System and method for valuation, acquisition and management of insurance policies

Abstract

A system and method for the valuation, acquisition, and management of insurance policies whereby specific business methods, algorithms, and systems are utilized to measure specific benchmarks set by risk bearers, affiliates and clients. The benchmarks set are based on the ratios set by the risk bearer based on their specific objectives for profitability. Profitability is measured by a number of factors and ratios to include but not be limited to ROI, ROE, Combined Ratio, Expense Ratio, Loss Ratio.

1 - 20 . (canceled) 
     
     
         21 . A method of managing at least one insurance policy associated with at least one respective client, the method comprising:
 (a) storing employee geographic location data for employees covered by the at least one insurance policy in a database based upon a unique identifier associated with the at least one respective client;   (b) obtaining payroll data for the at least one respective client based upon the respective unique identifier;   (c) calculating, in real-time, earned premium data for the at least one insurance policy;   (d) calculating, in real-time, a policy ranking based upon the earned premium data;   (e) calculating, in real-time, an indicator scaling factor corresponding to a size of the at least one insurance policy;   (f) generating, in real-time, a graphical representation for display including a plurality of indicators associated with the at least one insurance policy and based upon the employee geographic location data, each indicator having at least one indicator characteristic based upon at least one of the indicator scaling factor and the policy ranking; and   (g) updating the at least one indicator characteristic of the at least one indicator in real-time based upon real-time changes in the calculated real-time earned premium data by repeating steps (b)-(f).   
     
     
         22 . The method of  claim 21  wherein the graphical representation comprises a geographic map of policy coverage areas for display including the plurality of indicators at corresponding geographic locations. 
     
     
         23 . The method of  claim 21  wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein each of the plurality of indicators is each associated with a corresponding one of the plurality of insurance policies. 
     
     
         24 . The method of  claim 21  wherein the policy ranking corresponds to a profitability of each of the plurality of insurance policies. 
     
     
         25 . The method of  claim 21  wherein the policy ranking corresponds to a profitability for the least one insurance policy. 
     
     
         26 . The method of  claim 21  wherein the at least one client comprises a plurality of clients. 
     
     
         27 . The method of  claim 26  wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein the policy ranking corresponds to a profitability of each of the plurality of insurance policies for employees of each of the plurality of clients at a same zip code. 
     
     
         28 . The method of  claim 21  wherein the at least one visual characteristic comprises color. 
     
     
         29 . The method of  claim 21  wherein the at least one visual characteristic comprises size. 
     
     
         30 . The method of  claim 21  further comprising calculating, in real-time, profitability for each employee based upon the earned premium data; and wherein the at least one indicator characteristic is updated in real-time based upon real-time changes in the calculated profitability. 
     
     
         31 . The method of  claim 21  further comprising storing claims data associated with the at least one insurance policy in the database based upon the unique identifier; and
 wherein the policy ranking is calculated based upon the claims data. 
 
     
     
         32 . The method of  claim 21  wherein the graphical representation comprises at least one of an icon, graph, table, and textual representation. 
     
     
         33 . The method of  claim 21  wherein the unique identifier comprises a federal employer identification number. 
     
     
         34 . A system for managing at least one insurance policy associated with at least one respective client, the system comprising:
 a memory; and   a processor cooperating with the memory and configured to
 (a) store employee geographic location data for employees covered by the at least one insurance policy in a database in the memory based upon a unique identifier associated with the at least one respective client, 
 (b) obtain payroll data for the at least one respective PEO client based upon the respective unique identifier, 
 (c) calculate, in real-time, earned premium data for the at least one insurance policy, 
 (d) calculate, in real-time, a policy ranking based upon the earned premium data, 
 (e) calculate, in real-time, an indicator scaling factor corresponding to a size of the at least one insurance policy, 
 (f) generate, in real-time, a graphical representation for display including a plurality of indicators associated with the at least one insurance policy and based upon the employee geographic location data, each indicator having at least one indicator characteristic based upon at least one of the indicator scaling factor and the policy ranking, and 
 (g) update the at least one indicator characteristic of the at least one indicator in real-time based upon real-time changes in the calculated real-time earned premium data by repeating steps (b)-(f). 
   
     
     
         35 . The system of  claim 34  wherein the graphical representation comprises a geographic map of policy coverage areas for display including the plurality of indicators at corresponding geographic locations. 
     
     
         36 . The system of  claim 34  wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein each of the plurality of indicators is each associated with a corresponding one of the plurality of insurance policies. 
     
     
         37 . The system of  claim 34  wherein the policy ranking corresponds to a profitability for the least one insurance policy. 
     
     
         38 . The system of  claim 34  wherein the at least one client comprises a plurality of clients. 
     
     
         39 . The system of  claim 38  wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein the policy ranking corresponds to a profitability of each of the plurality of insurance policies for employees of each of the plurality of clients at a same zip code. 
     
     
         40 . The system of  claim 34  wherein the at least one visual characteristic comprises at least one of color and size. 
     
     
         41 . The system of  claim 34  wherein the processor is configured to calculate, in real-time, profitability for each employee based upon the earned premium data; and wherein the processor is configured to update the at least one indicator characteristic in real-time based upon real-time changes in the calculated profitability. 
     
     
         42 . The system of  claim 34  wherein the processor is configured to store claims data associated with the at least one insurance policy in the database based upon the unique identifier; and wherein the policy ranking is calculated based upon the claims data. 
     
     
         43 . The system of  claim 34  wherein the unique identifier comprises a federal employer identification number. 
     
     
         44 . A non-transitory computer readable medium for managing at least one insurance policy associated with at least one respective client, the non-transitory computer readable medium comprising computer executable instructions that when executed by a processor cause the processor to perform operations, the operations comprising:
 (a) storing employee geographic location data for employees covered by the at least one insurance policy in a database based upon a unique identifier associated with the at least one respective client;   (b) obtaining payroll data for the at least one respective PEO client based upon the respective unique identifier;   (c) calculating, in real-time, earned premium data for the at least one insurance policy;   (d) calculating, in real-time, a policy ranking based upon the earned premium data;   (e) calculating, in real-time, an indicator scaling factor corresponding to a size of the at least one insurance policy;   (f) generating, in real-time, a graphical representation for display including a plurality of indicators associated with the at least one insurance policy and based upon the employee geographic location data, each indicator having at least one indicator characteristic based upon at least one of the indicator scaling factor and the policy ranking; and   (g) updating the at least one indicator characteristic of the at least one indicator in real-time based upon real-time changes in the calculated real-time earned premium data by repeating steps (b)-(f).   
     
     
         45 . The non-transitory computer readable medium of  claim 44  wherein the graphical representation comprises a geographic map of policy coverage areas for display including the plurality of indicators at corresponding geographic locations. 
     
     
         46 . The non-transitory computer readable medium of  claim 44  wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein each of the plurality of indicators is each associated with a corresponding one of the plurality of insurance policies. 
     
     
         47 . The non-transitory computer readable medium of  claim 44  wherein the at least one client comprises a plurality of clients; wherein the at least one insurance policy comprises a plurality of insurance policies; and wherein the policy ranking corresponds to a profitability of each of the plurality of insurance policies for employees of each of the plurality of PEO clients at a same zip code. 
     
     
         48 . The non-transitory computer readable medium of  claim 44  wherein the at least one visual characteristic comprises at least one of color and size. 
     
     
         49 . The non-transitory computer readable medium of  claim 44  wherein the operations further comprise calculating, in real-time, profitability for each employee based upon the earned premium data; and wherein the at least one indicator characteristic is updated in real-time based upon real-time changes in the calculated profitability. 
     
     
         50 . The non-transitory computer readable medium of  claim 44  wherein the operations further comprise storing claims data associated with the at least one insurance policy in the database based upon the unique identifier; and wherein the policy ranking is calculated based upon the claims data. 
     
     
         51 . The non-transitory computer readable medium of  claim 44  wherein the unique identifier comprises a federal employer identification number.