Patent ID: 8352295
Filing Date: 2013-01-08
Classification: G06Q

Abstract:
1. A method for increasing insurance market share comprising the steps of: (a) receiving a set of historical calendar year information from a first external computing device, the set of historical calendar year information including a State-wide industry insurance premium; (b) receiving a set of data from a second external computing device, the set of data from the second external computing device including total number of households per zip code, total number of auto-owning households per zip code, and average insurance expenditures per household per zip code for a historical calendar year and at least one future calendar year; (c) using a processor associated with a computer, calculating a total expenditure of insurance per zip code for the historical calendar year and the at least one future calendar year; (d) receiving, from a data repository, a set of internal data, the set of internal data including projected annual premium growth rates for individual States for a number of future years; (e) using the processor, calculating a first set of future State-wide industry insurance premiums based on the projected annual premium growth rates and the historical State-wide industry insurance premium; (f) using the processor, calculating a second set of future State-wide industry insurance premiums based on the received total number of households per zip code, the total number of auto-owning households per zip code, and the average insurance expenditures per household per zip code; (g) using the processor, calculating an adjustment factor based on the calculated first set and second set of future State-wide industry insurance premiums; (h) using the processor, applying the calculated adjustment factor to the total expenditure of insurance per zip code to determine an adjusted total expenditure of insurance per zip code; and (i) using the processor, calculating an amount of premiums, policies, or quotations needed to achieve a market share in the zip code.