Modular multi-coverage insurance products

Abstract

The invention relates to methods and systems for creating and utilizing a modular multi-coverage insurance product. The modular multi-coverage insurance product includes a set of modular state-pre-approved insurance coverages corresponding to a plurality of insurable liabilities.

1 . A computer implemented method for generating a quote for an insurance policy comprising:
 causing the display by the computer, for selection by a user, of at least one of a plurality of modular insurance coverages previously approved by at least one state, wherein each of the at least one of the plurality of modular insurance coverages has a corresponding modular rating plan, and at least one of the plurality of modular insurance coverages comprising a standalone insurance policy;   combining by the computer the at least one of the plurality of modular insurance coverages selected by the user with a policy framework previously approved by the at least one state, wherein the policy framework has a corresponding framework rating plan independently previously approved by the at least one state;   generating by the computer at least one insurance policy for the at least one of the plurality of modular insurance coverages, said policy not requiring further approval from the at least one state; and   generating by the computer a quote for the insurance policy using the at least one of the plurality of modular insurance coverages selected by the user and the framework rating plan.   
     
     
         2 . The method of  claim 1 , wherein the set of modular coverages includes at least one of property and casualty coverage, a private company directors and officers liability coverage, a nonprofit organization directors and officers liability coverage, an employment practices liability coverage, a fiduciary liability coverage, a miscellaneous professional liability coverage, a crime coverage, a kidnap and ransom coverage, and an identity fraud coverage. 
     
     
         3 . The method of  claim 1 , wherein said combining further comprises combining the plurality of each of the modular coverages of the set of independent and previously approved modular coverages, and generating a plurality of distinct policies with distinct premiums responsive to said combining. 
     
     
         4 . The method of  claim 1 , wherein said determining further comprises determining the insurance policy pricing based on selection of one or more coverage options by the user. 
     
     
         5 . The method of  claim 1 ,
 wherein said generating further comprises generating the at least one insurance policy from the plurality of modular policies in accordance with the user's selected coverages and policy parameters, and   further comprising presenting by the computer the combined selected subset of modular coverages and the insurance policy pricing to the user as a single insurance policy.   
     
     
         6 . The method of  claim 1 , further comprising presenting by the computer the combined selected subset of modular coverages and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy. 
     
     
         7 . The method of  claim 1 , further comprising automatically updating by the computer the terms of the generated insurance policy based on the combined selected subset of modular coverages, the policy framework, and the framework rating plan. 
     
     
         8 . The method of  claim 1 , further comprising receiving by the computer the selection from the user of the subset of the plurality of the modular coverages, and determining the insurance policy pricing based on at least one of separate and shared liability limits, retentions, and deductibles across the selected subset of the modular coverages. 
     
     
         9 . The method of  claim 1 , wherein said receiving further comprises receiving a selection of a single pre-approved modular insurance coverage from the user and further receiving from the user policy parameters related to the selected pre-approved modular insurance coverages, including at least one coverage liability limit amount and at least one deductible amount;
 wherein said generating further comprises generating the at least one insurance policy from the single modular policy and in accordance with the user's selected coverages and policy parameters, and   further comprising presenting by the computer the single modular coverage and the insurance policy pricing as a single insurance policy with a single quote letter and bill to the user in response to generating the insurance policy.   
     
     
         10 . The method of  claim 1 ,
 wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, and underwriter, and an insurance company employee, and   further comprising generating by the computer a plurality of insurance policy pricing estimates responsive to a request from the user.   
     
     
         11 . The method of  claim 1 , further comprising modifying by the computer at least one of the subset of the modular coverages selected by the user and the quote, based on the policy framework and the framework rating plan, with respect to the plurality of modular coverages without having to subject each of the modular coverages in the modified subset to another rating process when the policy framework indicates that a modification is to be performed to the subset of the modular coverages. 
     
     
         12 . The method of  claim 1 , wherein the user comprises at least one of insurance agent, insurance broker, a direct insurance end-user, and underwriter, and an insurance company employee. 
     
     
         13 . The method of  claim 1 , wherein generating at least one insurance policy comprises generating a plurality of insurance policies for the at least one of the plurality of modular insurance coverages. 
     
     
         14 . The method of  claim 1 , wherein generating a quote comprises generating a plurality of quotes for the insurance policy using the at least one of the plurality of modular insurance coverages selected by the user and the framework rating plan.