System and method for providing insurance coverage recommendations

Abstract

A computer system includes a data storage device. The data storage module receives, stores, and provides access to historical entity data and insurance coverage package data. A recommendation engine comprising program instructions stored in a program memory receives current entity data, creates a current entity representative record based on the received current entity data and historical entity data, creates one or more historical entity representative records for each of a plurality of insurance coverage packages, identifies one of the historical entity representative records based on the current entity representative record, identifies one or more of the plurality of insurance coverage packages based on the identified historical entity representative record, and presents the identified one or more insurance coverage packages when executed by a computer processor. A payment device processes a payment associated with one of the identified one or more insurance coverage packages to establish an insurance contract with the current entity based on the one of the identified one or more insurance coverage packages.

What is claimed is: 
     
         1 . A computer system for providing a recommendation of at least one insurance coverage package covering an entity from among a plurality of insurance coverage packages, the system comprising:
 one or more data storage devices storing presented packages of insurance coverages;   one or more computer processors in communication with the one or more data storage devices;   a memory in communication with the one or more computer processors and storing program instructions, the one or more computer processors operative with the program instructions to:
 receive a selection of one of the presented packages of insurance coverages; 
 determine additional coverage configurations based on the selected presented package of insurance coverages, wherein the selected presented package of insurance coverages and the additional coverage configurations together comprise determined coverage configurations; 
 provide data for a display for presentation including the determined coverage configurations, the display being configured to a modification of at least one term of a selected one of the determined coverage configurations or a selection to receive a quotation for one of the determined coverage configurations; 
 determine, responsive to a receipt of an indication of modification of at least one term of one of the determined coverage configurations, one or more other insurance coverage packages and provide data for a display for presentation the one or more other insurance coverage packages, the display being further configured to allow a selection to receive a quotation for a selected one of the one or more other insurance coverage packages; and 
 responsive to a receipt of a selection to receive a quotation for a selected one of the determined coverage confirmations or a selected one of the one or more other insurance coverage packages:
 generate a quotation for the selected one of the determined coverage configurations or the selected one of the one or more other insurance coverage packages; and 
 provide data for a display for presentation including the quotation for the selected one of the determined coverage confirmations or the selected one of the one or more other insurance coverage packages. 
 
   
     
     
         2 . The system of  claim 1 , wherein the one or more data storage devices further store insurance coverage configuration rules and wherein the one or more computer processors being operative with the program instructions to determine the additional coverage configurations based on the selected presented package of insurance coverages comprises the one or more computer processors being operative with the program instructions to determine the additional coverage configurations based on the insurance coverage configuration rules. 
     
     
         3 . The system of  claim 2 , wherein the insurance coverage configuration rules are operative with the one or more computer processors and the program instructions to:
 determine whether the selected presented package of insurance coverages includes stretch packages;   determine, responsive to a determination that the selected presented package of insurance coverages does not include stretch packages, one or more stretch packages based on the selected presented package of insurance coverages, wherein the one or more stretch packages comprise additional coverage configurations that provide for one or both of additional coverage and coverage limits over the selected presented package of insurance coverages; and   determine, responsive to a determination that the selected presented package of insurance coverages includes stretch packages, one or both of umbrella coverage packages and additional line of business coverage packages for the selected presented package of insurance coverages, wherein the umbrella coverage packages comprise additional coverage configurations that provide for one or both of coverage in addition to or in excess of coverage limits of the selected presented package of insurance coverages and the additional line of business coverage packages comprise additional coverage configurations that provide a different type of coverage than provided by the selected presented package of insurance coverages.   
     
     
         4 . The system of  claim 3 , wherein the insurance coverage configuration rules being operative with the one or more computer processors and the program instructions to determine the one or more stretch packages based on the selected presented package of insurance coverages comprises the insurance coverage configuration rules being operative with the one or more computer processors and the program instructions to:
 determine a stretch package that provides for additional coverage and coverage limits over the selected presented package of insurance coverages, based on a classification code of a matching representative historical insurance purchase record associated with the selected presented package of insurance coverages; and   determine a super-stretch package that provides for additional coverage and coverage limits over the stretch package, based on the classification code of the matching representative historical insurance purchase record associated with the selected presented package of insurance coverages;   wherein the stretch package and the super-stretch package comprise the additional coverage configurations.   
     
     
         5 . The system of  claim 2 , wherein the insurance coverage configuration rules are operative with the one or more computer processors and the program instructions to:
 determine whether the selected presented package of insurance coverages includes stretch packages, umbrella coverage packages, and additional line of business coverage packages; and   determine, responsive to a determination that the selected presented package of insurance coverages includes stretch packages, umbrella coverage, and additional line of business coverage packages, additional coverage configurations including coverage packages with one or both of different coverage limits or different deductibles than the selected presented package of insurance coverages.   
     
     
         6 . The system of  claim 1 , wherein the one or more data storage devices further store historical insurance coverage package data and wherein the one or more processors being operative with the program instructions to determine the one or more other insurance coverage packages based on the selected presented package of insurance coverages comprises the one or more processors being operative with the program instructions to determine the one or more other insurance coverage packages based on a market basket analysis of the selected presented package of insurance coverages and the historical insurance coverage package data. 
     
     
         7 . The system of  claim 6 , wherein the market basket analysis determines the additional coverage configurations based on a confidence factor, a level of support factor, a lift factor, and an expected confidence factor between the selected presented package of insurance coverages and historical insurance coverage packages. 
     
     
         8 . A computer-implemented method for providing a recommendation of at least one insurance coverage package covering an entity from among a plurality of insurance coverage packages, the method comprising:
 receiving, by one or more computer processors, entity data;   receiving, storing, and providing access to one or more data storage devices storing presented packages of insurance coverages;   receiving, by the one or more computer processors, a selection of one of the presented packages of insurance coverages;   determining, by the one or more computer processors, additional coverage configurations based on the selected presented package of insurance coverages, wherein the selected presented package of insurance coverages and the additional coverage configurations together comprise determined coverage configurations;   providing, by the one or more computer processors, data for a display for presentation including the determined coverage configurations, the display being configured to allow a modification of at least one term of one of the determined coverage configurations, select one of the determined coverage configurations, or select to receive a quotation for a selected one of the determined coverage configurations;   provide, by the one or more computer processors and responsive to a receipt of an indication of modification of at least one term of one of the determined coverage configurations, data for a display for presentation the one or more other insurance coverage packages, the display being further configured to allow a modification of at least one term of one of the one or more other coverage packages, select one of the one or more other insurance coverage packages, or select to receive a quotation for a selected one of the one or more other insurance coverage packages;   responsive to a receipt, by the one or more computer processors, of a selection to receive a quotation for a selected one of the determined coverage confirmations or a selected one of the one or more other insurance coverage packages:
 generating, by the one or more computer processors, a quotation for the selected one of the determined coverage confirmations or the selected one of the one or more other insurance coverage packages; and 
 providing, by the one or more computer processors, data for a display for presentation including the quotation for the selected one of the determined coverage confirmations or the selected one of the one or more other insurance coverage packages. 
   
     
     
         9 . The method of  claim 8 , further comprising receiving, storing, and providing access to, by the one or more data storage devices, insurance coverage configuration rules and wherein determining additional coverage configurations based on the selected presented package of insurance coverages comprises determining the additional coverage configurations based on the insurance coverage configuration rules. 
     
     
         10 . The method of  claim 9 , wherein determining the additional coverage configurations based on the insurance coverage configuration rules comprises:
 determining, by the one or more computer processors, whether the selected presented package of insurance coverages includes stretch packages;   determining, by the one or more computer processors and responsive to a determination that the selected presented package of insurance coverages does not include stretch packages, one or more stretch packages based on the selected presented package of insurance coverages, wherein the one or more stretch packages comprise additional coverage configurations that provide for one or both of additional coverage and coverage limits over the selected presented package of insurance coverages; and   determining, by the one or more computer processors and responsive to a determination that the selected presented package of insurance coverages includes stretch packages, one or both of umbrella coverage packages and additional line of business coverage packages for the selected presented package of insurance coverages, wherein the umbrella coverage packages comprise additional coverage configurations that provide for one or both of coverage in addition to or in excess of the coverage limits of the selected presented package of insurance coverages and the additional line of business coverage packages comprise additional coverage configurations that provide a different type of coverage than provided by the selected presented package of insurance coverages.   
     
     
         11 . The method of  claim 10 , wherein determining one or more stretch packages based on the selected presented package of insurance coverages comprises:
 determining a stretch package that provides for additional coverage and coverage limits over the selected presented package of insurance coverages, based on a classification code of a matching representative historical insurance purchase record associated with the selected presented package of insurance coverages; and   determining a super-stretch package that provides for additional coverage and coverage limits over the stretch package, based on the classification code of the matching representative historical insurance purchase record associated with the selected presented package of insurance coverages;   wherein the stretch package and the super-stretch package comprise the additional coverage configurations.   
     
     
         12 . The method of  claim 9 , wherein determining the additional coverage configurations based on the insurance coverage configuration rules comprises:
 determining, by the one or more computer processors, whether the selected presented package of insurance coverages includes stretch packages, umbrella coverage packages, and additional line of business coverage packages; and   determining, by the one or more computer processors and responsive to a determination that the selected presented package of insurance coverages includes stretch packages, umbrella coverage, and additional line of business coverage packages, additional coverage configurations including coverage packages with one or both of different coverage limits or different deductibles than the selected presented package of insurance coverages.   
     
     
         13 . The method of  claim 8 , further comprising receiving, storing, and providing access to, by the one or more data storage devices, historical insurance coverage package data; and wherein determining the one or more other insurance coverage packages based on the selected presented package of insurance coverages comprises determining the one or more other insurance coverage packages based on a market basket analysis of the selected presented package of insurance coverages and the historical insurance coverage package data. 
     
     
         14 . The method of  claim 13 , wherein determining the additional coverage configurations based on the market basket analysis comprises determining the additional coverage configurations based on a confidence factor, a level of support factor, a lift factor, and an expected confidence factor between the selected presented package of insurance coverages and historical insurance coverage packages. 
     
     
         15 . A computer system for providing a recommendation of at least one insurance coverage package covering an entity from among a plurality of insurance coverage packages, the system comprising:
 one or more data storage devices storing presented packages of insurance coverages;   one or more computer processors in communication with the one or more data storage devices;   a memory in communication with the one or more computer processors and storing program instructions, the one or more computer processors operative with the program instructions to:
 receive a selection of one of the presented packages of insurance coverages; 
 determine whether the selected presented package of insurance coverages includes stretch packages, umbrella coverage packages, and line of business coverage packages; 
 responsive to a determination that the selected presented package of insurance coverages does not include the stretch packages, the umbrella coverage packages, and the line of business coverage packages, determine the one or more of the stretch packages, the umbrella coverage packages, and line of business coverage packages not included in the selected presented package of insurance coverages, wherein the selected presented package of insurance coverages, the stretch packages, the umbrella coverage packages, and the line of business coverage packages comprise determined coverage configurations; 
 providing data for a display for presentation including the determined coverage configurations, the display being configured to allow a selection to receive a quotation for one of the determined coverage configurations; 
 responsive to a receipt of a selection to receive a quotation for a selected one of the determined coverage confirmations:
 generate a quotation for the selected one of the determined coverage confirmations or the selected one of the one or more other insurance coverage packages; and 
 providing data for a display for presentation including the quotation for the selected one of the determined coverage confirmations or the selected one of the one or more other insurance coverage packages. 
 
   
     
     
         16 . The system of  claim 15 , wherein the one or more computer processors are further operative with the program instructions to process a payment received by a payment device associated with the selected one of the determined coverage configurations, wherein processing the payment establishes an insurance contract with the entity. 
     
     
         17 . The system of  claim 15 , wherein the one or more computer processors being operative with the program instructions to determine the one or more stretch packages based on the selected presented package of insurance coverages comprises the one or more computer processors being operative with the program instructions to:
 determine a stretch package that provides for additional coverage and coverage limits over the selected presented package of insurance coverages, based on a classification code of a matching representative historical insurance purchase record associated with the selected presented package of insurance coverages; and   determine a super-stretch package that provides for additional coverage and coverage limits over the stretch package, based on the classification code of the matching representative historical insurance purchase record associated with the selected presented package of insurance coverages;   wherein the stretch package and the super-stretch package comprise additional coverage configurations.   
     
     
         18 . The system of  claim 15 , wherein the one or more data storage devices further store historical insurance coverage package data;
 wherein the display presented is further configured to allow a modification of at least one term of a selected one of the determined coverage configurations; and   wherein the one or more computer processors are further operative with the program instructions to:
 determine, responsive to a receipt of an indication of modification of at least one term of one of the determined coverage configurations, one or more other insurance coverage packages based a market basket analysis of the selected presented package of insurance coverages and the historical insurance coverage package data, and 
 provide data for a display for presentation the one or more other insurance coverage packages, the display being further configured to allow a selection to receive a quotation for a selected one of the one or more other insurance coverage packages. 
   
     
     
         19 . The system of  claim 15 , wherein the one or more computer processors being operative with the program instructions to determine the one or more of the stretch packages, the umbrella coverage packages, and line of business coverage packages not included in the selected presented package of insurance coverages comprises the one or more computer processors being operative with the program instructions to:
 determine, responsive to a determination that the selected presented package of insurance coverages does not include stretch packages, one or more stretch packages based on the selected presented package of insurance coverages, wherein the one or more stretch packages comprise additional coverage configurations that provide for one or both of additional coverage and coverage limits over the selected presented package of insurance coverages;   determine, responsive to a determination that the selected presented package of insurance coverages does not include umbrella coverage packages, one or more umbrella coverage packages for the selected presented package of insurance coverages, wherein the umbrella coverage packages comprise additional coverage configurations that provide for one or both of coverage in addition to or in excess of the coverage limits of the selected presented package of insurance coverages.   determine, responsive to a determination that the selected presented package of insurance coverages does not include additional line of business coverage packages, one or more additional line of business coverage packages for the selected presented package of insurance coverages, wherein the one or more additional line of business coverage packages comprise additional coverage configurations that provide for coverage in addition to or in excess of the coverage limits over the selected presented package of insurance coverages.   
     
     
         20 . The system of  claim 15 , wherein the one or more data storage devices further store insurance coverage configuration rules; and wherein the one or more computer processors are further operative with the program instructions to:
 responsive to a determination that the selected presented package of insurance coverages includes stretch packages, umbrella coverage, and additional line of business coverage packages, determine additional coverage configurations including coverage packages with one or both of different coverage limits or different deductibles than the selected presented package of insurance coverages based on the insurance coverage configuration rules;   wherein the determined coverage configurations further include the additional coverage configurations.