Patent ID: 8719060
Filing Date: 2014-05-06
Classification: G06Q

Abstract:
1. A method for modeling insurance coverage, the method comprising: providing a computing device having a processor and a database accessible to the processor; providing a memory coupled to the processor and including a plurality of claim data comprising at least one of representative peer claim data or historical claim data; quoting, using the processor, an insurance policy having a plurality of coverage parameters, each of the plurality of coverage parameters having an associated coverage limit; displaying, using the processor, a plurality of claim scenario parameters within a user interface; receiving, using the processor and via the user interface, a selection of one or more of the plurality of claim scenario parameters; generating, using the processor, a claim scenario using at least one of the representative peer claim data or the historical claim data and the one or more selected claim scenario parameters, the claim scenario comprising a plurality of claim scenario elements related to one or more of the selected claim scenario parameters; determining, using the processor, a coverage parameter disparity for the insurance policy, the coverage parameter disparity being computed as a difference between one or more of the claim scenario elements and the associated coverage limit for one of the plurality of coverage parameters; and displaying, using the processor, the coverage parameter disparity, within the user interface.