Systems and methods for facilitating an insurance marketplace for negotiations among brokers and insurance carriers

Inventor: Kabir Syed (Greenwich, CT)

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Quick Facts

Patent No.: US 8,666,788
App. No.: 13/799,558
Granted: Mar 4, 2014
Kind: B1

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Abstract

Methods are disclosed for providing leads for insurance market participants. A method may include a broker providing for consideration, their clients' insurance risk to be considered by multiple insurance capital providers. The broker can be provided with potential carrier matches based on analysis of broker and carrier insurance preferences, and previous transactions. Similarly, methods may include carriers disclosing their risk appetites, in the form of insurance products and services for consideration. The carrier may also be provided with potential broker and/or client matches based on analysis of the broker and carrier insurance preferences and previous transactions. Systems and apparatuses are also disclosed to implement the disclosed methods.

Claims (72)

1. A method comprising:

(a) receiving, at one or more computers from a first broker device, a first criteria to identify one or more insurance carriers capable of providing insurance to a party seeking insurance coverage;

(b) determining, at the one or more computers, one or more search parameters based at least in part on the first criteria;

(c) accessing, using the one or more computers, one or more electronic databases stored on one or more non-transitory computer-readable storage media and operatively connected to the one or more computers, the databases comprising information provided by at least a plurality of brokers for a plurality of insurance carriers, including for one or more of the respective carriers:

(i) profile information identifying the respective carriers;

(ii) product information identifying one or more insurance products offered or underwritten currently or historically by the respective carriers;

(iii) coverage information indicating coverage limits, layer, deductible, geography, and industry associated with the respective carriers;

(iv) experience information indicating the current or historical experience of the respective carriers by industry, geography, insured size, and total underwritten premiums;

(v) relationship information indicating current or historical relationships with at least one of:

1) one or more entities related to the party seeking insurance; or

2) one or more intermediaries associated with the party seeking insurance;

(d) determining, by the one or more computers accessing data in the databases, one or more carriers matching the determined search parameters;

(e) providing, to the first broker device by the one or more computers, first information identifying at least the determined carrier matches and second information corresponding to a market share for a product line associated with the first criteria with respect to all carriers in the database offering such product line.

2. The method of claim 1 , further comprising providing third information identifying for each carrier at least one of:

1) said carrier has sent a request for submission for the party seeking insurance;

2) said carrier has declined the party seeking insurance; and

3) said carrier has not sent a request for submission and has not declined the party seeking insurance.

3. The method of claim 2 , further comprising:

(f) receiving, at the one or more computers from the first broker device, a selection of one or more of the provided carrier matches.

4. The method of claim 3 , further comprising:

(g) receiving, from the first broker device at the one or more computers, an indication to send a submission to the one or more selected carriers; and

(h) sending, by the one or more computers, a submission on behalf of a user of the first broker device to one or more devices associated with the one or more selected carriers.

5. The method of claim 4 , further comprising:

(i) providing, by the one or more computers to the first broker device, a first broker negotiation interface; and

(j) providing, by the one or more computers to carrier devices associated with each of the one or more selected carriers, a second carrier negotiation interface for each of the one or more selected carriers,

wherein the first broker negotiation interface can communicate, directly or indirectly, with each of the second carrier negotiation interfaces so as to facilitate negotiations to purchase insurance.

6. The method of claim 3 , further comprising:

(g) receiving, at the one or more computers, an indication to decline at least one previously sent request for submission from one of the one or more selected carriers.

7. The method of claim 1 , wherein the party seeking insurance coverage is any one of a corporation, limited liability corporation, joint venture, bank, hedge fund, industry association, lending institution, non-profit organization, or government entity.

8. The method of claim 1 , wherein the one or more search parameters comprise at least one or more of the following types of information: insurance products, total risk exposure, coverage limits, deductibles, or insurance layers.

9. The method of claim 8 , wherein the one or more search parameters further comprise at least one or more of the following types of information: geography, industry, or insured size.

10. The method of claim 1 , wherein the experience information further comprises information indicating loss ratios, engineering and loss control services, insurance claims, length of time in the marketplace of one or more products offered by the respective carriers, number of clients underwritten by the respective carriers, and/or market share of premiums underwritten by the respective carriers for one or more products by geography, size, or industry.

11. The method of claim 1 , wherein the first broker device is associated with at least one of an insurance broker, insurance agent, wholesaler, managing general agent, or insurance pool.

12. The method of claim 1 , wherein the search parameters are based at least in part on the first criteria, a proximity metric that relates categories of insured's industry, size, and exposure, based at least in part on historical negotiation data associated with one or more insurance carrier.

13. The method of claim 1 , wherein the second information further comprises at least one of a percentage of successful requests for submission, a percentage of successful submissions, a number of successful requests for submission, or a number of successful submissions.

14. The method of claim 1 , wherein the information for the plurality of insurance carriers is provided by at least the plurality of brokers and the plurality of insurance carriers.

15. A method comprising: