Account level participation for underwriting components

Abstract

An account management system has been developed that enables customer or client-related information to be stored, viewed and manipulated in a manner that reflects the relationship among different customers. The account management system includes an account data structure that defines accounts and relates customers to accounts so that the accounts include a group of related customers. In addition, a method of managing an underwriting account for an insurance policy has been developed. In particular, a method comprises the steps of establishing a plurality of participants, assigning each participant of the plurality of participants to an account, establishing business rules at an account level, and providing an underwriting decision for an account based upon the business rules.

1 . A method of managing an underwriting account for an insurance policy, the method comprising:
 providing an account management system comprising a processor and a database system;   the account management system establishing a plurality of customer data entities, wherein each customer data entity stores information related to a different one of a plurality of insurance customers;   for each of the plurality of customer data entities, the account management system associating the customer data entity with a different one of a plurality of insurance offering data entities;   the account management system associating all of the plurality of customer data entities with one underwriting account data entity such that the underwriting account data entity is associated with each of the plurality of insurance offering data entities by way of the plurality of customer data entities; and   performing an insurance underwriting analysis by at least using the underwriting account entity to reference the plurality of customer data entities as well as the plurality of insurance offering data entities.   
     
     
         2 . The method of  claim 1 , wherein a first one of the plurality of insurance offering data entities stores information related to an insurance offering that includes an insurance product. 
     
     
         3 . The method of  claim 2 , wherein the insurance offering is an insurance policy. 
     
     
         4 . The method of  claim 2 , wherein a second one of the plurality of insurance offering data entities stores information related to an insurance offering that includes a combination of an insurance product and at least a good or a service. 
     
     
         5 . The method of  claim 1 , wherein each of the plurality of insurance customers is a business or a person. 
     
     
         6 . The method of  claim 1 , wherein each of the plurality of insurance customers has at least one of: a business ownership relationship with another of the plurality of insurance customers, a familial relationship with another of the plurality of customers, or a co-habitation relationship with another of the plurality of customers. 
     
     
         7 . The method of  claim 1 , wherein the insurance underwriting analysis is performed by analyzing a combination of individual risks associated with each of the plurality of insurance offerings.