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Data Processing System For Providing An Efficient Market For Insurance and Reinsurance

Patent US Patent Pub. No. US-2003-0200125-A1

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Exemplary Claims:

30. Apparatus for providing an efficient market for insurance and reinsurance, comprising:

a data processing system having a program executing computer, a data storage device, and an output device;

a plurality of insurance underwriting standards data records stored in said data storage device containing insurance underwriting standards from a one or more insurers;

computer programs executing on the program executing computer of said data processing system for:

(a) compiling statistics regarding said plurality of stored data records containing insurance underwriting standards, said statistics data records being derived from said plurality of stored data records and not from a specific data record;

(b) calculating fees earned with respect to the one or more insurers;

(c) calculating a reduced price to the one or more insurers for providing said statistics regarding said stored data records to the selected insurer based on the calculated fees earned with respect to said selected insurer in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the one or more insurers generate discounts in the price to the one or more insurers for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given.

31. The apparatus of claim 36, further comprising:

a plurality of reinsurance offer data records stored in said data storage device containing reinsurance offers from one or more reinsurers;

computer programs executing on said data processing system for:

(a) compiling statistics regarding said stored plurality of reinsurance offer data records containing reinsurance offers, said statistics data records being derived from said stored plurality of reinsurance offer data records and not from a specific data record;

(b) calculating fees earned with respect to the one or more insurers and reinsurers;

(c) calculating a reduced price to the one or more insurers and reinsurers for providing said statistics regarding said statistics regarding said stored data records or said stored reinsurance offer data records to the one or more insurers and reinsurers based on the calculated fees earned with respect to the one or more insurers and reinsurers in accordance with a predetermined netbacking schedule stored in a netbacking database, said netbacking schedule defining a discount where increasing numbers of transactions executed through the system by the one or more insurers or reinsurers generate discounts in the price to the one or more insurers or reinsurers for the purchase of statistics data records, whereby said discount is determined by a product volume which is different from the product where the discount is given.

Relates To: Insurance Exchanges; collecting underwriting standards and calculating statistics; Transaction Credit

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Data Processing System For Providing An Efficient Market For Insurance and Reinsurance

May 7, 2013


 

 

 

 

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