Integrated Online Insurance Quoting System for Product Purchases
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Solution Overview
Problem
The existing process of purchasing insurance for products online is inconvenient as it requires separate transactions from the product purchase, especially for mandatory insurance like auto insurance, leading to a time-consuming and cumbersome experience.
Innovation Solution
An integrated system and method that allows insurance providers to offer and purchase insurance policies in conjunction with the online sale of insurable products, where user history information is used to determine eligibility and generate quotes, enabling immediate binding coverage during the product purchase process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If insurance is purchased separately from the product, then insurance coverage is provided, but the purchasing process becomes time-consuming and inconvenient
Solution Approach 1:
The patent combines the insurance purchase process with the product purchase process into a single integrated transaction. The insurance provider system receives product purchase information from the online retailer, automatically generates insurance quotes based on this information, and presents the insurance offer to the customer within the same purchasing workflow. This merging eliminates the need for separate insurance transactions, directly resolving the contradiction by improving convenience while reducing time loss.
2Ease of operation
If insurance purchase is integrated with product purchase, then convenience is improved, but system complexity increases
Solution Approach 1:
The patent introduces an insurance provider system as an intermediary that acts as a bridge between the online retailer and the customer. This intermediary receives product purchase information from the retailer, processes insurance eligibility and quoting automatically, and manages the integrated transaction workflow. By using this intermediary layer, the system achieves process integration and improved convenience while containing complexity within the intermediary rather than requiring direct integration between all system components.
3Productivity
If automatic insurance quoting is implemented, then processing speed is improved, but accuracy of risk assessment may be compromised
Solution Approach 1:
The patent implements preliminary action by pre-configuring insurance coverage options, pricing models, and risk assessment criteria before the purchase transaction occurs. The insurance provider system has pre-established rules and algorithms that automatically evaluate product purchase information and generate appropriate quotes without requiring real-time complex analysis. This preliminary preparation enables fast automatic quoting while maintaining assessment accuracy through pre-validated models and criteria.
Data Source
AI summary
Methods, systems, apparatus, and non-transitory computer readable media are described for integrating the online purchase of a product with the purchase of an insurance policy providing coverage for the product. When a customer initiates the purchase of a product through an online retailer, various aspects include obtaining personal information for the customer, as well as product information for the product. Based upon this information, various aspects may include determining whether the customer is eligible to purchase insurance, and assessing a level of risk in providing a particular type of insurance coverage to the customer. Additionally, various aspects may further include determining an insurance quote based upon this level of risk and transmitting an offer to purchase the insurance policy to the customer. The customer may then purchase the product and insurance policy in one transaction such that binding insurance coverage for the product is provided at the time of purchase.