computer-readable medium of Claim 11, wherein the quote is based at least in part upon said at least one analysis of the first set of data.

17. The computer-readable medium of Claim 11, wherein the second set of data further comprises the identified rate illustration.

18. The computer-readable medium of Claim 11, wherein the second set of data is adapted for display on a web browser.

19. The computer-readable medium of Claim 11, wherein the second set of data is adapted for display within a third-party application.

20. A disability insurance authority device comprising:

a processor;

a web module coupled to the processor and adapted to host an online disability insurance application, the web module further adapted to receive and process a query provided by a remote user;

a network interface module in electrical communication with a remote database and adapted to receive rate estimates from one or more carriers, the network interface module being further adapted to receive instructions for transferring said rate estimates to the remote database for storage as illustrations; and an analyzer coupled to the network interface module and adapted to analyze the illustrations in order to identify trends in one or more of the illustrations;

wherein query is processed by searching at least one of: a set of rate illustrations stored in a connected database, wherein each rate illustration is associated with a particular disability insurance carrier, and trend data generated by the analyzer.

21. The disability insurance authority of Claim 20, wherein the remote user comprises an insurance broker.

22. The disability insurance authority of Claim 20, wherein the analyzer is adapted to create an analysis of the illustrations according to time.

23. The disability insurance authority of Claim 20, wherein the analyzer is adapted to create an analysis of the illustrations according to location.

24. The disability insurance authority of Claim 20, wherein the analyzer is adapted to create an analysis of the illustrations according to occupation.

25. The disability insurance authority of Claim 20, wherein the analyzer is adapted to create an analysis of the illustrations according to one or more risk factors.

26. The disability insurance authority of Claim 20, further comprising a report generation engine configured to generate and output a report of costs and trends for a population of consumers.

27. A computer-readable medium containing instructions which, when executed by a computer, perform a process comprising:

receiving a query from a remote user;

determining the results of the query by searching at least one of:

a set of rate illustrations stored in a connected database, wherein each rate illustration is associated with a particular disability insurance carrier, and

trend data associated with one or more rate illustrations stored within the connected database; and

returning the query results to the remote user.

28. The computer-readable medium of Claim 27, wherein the remote user comprises an insurance broker.

29. The computer-readable medium of Claim 27, wherein the trend data is generated according to time.

30. The computer-readable medium of Claim 27, wherein the trend data is generated according to location.

31. The computer-readable medium of Claim 27, wherein the trend data is generated according to occupation.

32. The computer-readable medium of Claim 27, wherein the trend data is generated according to one or more risk factors.

33. A method comprising:

receiving at a first network node a query entered from a user located at a second network node;

automatically processing the query by electronically searching of at least one of:

returning a set of computer-generated data to the remote user over a network, the set of output data indicating the results of the query.

34. The method of Claim 33, wherein the remote user comprises an insurance broker.

35. The method of Claim 33, wherein the trend data is generated according to time.

36. The method of Claim 33, wherein the trend data is generated according to location.

37. The method of Claim 33, wherein the trend data is generated according to occupation.

38. The method of Claim 33, wherein the trend data is generated according to one or more risk factors.