WO2021223006A1

WO2021223006A1 - Comparative insurance premium calculator and method

Info

Publication number: WO2021223006A1
Application number: PCT/CA2020/050627
Authority: WO
Inventors: Matthew INGLIS
Original assignee: Inglis Matthew
Priority date: 2020-05-08
Filing date: 2020-05-08
Publication date: 2021-11-11
Also published as: CA3095642A1

Abstract

: A method of determining and displaying to a user the comparative premium cost of a plurality of insurance products available to insure a debt obligation. The user enters the principal amount of the obligation to be insured along with at least one common premium-determining criteria for each of the plurality via a human interface of a computer, and estimation software uses the entered data to determine an estimated premium cost for each of the plurality of insurance products. The estimated premium costs are displayed to the user. The computer could be a local computer, or a server with the human interface being network-connected to the server. Various premium determination methods are disclosed.

Description

COMPARATIVE INSURANCE PREMIUM CALCULATOR AND METHOD

Inglis

This invention is in the field of computer-implemented business decision support systems and more specifically deals with a computer-implemented method of generating comparative premium estimates for different types of insurance products available in respect of a consumer or commercial debt obligation to support insurance product selection and purchasing.

Background:

Many industries have seen significant business process enhancements through the development of different software-based business decision-making systems and the like. The development of various software-based decision tools and the like have enhanced product marketing, selection and delivery in many businesses.

One industry in which there has not been the same ability encountered to date from the perspective of the evolution and deployment of computer-based business methods is the selection and marketing of various insurance products, specifically insurance policies. Insurance policies are difficult to compare from a comparative marketing perspective - insurance policy costs and suitability for particular purposes are determined by various factors for individual policies and products, and from vendor to vendor even similar types of insurance products are difficult to price comparatively since every vendor often has different premium-determining factors that they used to cost their products. If there were a way to provide rapid comparative cost estimation to customers in terms of various insurance products, between vendors and even between insurance product types, this is likely to be well accepted in the industry. One of the significant rate limiters in the development and adoption of such systems for the comparative pricing of insurance products is the lack to date of simple and standardized premium-determining factors to be used across vendors to comparatively price similar insurance products. The use of computer systems to generate comparative pricing for different types of insurance products in respect of a particular purpose will simplify the comparative pricing of these products, since pricing to date has typically been conducted either using complicated manual formulas, substantial manual lookup tables, or basic spreadsheet applications developed by individual insurance salespeople and the like. Developing a software-based method of generating comparative premium costing for insurance products, which uses newly available artificial intelligence and complicated math processing functionality available with current day computer systems, represents a substantial enhancement over the current state-of-the-art. It should now be possible with the current state of computer technology to establish a software enabled comparison engine for use in the comparative pricing and comparison of premiums and the like between different insurance products which might be sought out by a customer for a particular purpose.

A particular insurance vertical in which comparison-shopping is important for the consumer to get the best possible visibility into product pricing is the area of credit related insurance. Businesses and individual consumers often are faced with choices about the purchase of various creditor backed or creditor issued insurance policies on products to insure balances of debt obligations. Creditor insurance is often offered in a streamlined fashion by creditors at the time of issuing debt but may not always be the most cost-effective insurance product available to achieve the objective of the institution and the consumer namely to insure the debt obligation of the debtor for particular purposes i.e. life insurance, disability insurance etc. Often there are non-creditor backed alternatives which will achieve the same objective of providing the desired insurance to give comfort to the lender and the borrower and if it were possible to provide a streamlined way of transparent comparison of pricing between different products that are available to provide this insurance this would provide a means of in all cases ensuring that consumers got the most cost-effective choice presented to them in a transparent way, while the insurance products from which they could select would achieve the need of both the lender and the borrower to provide comfort and insurance in respect of a particular debt obligation.

In some cases it may also be desirable for consumers to compare from a cost and compatibility perspective different types of insurance that might be available to achieve the same objective in a credit insurance situation, using a different type of a product. For example, where a creditor may offer a particular type of creditor backed life insurance policy, it may be possible to consider a noncreditor backed term life insurance policy of varying chronological lengths etc., or even a disability policy or the like might also in certain cases be something that could be used to achieve the same objective and again have varying costs.

With a view to providing the most transparent and cost-effective available assessment options to purchasers of insurance in respect of debt obligations, if it were possible to provide a computer-assisted premium comparison engine which would allow business and individual consumers to assess and compare creditor and noncreditor backed insurance options, using standardized premium-determining factors, it is believed that this type of a product would have significant commercial attraction in industry.

Summary of the Invention:

As outlined above, the general concept of the present invention is to provide a software- based business platform which would permit for the acceleration of comparative sales and cost comparisons in the area of debt insurance, such as for commercial and personal borrowers etc.

The concept of the present invention is intended to provide an accelerated system by which comparative premium costs can be estimated for a plurality of different types of insurance products applicable to a particular business scenario, each of the insurance products allowing for the estimation of premium cost based upon the same set of common premium-determining criteria.

The system of the present invention is intended to alleviate the need for use of complicated paper lookup tables and quasi-manual spreadsheet approaches to the estimation of premium cost for these various types of insurance products, allowing for insurance sales functionality, and customer purchase, to be expedited and to allow customers to compare the cost effectiveness of various types of functionally effective insurance particularly in debt insurance and credit environments to provide the most cost- effective debt insurance solutions.

It is anticipated that the system and method of the present invention would be useful for comparison of available insurance options in respect of debt types to be insured including business loans, business mortgages, agricultural loans, agricultural mortgages, personal loans and personal mortgages. Any type of a financial obligation in respect of which the debtor wish to purchase insurance will be understood to those skilled in the art to be an area in which the present invention could have applicability.

The types of insurance which could be compared in these circumstances could include creditor term insurance, creditor life insurance, creditor disability insurance or critical illness insurance and the like, all of which would be offered for sale by lenders or financial institutions. It is desired to provide a method of reasonably straightforward cost comparison between these creditor offered products and conceptually similar or distinct noncreditor offered products including noncreditor life insurance, noncreditor term insurance, term life insurance, disability insurance, critical illness insurance or others, to name a few, which are third-party insurance products either of the same or different types than that might be offered by the financial institution which could be used for the same purpose of providing insurance coverage to a debt obligation. It will be understood to those skilled in the art that comparing creditor and noncreditor based premium costs for either the same type of insurance product, or in certain circumstances the substitution of a different type of a creditor or noncreditor based insurance product for comparative purposes, will all be useful business case scenarios which it may be desired to provide comparative information for a consumer and are all contemplated to be within the scope of the present invention.

As outlined above and throughout, one of the core efficiencies to the method of the present invention is that the system and software method contemplated herein are intended to provide the ability to generate comparative premium cost estimates for different types of insurance products in respect of a particular debt obligation based on a set of at least one common premium -determining criteria in respect of the individual types of insurance products in question. That is to say that it is important that the user interface of the system of the present invention provide for the capture of a single consolidated set of common premium -determining criteria which can be used to provide the necessary premium estimates for each insurance product in a comparison set. The common premium-determining criteria will be understood to those skilled in the art of insurance adjustment and cost estimation to include any number of different types of factors. It is specifically contemplated that the at least one common premium-determining criteria could be selected from the group of the principal amount to be insured, the gender of the insured, the age of the insured, the smoker status of the insured, the occupation of the insured, the geographic location of the insured or the debt obligation or collateral. These examples and any number of different types of premium-determining criteria which could be used to estimate premium cost for insurance policy, and which could be used commonly across a plurality of insurance products, will all be understood to be within the scope of the present invention.

The present invention discloses a computer implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of the comparison set comprising a plurality of insurance products available to insure a debt obligation wherein the premium cost for each of the comparison set of insurance products can be determined using at least one common-premium-determining criteria, which computer implemented method can either be practised on a client/server remote basis, or by software operated on a local computer or device. In a first embodiment, the invention comprises a computer implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of a comparison set comprising a plurality of insurance products available to insure a debt obligation. The premium cost for each of the insurance products within the comparison set would be determined using at least one common premium -determining criteria and displayed to the user.

In a client/server embodiment the method would use a server comprising a processor and a memory, along with a network interface for communication with client devices and in estimating software component for carrying out the steps of the method. Various types of server hardware designs and the related operational software and the like will be understood to those skilled in the art of client/server system design and all are contemplated within the scope of the present invention.

Using the server, the method would comprise, upon receipt of a request of the server from a client device of a user to initiate an estimate session, the generation and display of a comparative premium estimate by conducting a series of steps. The first step upon receipt of this request that the server would be the conduct of the data capture step by the server and the estimating software component, in which a data entry interface would be served to the client device from the server allowing the user to select, enter and transmit estimate input data corresponding to the principal amount to be insured of the debt obligation along with values for at least one common premium-determining criteria to be used to estimate the premium cost using each of the plurality of insurance products within the comparison set. The server would receive the estimate input data from the client device for storage and use.

Upon receipt of the estimate input data at the server, and whatever appropriate parsing, processing or storage was determined necessary or desirable, the next step in the method would comprise a premium estimation step in which the estimating software component would calculate the estimated premium cost for each of the insurance product in the comparison set by applying a mathematical premium estimation function to the captured principal amount and the common premium-determining criteria values.

Finally in a user display step, the server would transmit data to the client device of the user for the display of a comparative premium estimate which at a minimum comprise the calculated estimated premium cost for each of the insurance products in the comparison set to insure the principal amount of the debt obligation, which would be displayed to the user via the display of the client device. The display of the comparative premium estimate to the user of the client device represents a substantial business process enhancement over currently available technologies in this area.

The calculator of the present invention could be used to provide premium cost estimates in respect of either a very specific principal amount to be insured or estimated, or for an estimated range of the principal amount. These varying degrees of granularity in the input and associated output of the method of the present invention could be useful in different scenarios. The system could either be created in a way that the data entry function within the method would permit the entry of the specific principal amount of the insurance to be purchased or estimated, or the system could also permit for the calculation of a premium estimate just based upon a range or an estimated amount of insurance being required.

It is particularly contemplated that the insurance products within a comparison set would actually be distinctive types of insurance products or policies which were available for the particular commercial purpose of ensuring the particular debt obligation in question. On this basis, industry average premium costs and premium establishing mathematical functions could be used to provide the user with a general guideline of estimated industry cost for the particular types of insurance products within the comparison set.

In other embodiments of the method of the present invention, particular types of insurance products within the comparison set for which premiums will be estimated could be estimated based upon vendor specific premium costs i.e. insurance products within the comparison set could be vendor specific products, versus industry average calculations. Both such approaches, namely the use of vendor specific premium cost data or preprogrammed industry average premium cost data for various insurance products are both contemplated within the scope of the present invention and will be useful in different business case scenarios. In some cases, even within a single comparison set some vendor specific premium cost data and some industry average premium cost data might be used.

It is explicitly and particularly contemplated that the system and method of the present invention could be used to render comparative premium estimates for a plurality of insurance products of the same type from different providers, and more specifically in respect of a comparative premium estimate for the same type of insurance product acquired either from a creditor issuing or coordinating the insurance, or a third-party insurance provider. While this is only one business case in which method of the present invention would be useful this is a primary potential utility. The system and method could either provide estimated premium costs for the different types or resources of insurance products, or in other cases if the mathematical estimation function encapsulated within the estimating software component would permit, actual premium estimates could be used - so long as each of the plurality of insurance products within the comparison set relied upon our could use the same set of common premium -determining criteria to estimate the premium cost.

The mathematical premium estimation function which would be applied in respect of each insurance product within the comparison set could be a stored mathematical formula in respect of the insurance product which used the principal amount and common premium -determining criteria which were captured. In alternate embodiments the estimated premium cost could be calculated using a stored mathematical function which comprised a selection of the estimated premium cost from a lookup table specific to the insurance product which included all combinations of principal amounts and the entered common premium-determining criteria. It will be understood that various types of mathematical functions for the accurate estimation of premium cost in respect of a particular insurance product could be used in any type of a mathematical function that achieves this function and purpose is contemplated within the scope of the present invention.

The system and method of the present invention could provide for the most streamlined use of the method by for particular use case scenarios providing data entry functionality which is limited to a preprogrammed comparison set. I.e., the comparison set of insurance products which would be provided and/or premium costs estimated in respect of a particular type of debt obligation could be preprogrammed both in terms of the number of insurance products within the comparison set as well as the types, so that the data entry by the user was the most streamlined. The specific number and type of insurance products which could be contained in a comparison set will be understood by those skilled in the art to vary and any type of preprogrammed or packaged approach to the provision of cost estimates and related insurance compatibility counselling are contemplated within the scope of the present invention.

In alternate embodiments, the system and method could also allow for more flexibility by allowing the user of the client device in communication with the server within a particular estimation session to select the number and type of insurance products in a particular comparison set. Allowing the user to include or exclude certain types of insurance products from a comparison set in advance of executing the remainder of the estimation session will result in a streamlined comparative cost estimate being provided to the client including all the information that they desire but no additional information which is not required. Both approaches, namely either pre-programming the number and type of insurance products within a particular comparison set used to generate an estimate request for a particular type of a debt obligation, or allowing the customer to completely customize the size and contents of the comparison set in respect of which they desire a cost estimate are both contemplated within the scope of the present invention.

In further altered embodiments of the method of the present invention the user display step could also facilitate the initiation of an insurance sales transaction of an insurance policy corresponding to a particular insurance product within the comparison set by the user upon display of the comparative premium estimate.

The invention also comprises a server for use in a computer implemented method of displaying to a user comparative premium estimate comprising an estimated premium cost for each of the comparison set comprising a plurality of insurance products available to insure a debt obligation. The premium cost for each of the comparison set of insurance products can be determined using at least one common premium-determining criteria.

The server itself comprises a processor and a memory, a network interface for communication with client devices, and an estimating software component which will conduct the method by upon receipt of a request of the server from a client device of a user to initiate an estimate session, initiate the generation and display of a comparative premium estimate by conducting a series of steps. The first step upon receipt of this request that the server would be the conduct of the data capture step by the server and the estimating software component, in which a data entry interface would be served to the client device from the server allowing the user to select, enter and transmit estimate input data corresponding to the principal amount to be insured of the debt obligation along with values for at least one common premium -determining criteria to be used to estimate the premium cost using each of the plurality of insurance products within the comparison set. The server would receive the estimate input data from the client device for storage and use. Upon receipt of the estimate input data at the server, and whatever appropriate parsing, processing or storage was determined necessary or desirable, the next step in the method would comprise a premium estimation step in which the estimating software component would calculate the estimated premium cost for each of the insurance product in the comparison set by applying a mathematical premium estimation function to the captured principal amount and the common premium-determining criteria values. Finally in a user display step, the server would transmit data to the client device of the user for the display of a comparative premium estimate which at a minimum comprise the calculated estimated premium cost for each of the insurance products in the comparison set to insure the principal amount of the debt obligation, which would be displayed to the user via the display of the client device. The display of the comparative premium estimate to the user of the client device represents a substantial business process enhancement over currently available technologies in this area.

The server, as will be understood to those skilled in the art will be any combination of hardware and software capable of network communication with client devices such as personal computers, smart phones, tablets and other devices, which can facilitate the conduct of the method of the present invention.

The method which the server will facilitate can be any variation of the client/server method outlined above. The server could be used to provide premium cost estimates in respect of either a very specific principal amount to be insured or estimated, or for an estimated range of the principal amount. These varying degrees of granularity in the input and associated output of the method of the present invention could be useful in different scenarios.

The insurance products within a comparison set would actually be distinct types of insurance products or policies which were available for the particular commercial purpose of ensuring the particular debt obligation in question. On this basis, industry average premium costs and premium establishing mathematical functions could be used to provide the user with a general guideline of estimated industry cost for the particular types of insurance products within the comparison set. In other embodiments of the method of the present invention, particular types of insurance products within the comparison set for which premiums will be estimated could be estimated based upon vendor specific premium costs i.e. insurance products within the comparison set could be vendor specific products, versus industry average calculations. Both such approaches, namely the use of vendor specific premium cost data or preprogrammed industry average premium cost data for various insurance products are both contemplated within the scope of the present invention and will be useful in different business case scenarios. In some cases, even within a single comparison set some vendor specific premium cost data and some industry average premium cost data might be used. The mathematical premium estimation function which would be applied in respect of each insurance product within the comparison set could be a stored mathematical formula in respect of the insurance product which used the principal amount and common premium -determining criteria which were captured. In alternate embodiments the estimated premium cost could be calculated using a stored mathematical function which comprised a selection of the estimated premium cost from a lookup table specific to the insurance product which included all combinations of principal amounts and the entered common premium-determining criteria.

The server and software in operation could provide for the most streamlined use of the method by for particular use case scenarios providing data entry functionality which is limited to a preprogrammed comparison set. I.e., the comparison set of insurance products which would be provided and/or premium costs estimated in respect of a particular type of debt obligation could be preprogrammed both in terms of the number of insurance products within the comparison set as well as the types, so that the data entry by the user was the most streamlined. In alternate embodiments, the system and method could also allow for more flexibility by allowing the user of the client device in communication with the server within a particular estimation session to select the number and type of insurance products in a particular comparison set.

A further embodiment of the method of the present invention comprises a computer implemented method for the display to a user of a comparative premium estimate which comprises an estimated premium cost for each of a plurality of insurance products within a comparison set, premiums having been estimated in relation to the insurance of the debt obligation and the premiums for each of the insurance products within the comparison set being determinable based upon at least one common premium -determining criteria with the other insurance products within the comparison set. The method is facilitated using a computer comprising a processor and a memory, a human interface for interaction with the user, and then estimating software component for carrying out the steps of the method including estimating the premium cost for each of the plurality of insurance products within the comparison site using the at least one common premium-determining criteria. This embodiment of the method comprises a plurality of steps, the first of which is a data capture step in which a data entry interface is provided to the user via the human interface of the computer whereby the user can enter estimate input data into the computer which corresponds to the principal amount to be insured of the debt obligation, and values for at least one common premium-determining criteria. Following the data capture step, the next step facilitated by the computer and the estimating software component is a premium estimation step in which the estimating software component will calculate the estimated premium cost for each of the insurance products in the comparison set, based upon the captured principal amount and common premium -determining criteria values entered by the user in the data capture step. Finally in the user display step, the human interface of the computer will display a comparative premium estimate to the user which comprises the calculated estimated premium cost for each of the insurance products in the comparison set. This embodiment of the method could be accomplished using a freestanding computer to interface with the user and calculate and render the comparative premium estimate.

The calculator of the present invention could be used to provide premium cost estimates in respect of either a very specific principal amount to be insured or estimated, or for an estimated range of the principal amount. These varying degrees of granularity in the input and associated output of the method of the present invention could be useful in different scenarios.

It is particularly contemplated that the insurance products within a comparison set would be distinctive types of insurance products or policies which were available for the particular commercial purpose of ensuring the particular debt obligation in question. On this basis, industry average premium costs and premium establishing mathematical functions could be used to provide the user with a general guideline of estimated industry cost for the particular types of insurance products within the comparison set. In other embodiments of the method of the present invention, particular types of insurance products within the comparison set for which premiums will be estimated could be estimated based upon vendor specific premium costs i.e. insurance products within the comparison set could be vendor specific products, versus industry average calculations. Both such approaches, namely the use of vendor specific premium cost data or preprogrammed industry average premium cost data for various insurance products are both contemplated within the scope of the present invention. In some cases, even within a single comparison set some vendor specific premium cost data and some industry average premium cost data might be used.

The comparison set of insurance products which would be provided and/or premium costs estimated in respect of a particular type of debt obligation could be preprogrammed both in terms of the number of insurance products within the comparison set as well as the types, so that the data entry by the user was the most streamlined. In alternate embodiments, the system and method could also allow for more flexibility by allowing the user of the client device in communication with the server within a particular estimation session to select the number and type of insurance products in a particular comparison set. Allowing the user to include or exclude certain types of insurance products from a comparison set in advance of executing the remainder of the estimation session will result in a streamlined comparative cost estimate being provided to the client including all the information that they desire but no additional information which is not required.

It will be understood by those skilled in the art that variations on the underlying concept of the provision of a streamlined estimation function for the comparison of different types and vendors of insurance products in relation to debt obligations can be conceived within the overall framework of the disclosure contained herein and all such refinements or modifications as are obvious to those skilled in the art are intended to be encompassed within the scope of the present invention.

Description of the Drawings:

While the invention is claimed in the concluding portions, preferred embodiments are provided in the detailed description which may be best understood with the diagrams where like parts in each of the several diagrams are labeled with like numerals, and where:

Figure 1 is a schematic diagram showing one embodiment of a system in accordance with the client/server method of the present invention;

Figure 2 is a flow chart demonstrating the steps in a first embodiment of the client-server method of the present invention;

Figure 2A is a sample screen shot of a user interface in the data capture step of the method of Figure 2; Figure 2B is a sample screen shot of a user interface in the user display step of the method of Figure 2;

Figure 3 is a block diagram showing the components of a sample embodiment of a server in accordance with the present invention;

Figure 4 is a flow chart demonstrating the steps of an alternate embodiment of the client-server method of the present invention in which the user can select the number and type of insurance products contained in the comparison set;

Figure 5 is a block diagram showing the components of a sample embodiment of a computer in accordance with a standalone embodiment of the computer and method of the invention; and

Figure 6 is a flow chart demonstrating the steps of one embodiment of the method of the present invention using the computer of Figure 5.

Detailed Description of Illustrated Embodiments:

As outlined herein, the present invention comprises a computer-implemented method of displaying to a user a comparative premium estimate for a plurality of insurance products in respect of a particular debt obligation. The plurality of insurance products are, for the purposes outlined herein referred to as a comparison set. The following narrative describes in further detail the anticipated and intended scope and operation of the present invention.

Debts to be insured: The primary utility of a system and method such as outlined herein is provided a transparent way for consumers to compare and assess available options in the insurance space to insure debt obligations. There are often a panopoly of options for insurance products available to consumers, both those that are creditor backed or offered directly by the creditors issuing loans and other types of debt obligations to borrowers, as well as those that are available on a third party basis from other insurance companies in the marketplace to satisfy the same types of business cases or scenarios. Both at the time of initial issuance of insurance in respect of a new debt obligation, as well as at the time of refinancing or re-insuring same, both from the perspective of the ultimate purchaser as well as for service providers working in the industry, the tool of the present invention will be useful.

There are any number of different types of debt obligations in respect of which a consumer would often purchase insurance, all of which present individual potential business scenarios for the utility of a system such as that outlined herein. For example, business loans and mortgages, agricultural loans and mortgages, and even personal loans and mortgages are all types of debt instruments or debt obligations in respect of which either the lender or the borrower may desire there to be insurance in place to insure the balance against particular outcomes or events, including death, disability, critical illness or the like. It will be understood that the applicability of the system of the present invention can be extended to really address any particular type of a debt instrument or debt obligation desired to insure, and that any type of debt obligation which it was desired to insure directly or indirectly is intended to be encompassed by the scope of the present invention.

Insurance product types:

Various types of insurance products can be used to insure debt obligations as might be desired by lenders or borrowers. The type of insurance product which would be used by a borrower to insure the balance of the debt obligation may vary on the type of event that it was wished to insure. For example, to insure in a death scenario life insurance would be used, to insure against a critical illness a critical illness policy could be used, or in the case of a disability event being anticipated a disability insurance policy could be used. Those skilled in the insurance industry will understand that virtually any possible type of an event can be insured at the appropriate cost and in some cases even insured using multiple types of approaches and that any particular type of insurance products that could be used to insure these events can be insured by multiple providers, creditors or non creditors and the like. Any type of insurance policy or insurance instrument as will be understood to those skilled in the art of insurance compatibility and issuance, as would be applicable in respect of ensuring a particular desired protection or outcome in respect of a debt obligation, will all be understood to be within the scope of the present invention.

Many different types of insurance products might be considered by a customer and/or a professional advisor advising a customer in the proper selection of insurance products for their debt finance and insurance needs. Particular types of insurance policies to ensure debts can be procured from different sources i.e. either from a third-party insurance company or in many cases are also offered and issued directly by or on behalf of creditors themselves so it may be desired to compare the potential premium cost of creditor issued versus third-party insurance policies and products. It may also be the case that in certain circumstances different types of technical insurance instruments are available to meet the needs of a debt finance insurance requirements scenario and so even where different types of products are offered by the same insurance provider, it may also be desirable to provide a system such as that of the present invention which allows for the presentation of comparative premium cost estimates in respect of different types of insurance products issued or offered by the same vendor.

It is particularly contemplated that providing consumers with the best possible options to insure outstanding balances of debt obligations it may be desirable to provide the comparative ability for the customer to even view estimated costs and approaches for the use of different types of insurance coverage than they might have anticipated to achieve the same objective. For example where cost comparison was being done in comparison to the cost of a creditor backed or creditor issued life insurance policy, there may be non creditor backed term policies, life insurance policies or the like many of which have different features and functionalities all of which could achieve the same objective of the parties and have varying costs. Understanding the common premium-determining factors for these insurance products is important from the perspective of estimating the compatibility as well as estimating the cost of each insurance product within a particular comparison set.

Comparison set:

From the perspective of the disclosure outlined herein, the plurality of insurance products which will be assessed from the perspective of generating a comparative premium estimate in a particular circumstance for a user is referred to as a comparison set. The comparison set would consist of a plurality of different types of insurance products which are available to insure the particular events desired in respect of a debt obligation - in a simple circumstance a comparison set might consist of only two insurance products namely for example a creditor backed and a noncreditor backed insurance equivalent. In other cases it may be desired to present additional insurance product options to the user for consideration in a particular use case such that the number of insurance products in the comparison set might be only two more might be more than two.

It is specifically contemplated that in certain cases the comparison set would be preprogrammed for use in a particular use scenario by the user. For example the number and type of insurance products in a particular comparison set might be preprogrammed to provide only particular selections and only a particular number of insurance products for consideration to users.

In other cases, as will be outlined further below, the user might be presented with the option within the process of the invention to select differing numbers and types of insurance products for inclusion in a comparison set which will be the subject of a comparative premium estimate. It will be understood that a fixed comparison set, either in terms of a fixed number of insurance products being allowed to be selected for inclusion in a comparative premium estimate or even in terms of a fixed number and type of insurance products, or allowing the user during the process of the comparative premium assessment method outlined herein to select the number or type of insurance products included within a comparison set, are both intended to be within the scope of the present invention.

Common premium-determining criteria:

It is specifically contemplated that the method of the present invention will generate comparative premium estimates for a comparison set of insurance products based upon the same set of premium-determining criteria for all of the insurance products within the comparison set. The same available premium-determining criteria would be used to render the comparative premium estimates in accordance with the present invention and it is specifically contemplated that the use of the same premium-determining criteria, and preferably a small number of premium-determining criteria, to yield the comparative premium estimates is specifically encompassed herein. The use of the tool and system of the present invention to quickly yield comparative premium estimates is specifically contemplated to not encompass the preparation of premium estimates for individual insurance products within the comparison set based upon the collection of individualized or customized premium -determining criteria for each type or vendor of an insurance product in the comparison set. For example, in many cases the small number of common premium -determining criteria which would be used might include the gender, age and smoker status of a particular individual seeking to be insured. Only a small number of common premium-determining criteria, in a situation such as this, yields the quickest possible results and particularly where the results being provided by the system of the present invention are used to simply provide comparative results and additional premium determining criteria could be entered at the time of the actual sale of a particular insurance product, genericized comparative premium estimates based upon a small number of common premium-determining criteria will be understood to provide the desired high-level comparative information anticipated and contemplated by the present invention, either on a vendor specific or vendor category generic basis.

Comparative premium estimates:

The comparative premium estimates contemplated to be rendered in accordance with the method of the present invention is effectively a list of approximated premium costs for each insurance product in a comparison set, based upon the common premium determining criteria and the particular amount or value of insurance intended to be purchased.

In a case where the software the present invention was using vendor specific premium calculations to render the comparative premium estimate, the specific premium estimates provided for individual insurance products in a comparison set would be determined and calculated on the basis of the most current or vendor specific data. In other cases it will be understood that the mathematical function used to render the comparative premium estimates to compare different insurance products in a comparison set could use industry average values or forecast values to provide averaged or reasonable estimated premium amounts, independent of vendor specific premium calculation formulas. Both such approaches are contemplated within the scope of the present invention.

As outlined elsewhere herein it is also contemplated that in certain cases the comparison set could include insurance products of more than one technical type, so long that the premiums for those different insurance product could be estimated using the same common premium-determining criteria and all such alternative types of insurance products were available in the principal amount desired. Premium estimates for comparative assessment of different insurance products in a comparison set could be calculated for the same type of insurance products offered by different sources or companies, different types of insurance products offered by the same company, or different types of insurance products offered by multiple sources or companies. Any such combination will be understood to those skilled in the art of insurance selection and sales and all such combinations are contemplated within the scope of the present invention.

Mathematical functions:

The mathematical premium estimation function which would be applied in respect of each insurance product within the comparison set could be a stored mathematical formula in respect of the insurance product which used the principal amount and common premium -determining criteria which were captured. In alternate embodiments the estimated premium cost could be calculated using a stored mathematical function which comprised a selection of the estimated premium cost from a lookup table specific to the insurance product which included all combinations of principal amounts and the entered common premium-determining criteria.

It is specifically contemplated that one embodiment of the mathematical premium estimation function would rely upon a lookup table that effectively comprise a multidimensional array including calculated premium costs for each type of insurance product which could potentially appear in a comparison set in accordance with the present invention, for each potential combination of all of the permissible common premium -determining factors and principal amounts. The mathematical premium estimation function in such a circumstance would simply for each insurance product in the comparison set look up the estimated premium cost by selecting the premium value for the particular insurance product at the selected principal amount and using the common premium-determining factors, and would then include the selected estimated premium amounts in the comparative premium estimate for the comparison set in question. A lookup table could accommodate vendor agnostic premium estimation, or could include an additional axis in the table that indicated the particular vendor where vendor specific premium estimates were to be provided are compared. In addition to a multidimensional array, a lookup table might also comprise a data structure or data store table including all of the variables for each calculated estimated premium cost and the use of a lookup table of this nature rather than a multidimensional mathematical array will also be understood to be within the scope of the present invention.

In addition to the use of lookup tables, the mathematical premium estimation function in certain embodiments of the system and method of the present invention might comprise a built-in mathematical function effectively comprising a formula which could accept values for the principal amount and all of the common premium -determining criteria for the calculation of an estimated premium cost for a particular insurance product in a comparison set and upon application of the mathematical function to those values it would render an estimated premium cost. Again, mathematical functions comprising a mathematical formula of this nature could be provided on a vendor agnostic or vendor specific basis and both such approaches are contemplated within the scope of the present invention.

Client-server method:

It is specifically contemplated that the calculation and information comparison method of the present invention could be practised using a client/server computer system, where a server would host the software comprising the necessary functionality to yield the comparative premium estimates in question, or in other cases the method of the present invention can be practised in a freestanding software for local installation on a computing device of a user. Both such approaches are contemplated within the scope of the present invention.

Referring to Figure 1 there is shown a schematic diagram of one embodiment of a system in accordance with the remainder of the specification and present invention to demonstrate the operation of the method. The client/server embodiment demonstrated in this Figure comprises a server 1 operatively connected to a network 2. A plurality of client devices 3 is also shown connected to the network 2. The client devices 3 would be devices of operators wishing to execute the comparison of premiums by the rendering of comparative premium estimates in accordance with the remainder of the method of the present invention. Two client devices 3 are shown although it will be understood in terms of the number and type of client devices 3 to be used in many types of client/server methods of conducting business that any number of client devices 3 could communicate with the server 1 without departing from the intention of the present invention.

The server 1, a sample embodiment of which is shown in Figure 3, might consist of one or more servers - a single server or a server farm approach. The server 1 would comprise one or more processors 7 and memory 8. The memory 8 might include various processor instructions for the method of the present invention or otherwise in operating the server 1. Processor instructions corresponding to the estimating software component 5 are shown stored within the memory 8 in this Figure. The server 1 may be configured by machine- readable instructions, which may include one or more instruction components. The instruction components may include one or more of server firmware or operating systems, the estimating software component 5, and/or other instruction components.

Memory 8 may comprise non-transitory storage media that electronically stored information. Electronic storage media of memory 8 may include one or both of system storage provided integrally with server 1 and or removable storage that is removably connected to the server 1 via, for example, a port or a drive. Memory 8 may include one or more of optically readable storage media, magnetically readable storage unit electrical charge based storage media, solid-state storage media and or other electronically readable storage media. Memory 8 may include one or more virtual storage resources i.e. cloud storage, a virtual private network or the like. Memory 8 may store software algorithms, information determined by processors 7, information received from servers, information received from client devices 3 and or other information that enables the server 1 to function as described as outlined herein. The processor 7 may be configured to provide information processing capabilities in the server 1. Processor 7 may include one or more of a digital processor, an analog processor, a digital circuit design and process information, and analog circuit designed to process information, state machine and/or other mechanisms for electronically processing information. Although the processor 7 is shown regarding this Figure as a single entity, in some implementations the processor 7 may include a plurality of processing units which may be physically within the same device, or may represent processing functionality of a plurality of devices operating in coordination.

In many embodiments the server 1 is contemplated to be a Web server 1, where client devices 3 would use a web browser or a locally installed software application for interaction therewith via a network communication or a call. Where a local application was developed, the server 1 might not be a Web server 1 per se but might be a network server 1 capable of interaction with the type of an interface on the remote client devices 3 required to facilitate the operation of that software application. Either such approach is contemplated within the scope.

Besides the general operating system instructions, the server 1 would comprise a estimating software component 5 responsible for execution of the process and method of the present invention at the server 1 and coordinating communication with client devices 3. The estimating software component 5 might itself act as the interface with the data store 9, or the server 1 might include additional software interfaces to the data store 9.

The estimating software component 5 would comprise subroutines to administer the data store 9, creating, modifying and processing data transactions and records in the data store 9, and any additional financial or numerical transactions, searches for reporting as required.

The server 1 includes at least one network interface 7 by which to communicate with the client devices 3. The particular hardware and software requirements of the network interface of this nature will be understood to those skilled in the art of hardware design and any type of an interface capable of communicating with the necessary number of networks to facilitate this communication are all contemplated within the scope of the present invention.

It is specifically contemplated that the communications network used for communication between the server 1 and the client devices 3 could be the Internet or another publicly available wide-area network. The specific protocol of communication between the devices can vary, and different communication protocols could be used between different devices in the system. All such approaches and architectures will be understood to those skilled in the art of wide-area computer network design and all are contemplated within the scope of the present invention.

As outlined throughout, the method of the present invention explicitly contemplates the use of network enabled client devices 3 in the method of the present invention. Client devices 3 could initiate various types of data transactions with the server and the remainder of the method outlined, and it will be understood by those skilled in the art of client/server application design that any type of a client device 3 which could communicate with the server 1 via at least one data network and a related network interface would be within the scope of the present invention. It is explicitly contemplated that the client devices 3 might comprise smart phones, PCs, tablets or other remote and network capable computing devices, and the scope of the present invention insofar as they will each include a network interface by which the client device 3 could communicate via a data network with the server 1.

The client device 3 may include pre-existing software such as a browser or local application for example, which could facilitate the method of the present invention or in other cases specific purpose built client software could be used. Development of either a browser interface or a local app interface as the user interface between the user of a client device 3 and the server 1 and the estimating software component 5, along with the remainder of the hosted and executed method, will be understood to those skilled in the art of client/server data store and application design and again all such approaches are contemplated within the scope of the present invention.

Having described the client/server hardware system embodiment demonstrated in some detail, we will now outline a first embodiment of the method of the present invention which could be practised in a client/server method as discussed. The method would be practised using a server comprising a processor and memory, a network interface for communication with client devices, and an estimating software component for carrying out the steps of the method as discussed. The method would, as outlined in the flowchart of Figure 2 in one embodiment comprise the following steps.

The design of software for use in a client/server embodiment, as will be understood to those skilled in the art, typically would comprise software for execution on the processor of the server 1 to execute the steps of the method at the appropriate or requested time. Typically, and as is shown in the embodiment of the method of Figure 2, the estimating software component 5 could comprise a listener or monitoring loop executed in conjunction with listening on the network interface 2 of the server 1 to detect the receipt by the server 1 of one or more requests to initiate an estimate sessions received from client devices 3. The monitoring loop is shown at step 2-1. So long as no request to initiate an estimate session is received, the server 1 and the software 5 would continue listening on the network interface 2 until a request to initiate an estimate session was received. The negative block of the listener loop decision logic is shown at step 2-2.

What a request to initiate an estimate session is received by the server 1 on the network interface 2, the software 5 would initiate an estimate session by following the positive leg of the 2-1 decision block to step 2-3. The server 1 and the estimating software component 5 would execute the data capture step of the method by serving a data entry interface to the client device 3 having request of the session. The data entry interface, being a form or the like, as would be served would permit the user of the requesting client device 3 to enter the estimate input data for transmission and storage or use at the server 1. The estimate input data as outlined elsewhere herein would comprise the principal amount to be insured of the debt obligation of a user or customer, along with values for at least one common premium-determining criteria to be used to estimate the premium cost to insure the principal amount using each of the plurality of insurance products within the comparison set. As outlined in further detail elsewhere herein the specific insurance products within a comparison set might be preset on the system or in certain embodiments, the user might be permitted to select which types, vendors or details of insurance products should be selected for inclusion in a particular comparison set. The comparison set could include anywhere from two insurance products to a higher number and all such approaches are contemplated within the scope of the present invention.

Figure 2A is a sample screenshot of the user interface which might be served to a client device 3 from the server 1 to capture the estimate input data. It will be understood that virtually infinite combinations or configurations of user interfaces to achieve this objective will be understood and conceivable to those skilled in the art of user interface design and that all such approaches and user interfaces are contemplated within the scope of the present invention.

In the completion of the data capture step the client device 3 would transmit values for the estimate input data back to the server 1. The receipt of the estimate input data back at the server 1 is shown at step 2-4.

Following the receipt of the estimate input data back at the server 1 the next step within the estimate session as shown in this Figure is the calculation of the estimated premium cost for each insurance product in the comparison set. This is shown at step 2-5. Effectively, the estimating software component 5 would apply the mathematical estimating function to the principal amount and the common premium -determining criteria captured in the estimate input data to yield estimated premium costs for each of the insurance products in the comparison set. As outlined in further detail throughout, various types of mathematical estimating functions can be contemplated both in terms of the formulaic approach as well as the use of one or more lookup tables to contain the necessary information to select, calculate or identify the appropriate estimated premium cost for each insurance product within the scope of the estimate session and the comparison set. Any type of a mathematical function or lookup approach which achieves this objective is contemplated within the scope of the present invention and all are understood to be within the intended scope of the claims of this application.

Following the calculation of the estimated premium costs for each insurance product in the comparison set, shown at step 2-5, the final step in the estimate session shown at 2-6 comprises the transmission or serving of the determined estimated premium costs in the comparative premium estimate back to the client device having request of the initiation of the session for user display. The necessary software and interface programming as would be required to yield a parsable and usable transmission back to the client device either for display on a web browser in the case of a browser approach being used on the client device or for display via a local software application will all be again understood to be within the scope of the present invention. Following the serving of the comparative premium estimate back to the client device for display, shown at 2-6, the monitoring loop and the remainder of the software approach to repeated listening and execution of estimate sessions in a client/server embodiment of the method is shown in this Figure.

Figure 2B is a sample screenshot of the user interface which might be served to a client device 3 from the server 1 to display the results of the comparative premium estimate. It will be understood that virtually infinite combinations or configurations of user interfaces to achieve this objective will be understood and conceivable to those skilled in the art of user interface design and that all such approaches and user interfaces are contemplated within the scope of the present invention. In the case of the display shown in this Figure it can be seen that there are two insurance products within the comparison set, which are presented as vendor agnostic insurance products being creditor-based and noncreditor based life or term insurance. The capture of estimate input data, shown in 2-4, includes the capture of the principal amount to be insured. The principal amount to be insured and in respect of which a comparative premium estimate is to be generated could be either the specific amount of the insurance to be estimated, or could also be in other embodiments an estimated range of the principal amount where the principal amount was either not known specifically at the time of the request of the estimate session, or where the principal amount might need to be verified at the time of purchase where for example payment may have in the interim been applied or the like resulting in modest changes in the principal amount between the time of the preparation of the comparative premium estimate and the time of the execution of the purchase of the selected insurance product.

Either a fixed principal amount being entered, or a range with top and bottom values, could be used as the principal amount in the execution of an estimate session and a comparative premium estimate. Where a fixed principal amount was entered, a fixed premium cost for each insurance product could be estimated or calculated. Where range having top and bottom values was selected, the necessary modifications could be made to the software and the method of the present invention to provide a ranged premium estimate for each insurance product in the comparison set and the necessary modifications to the system and method of the present invention to accommodate a range versus a fixed principal amount will all be understood and are intended to be encompassed within the scope of the present invention.

As outlined elsewhere herein, the at least one common premium-determining criteria could be selected from a large group of factors to be understood by those involved in the insurance business. The at least one common premium-determining criteria could be for example selected from a selective group of the principal amount to be insured, the gender of the insured, the age of the insured, the smoker status of the insured, the occupation of the insured, the geographic location of the insured, or the geographic location of the debt obligation or collateral. Any type of a factor which could be used to determine or calculate the premium of an insurance product, and which could be used for the calculation of the premiums across multiple insurance products of one or more vendors will be understood to all potentially be a common premium-determining criteria which could be included within this selection group.

In addition to permitting for the use of various types of common premium-determining criteria for the estimation of premium costs across the plurality of insurance products in a particular comparison set, the method of the present invention also is explicitly intended to contemplate or accommodate the use of the method of the present invention for the calculation of insurance costs on principal amounts of various debt types to be insured which include business loans, business mortgages, agricultural loans, agricultural mortgages, personal loans or personal mortgages. Any type of a debt which could be insured, using standard creditor insurance or other types of insurance products, will all be understood to be contemplated within the scope of the types of debt instruments and products which are intended to be benefited by the comparative premium estimation method of the present invention.

Various types of insurance products could be presented or calculated in accordance with the method of the present invention including creditor life insurance, non-creditor life insurance, term life insurance, creditor disability insurance, non-creditor disability insurance, creditor critical illness insurance, and non-creditor critical illness insurance. In certain embodiments of the method of the present invention the types of insurance products selected for a particular comparison set might be explicitly selected by a user by presenting a menu to them of the types of products that they wish to include in the comparison set and in other embodiments of the method of the present invention, the estimating software component 5 might be programmed to include the necessary logic to provide suggestions or selections of applicable insurance product types to a particular principal amount or debt product type in the course of the execution of the capture of the estimate input data and both such approaches are contemplated within the scope of the present invention.

The embodiment of Figure 2 contemplates a hardcoded number or type of insurance products within the comparison set i.e. the user would not be presented with an option to select the type or number of insurance products they wish to include in the comparison set. It will be understood however that in other embodiments, including the method demonstrated in Figure 4, the user could be presented with the opportunity to select the particular type or number of insurance products to be included in the comparison set via a user interface served from the server in advance of the entry of additional common premium -determining criteria and other estimate input data.

Similar to the embodiment of Figure 2, step 4-1 demonstrates a network listener or other similar type of a function to be executed by the server 1 and the estimating software component 5, to detect the reception of a transmitted request to commence an estimate session by a client device 3. Upon receipt of a request to commence an estimate session, the method of figure 4 which permits the selection of the number or type of insurance products to be included in a comparison set shows at step 4-3 the serving of a product selection interface to the client device 3 initiating the session. The product selection interface could be any type of a form or menu permitting for user feedback to be transmitted back to the server via which the number or type of insurance products to be included in a particular comparison set for a particular estimate session could be selected.

Following the transmission back out of a selection of insurance products for the comparison set at the conclusion of the user interaction demonstrated by step 4-3, the software 5 could then facilitate the service of the data entry interface back to the client device 3, by which the user could entered the necessary principal amount values, values for the common premium-determining criteria that it was desired to use in the calculation of estimated premium costs and the like. This is shown at step 4-4. It will be understood that in certain embodiments of the method of this nature, the product selection and data entry interface is could also be served and/or facilitated between the server and the client device in a single method step and any such alteration or approach will be understood to be within the scope hereof.

Following the data entry interface serving and interaction with the client device, shown at 4-4, when the server receives the estimate input data at 4-5 the estimated premium costs can be calculated or looked up for each insurance product selected within the comparison set, using the lookup tables are mathematical functions affiliated with the estimating software component 5 and the lookup tables or data structure 6. As discussed throughout, the estimated premium cost calculation could be calculated using a stored mathematical formula for each insurance product, specific to the insurance product alone using industry normal data or to the insurance product and the vendor. In other cases, a lookup table specific to the insurance product including all combinations of the principal amount and the entered common premium-determining criteria could be used, again either on vendor agnostic or a vendor specific basis. Any type of a mathematical function or lookup function or multidimensional array, allowing the estimating software component 5 to determine an estimated cost of premium for the particular principal amount using the particular selected common premium -determining criteria will all be understood to be within the scope of the present invention.

Following the calculation of the estimated premium costs shown at 4-6, the server could transmit the comparative premium estimate details back to the client device for display - this is shown at step 4-7. In a case where the estimated premium costs shown are far vendor specific insurance products, the system could also permit through some type of e- commerce extension or functionality the ability for the server to facilitate the commencement of the sale of the related insurance products to the user.

In addition to the client/server method of the present invention outlined above, the server for use in the computer implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of a comparison set comprising a plurality of insurance products is also intended to be encompassed. The description of the server 1 and the estimating software component 5 as outlined above provides an enabling disclosure of the server itself as well. Stand-alone method overview:

Other embodiments of the method of the present invention are for seen in which the software component 5 would be used on a local computer comprising a local user display and human interface device via which data can be entered or captured i.e. the entire method of the present invention from the point of the initiation of the calculation session through to the calculation of the estimated premium costs and the display of the comparative premium estimate to the user could all take place on the same machine.

It is specifically contemplated that the software of the present invention could be used on a freestanding basis on a computer, or even a tablet or a laptop device or the like. Providing software for local installation and execution on a freestanding device would allow for the facilitation of use of the method of the present invention in circumstances where there was not a reliable wide area network connection available for the client/server or cloud-based embodiments outlined above.

Referring to Figure 5 there is shown a block diagram of a sample of a computer which could be used in the provision of a stand-alone embodiment of the method of the present invention as described. The computer 10 comprises a processor 7 and a memory 8. The memory 8 would contain the necessary processor instructions to operate the computer as well as the estimating software component 5 and any necessary data storage 6 which was required to contain lookup tables or other information required to store or execute the method outlined herein. Architecture of a device such as the computer number 10 as shown will be understood to those skilled in the art and any type of a device capable of locally executing processor instructions comprising an estimating software component 5 to facilitate the local method of the present invention are all intended to be encompassed herein.

In addition to the processor 7 in the memory 8 as shown in this Figure, the computer 10 also comprises a human interface 11 which might in many cases include a keyboard and a mouse or in some cases a touchscreen display, which would allow a user to enter data into the computer 10 for the purpose of execution of the remainder of the method. Also shown in this embodiment is a separate display interface 12 which could be an integral display or a bus for connection to a monitor or the like.

Referring to Figure 6 there is one example or embodiment of a locally executed embodiment of the method of the present invention using a computer 10 such as that shown in Figure 5. In the first step of the method of the present invention enabled by the computer 10, there is shown at step 6-1 a first user interaction which would comprise the display of a product selection interface to the user of the computer 10. The display of a product selection interface, as shown at this step, is similar to the embodiment shown in Figure 4 of the cloud-based nature and execution of the method, whereby the user could select the number or type of insurance products to be contained within the comparison set. In other embodiments of the locally executed method of the present invention, the absence of step 6-1 could also be seen, where the number or type of insurance products for a particular comparison set was hardcoded into the system such that the user was not permitted to select same.

The product selection interface would be displayed to the user via the display interface 12 of the computer 10. As disclosed above this could be an integral or connected display unit permitting for video display of information to a user.

Following the capture of a user input via the human interface 11 in response to the display of the product selection interface shown at step 6-1, the estimating software component 5 and the remainder of the computer hardware could facilitate the display of a data entry interface to the user, as shown at step 6-2. The data entry interface, similar to that shown in Figure 2A, would be an interface via which the user could select the principal amount and/or the common premium -determining criteria for use in the preparation of a comparative premium estimate in accordance with the remainder of the method of the present invention. The data entry interface would again be displayed via the display 12 and could permit for human interaction via the human interface 11 to allow the user of the computer 10 to select the data input for the estimate input data. Following the completion of step 6-2, the computer 10 will have captured the necessary estimate input data to permit the rendering of the comparative premium estimate as the estimate session is continued.

Storage of the estimate input data is shown at step 6-3. The estimate input data might be stored temporarily while the remainder of the session is executed or might be stored within the data storage facility of the computer 10 on a longer-term basis where it was desired to retain records of same.

Stage 6-4 is the calculation of the estimated premium cost for each insurance product within the comparison set. This step would comprise the lookup or calculation of the estimated premium cost for each insurance product within the comparison set by the estimating software component 5. As outlined elsewhere herein there are many types of estimating software component 5 approaches that are conceivable including the use of lookup tables, multidimensional arrays storing estimated calculations for different combinations of premium -determining factors, or a mathematical function which could be applied to the captured common premium-determining criteria to render the necessary estimated cost for premiums for each insurance product within the comparison set.

Finally, following the calculation of the estimated premium cost by the estimating software component 5 as shown in step 6-4, the computer 10 will display the comparative premium estimate to the user of the computer 10 via the display 12.

As outlined above with respect the client/server methodology of alternate embodiments of the present invention, the principal amount to be insured and in respect of which a comparative premium estimate is to be generated could be either the specific amount of the insurance to be estimated, or could also be in other embodiments an estimated range of the principal amount where the principal amount was either not known specifically at the time of the request of the estimate session, or where the principal amount might need to be verified at the time of purchase where for example payment may have in the interim been applied or the like resulting in modest changes in the principal amount between the time of the preparation of the comparative premium estimate and the time of the execution of the purchase of the selected insurance product.

It will be apparent to those of skill in the art that by routine modification the present invention can be optimized for use in a wide range of conditions and application. It will also be obvious to those of skill in the art that there are various ways and designs with which to produce the apparatus and methods of the present invention. The illustrated embodiments are therefore not intended to limit the scope of the invention, but to provide examples of the apparatus and method to enable those of skill in the art to appreciate the inventive concept. Those skilled in the art will recognize that many more modifications besides those already described are possible without departing from the inventive concepts herein. The inventive subject matter, therefore, is not to be restricted except in the scope of the appended claims. Moreover, in interpreting both the specification and the claims, all terms should be interpreted in the broadest possible manner consistent with the context. The terms "comprises" and "comprising" should be interpreted as referring to elements, components, or steps in a non-exclusive manner, indicating that the referenced elements, components, or steps may be present, or utilized, or combined with other elements, components, or steps not expressly referenced.

Claims

Claims:

1. A computer-implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of a comparison set comprising a plurality of insurance products available to insure a debt obligation wherein the premium cost for each of the comparison set of insurance products can be determined using at least one common premium -determining criteria, said method using a server comprising: a. a processor and memory; b. a network interface for communication with client devices; and c. an estimating software component for carrying out the steps of the method; said method comprising: a. upon receipt of a request at the server from a client device of a user to initiate an estimate session, generating and displaying a comparative premium estimate by: i. in a data capture step:

1. serving a data entry interface to the client device;

2. receiving estimate input data at the server from the client device for storage and use, said estimate input data corresponding to: a. the principal amount to be insured of the debt obligation; and b. values for at least one common premium -determining criteria to be used to estimate the premium cost to insure the principal amount using each of the plurality of insurance products; ii. in a premium estimation step, using the estimating software component to calculate the estimated premium cost for each of the insurance products in the comparison set by applying a mathematical premium estimation function to the captured principal amount and the common premium-determining criteria values; and iii. in a user display step, transmitting data for display of a comparative premium estimate comprising the calculated estimated premium cost for each of the insurance products in the comparison set to the user via the display of the client device.

2. The method of Claim 1 wherein the principal amount to be insured entered in the data capture step is selected from either the specific amount of the insurance to be estimated or an estimated range of the principal amount.

3. The method of Claim 1 wherein the at least one common premium-determining criteria are selected from the group of: the principal amount to be insured, gender of the insured, age of the insured, smoker status of the insured, occupation of the insured, geographic location of the insured, geographic location of the debt obligation or collateral.

4. The method of 1 wherein the number and type of insurance products in the comparison set are preprogrammed.

5. The method of Claim 1 wherein the data capture step further comprises allowing the user to select the number or type of insurance products to be included in the comparison set.

6. The method of Claim 1 wherein the debt type to be insured is selected from the group of business loans, business mortgages, agricultural loans, agricultural mortgages, personal loans or personal mortgages.

7. The method of Claim 1 wherein the insurance products are selected from the group of creditor life insurance, non-creditor life insurance, term life insurance, creditor disability insurance, non-creditor disability insurance, creditor critical illness insurance, and non-creditor critical illness insurance.

8. The method of Claim 1 wherein the estimated premium cost calculated for an insurance product is based on vendor specific premium cost data for the insurance product.

9. The method of Claim 1 wherein the estimated premium cost calculated for an insurance product is based on preprogrammed industry average premium cost data for the insurance product.

10. The method of Claim 1 wherein the estimated premium cost calculated for an insurance product is calculated using a stored mathematical formula using the principal amount and common premium -determining criteria, specific to the insurance product.

11. The method of Claim 1 wherein the estimated premium cost calculated for an insurance product is calculated by selection of the estimated premium cost from a lookup table specific to the insurance product and including all combinations of principal amount and the entered common premium-determining criteria.

12. A computer-implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of a comparison set comprising a plurality of insurance products available to insure a debt obligation wherein the premium cost for each of the comparison set of insurance products can be determined using at least one common premium -determining criteria, said method using a computer comprising: a. a processor and memory; b. a human interface for interaction with a user; and c. an estimating software component for carrying out the steps of the method including estimating the premium cost for each of the plurality of insurance products using the at least one common premium-determining criteria; said method comprising: a. in a data capture step, using a data entry interface provided to the user via the human interface, receiving estimate input data from a user, said estimate input data corresponding to: i. the principal amount to be insured of the debt obligation; and ii. values for at least one common premium -determining criteria; b. in a premium estimation step, using the estimating software component to calculate the estimated premium cost for each of the insurance products in the comparison set based on the captured principal amount and the common premium -determining criteria values; and c. in a user display step, displaying a comparative premium estimate comprising the calculated estimated premium cost for each of the insurance products in the comparison set to the user via the human interface.

13. The method of Claim 3 wherein the principal amount to be insured is selected from either the specific amount of the insurance to be estimated or an estimated range of the principal amount.

14. The method of Claim 3 wherein the at least one common premium-determining criteria are selected from the group of: the principal amount to be insured, gender of the insured, age of the insured, smoker status of the insured, occupation of the insured, geographic location of the insured, geographic location of the debt obligation or collateral.

15. The method of 3 wherein the number and type of insurance products in the comparison set are preprogrammed.

16. The method of Claim 3 wherein the data capture step further comprises allowing the user to select the number and type of insurance products to be included in the comparison set.

17. The method of Claim 3 wherein the debt type to be insured is selected from the group of business loans, business mortgages, agricultural loans, agricultural mortgages, personal loans or personal mortgages.

18. The method of Claim 3 wherein the insurance products are selected from the group of creditor life insurance, non-creditor life insurance, term life insurance, creditor disability insurance, non-creditor disability insurance, creditor critical illness insurance, and non-creditor critical illness insurance.

19. The method of Claim 3 wherein the estimated premium cost calculated for an insurance product is based on vendor specific premium cost data for the insurance product.

20. The method of Claim 3 wherein the estimated premium cost calculated for an insurance product is based on preprogrammed industry average premium cost data for the insurance product.

21. The method of Claim 3 wherein the estimated premium cost calculated for an insurance product is calculated using a stored mathematical formula using the principal amount and common premium -determining criteria, specific to the insurance product.

22. The method of Claim 3 wherein the estimated premium cost calculated for an insurance product is calculated by selection of the estimated premium cost from a lookup table specific to the insurance product and including all combinations of principal amount and the entered common premium-determining criteria.

23. A server for use in a computer-implemented method of displaying to a user a comparative premium estimate comprising an estimated premium cost for each of a comparison set comprising a plurality of insurance products available to insure a debt obligation wherein the premium cost for each of the comparison set of insurance products can be determined using at least one common premium-determining criteria, said server comprising: a. a processor and memory; b. a network interface for communication with client devices; and c. an estimating software component for carrying out the steps of: i. upon receipt of a request at the server from a client device of a user to initiate an estimate session:

1. in a data capture step: a. serving a data entry interface to the client device; b. receiving estimate input data at the server from the client device for storage and use, said estimate input data corresponding to: i. the principal amount to be insured of the debt obligation; and ii. values for at least one common premium determining criteria to be used to estimate the premium cost to insure the principal amount using each of the plurality of insurance products;

2. in a premium estimation step, using the estimating software component to calculate the estimated premium cost for each of the insurance products in the comparison set by applying a mathematical premium estimation function to the captured principal amount and the common premium-determining criteria values; and

3. in a user display step, transmitting data for display of a comparative premium estimate comprising the calculated estimated premium cost for each of the insurance products in the comparison set to the user via the display of the client device.

24. The server of Claim 23 wherein the principal amount to be insured entered in the data capture step is selected from either the specific amount of the insurance to be estimated or an estimated range of the principal amount.

25. The server of Claim 23 wherein the at least one common premium -determining criteria are selected from the group of: the principal amount to be insured, gender of the insured, age of the insured, smoker status of the insured, occupation of the insured, geographic location of the insured, geographic location of the debt obligation or collateral.

26. The server of Claim 23 wherein the number and type of insurance products in the comparison set are preprogrammed.

27. The server of Claim 23 wherein the data capture step further comprises allowing the user to select the number or type of insurance products to be included in the comparison set.

28. The server of Claim 23 wherein the debt type to be insured is selected from the group of business loans, business mortgages, agricultural loans, agricultural mortgages, personal loans or personal mortgages.

29. The server of Claim 23 wherein the insurance products are selected from the group of creditor life insurance, non-creditor life insurance, term life insurance, creditor disability insurance, non-creditor disability insurance, creditor critical illness insurance, and non-creditor critical illness insurance.

30. The server of Claim 23 wherein the estimated premium cost calculated for an insurance product is based on vendor specific premium cost data for the insurance product.

31. The server of Claim 23 wherein the estimated premium cost calculated for an insurance product is based on preprogrammed industry average premium cost data for the insurance product.

32. The server of Claim 23 wherein the estimated premium cost calculated for an insurance product is calculated using a stored mathematical formula using the principal amount and common premium -determining criteria, specific to the insurance product.

33. The server of Claim 23 wherein the estimated premium cost calculated for an insurance product is calculated by selection of the estimated premium cost from a lookup table specific to the insurance product and including all combinations of principal amount and the entered common premium-determining criteria.