Patent ID: 7240017
Filing Date: 2007-07-03
Classification: G06Q

Abstract:
1. A network-based method for facilitating the dispensing of insurance providing coverage in a country other than the country in which the customer resides comprising in any order at least the steps of: receiving policy information, at a host, from a plurality of insurance companies, the policy information including at least one of insurance rates and underwriting guidelines; contracting, by the host, with an agent to sell, via an agent website, insurance policies from the plurality of insurance companies in accordance with the policy information; receiving, at the host, customer data from at least one of the agent website and an agent representative via the network, the data including at least identification of the desired type of insurance and parameters applicable to the underwriting guidelines; obtaining, at the host, calculations of insurance rates for insurance policies from a plurality of competing insurance companies; providing, by the host to the customer via the network, the insurance rates for the insurance policies from at least a portion of the plurality of competing insurance companies, the insurance policies providing coverage in a country other than the country in which the customer resides; receiving, by the host, a selection from the customer of at least one insurance policy from the provided insurance rates and insurance policies, wherein the plurality of competing insurance companies are required to bind coverage and provide the at least one insurance policy to the customer upon selection; receiving, at the host from the customer via the network, instructions to purchase the selected insurance policy providing coverage in a country other than the country in which the customer resides, along with customer financial transaction account information to facilitate payment; facilitating, by the host, authorization of the customer financial transaction account information without involvement by the agent or the plurality of insurance companies; and creating and distributing, by the host, the electronic proof of the bound coverage to the location of the customer.