Patent ID: 7143051
Filing Date: 2006-11-28
Classification: G06Q

Abstract:
1. A computerized method of quoting, issuing and administering group insurance coverage for a client, comprising: A. receiving and storing in a master computer database initial information regarding the client, the initial information relating to at least some of the following input parameters: employer: industry; effective date; estimated covered lives; actuarial data; prior carrier; and desired coverage; B. using at least some of said initial information, and in a computerized quotation module: (i) processing the initial information to generate a proposal, wherein generating the proposal includes calculating at least some of the following output parameters: premium rate: plan information; actual effective date; billing period; and coverage information; (ii) storing the initial information and the output parameters in said master computer database; and C. upon receiving approval of the proposal generating insurance policies based at least in part upon the initial information and the output parameters stored in said master computer database; and D. using information stored in said master computer database, administering the insurance policies by: (i) automatically loading information stored in said master computer database into a computerized renewal database, comprising: (ii) supplying renewal rates for at least some of said policies whose information is stored in said computerized renewal database; (iii) revising renewal status information for at least some of said policies whose information is stored in said computerized renewal database; (iv) updating renewal status information for at least some of said policies whose information is stored in said computerized renewal database; and (v) updating said master computer database with information from said computerized renewal database, relating to at least some of said list bill policies whose information is stored in said computerized renewal database and at least some of said self bill policies whose information is stored in said computerized renewal database.