Automated system and method for evaluating insurable risks at point of sale

Abstract

A system and method for evaluating an insurable risk and providing an immediate, binding insurance offer to cover that risk, includes the collection of self-reported and objective information relating to the risk. The information is provided to an automated underwriting program that evaluates and rates the insurable risk and produces a binding insurance quote. Certain embodiments of the system and method utilize an automated application form and information gathering apparatus to collect the self-reported information. Objective information is obtained by a variety of means, including the direct measurement of certain physical and medical parameters. Certain embodiments may provide for the collection of information relating to payment for the insurance product, and the obtaining of an electronic signature from an applicant.

1 . (canceled) 
     
     
         2 . A method of evaluating an insurable risk and providing an insurance offer to cover the risk, comprising the steps of:
 a. collecting self-reported information relating to the insurable risk from an applicant;   b. collecting a plurality of measurements of objective information relating to the insurable risk from the applicant;   c. providing the self-reported information and the objective information to an underwriting system located in a point of sale kiosk;   d. evaluating, rating and underwriting, by processing circuitry at the point of sale kiosk, the insurable risk of the applicant based on the self-reported information and the objective information; and   e. providing an insurance offer relating to a specific insurance product based on the rated insurable risk.   
     
     
         3 . The method of  claim 2 , further comprising obtaining consent from the applicant to provide the self-reported and objective information to the underwriting system. 
     
     
         4 . The method of  claim 2 , further comprising producing a preliminary rate quote for the applicant based only upon the self-reported information. 
     
     
         5 . The method of  claim 2 , further comprising obtaining authorization from the applicant for the immediate release of further objective information from at least one of a health care provider, pharmacy or pharmacy benefit manager, a consumer reporting agency and insurance company for evaluation of such objective information by the underwriting system. 
     
     
         6 . The method of  claim 2 , wherein the point of sale kiosk includes an information-gathering apparatus for use by an applicant in reporting the self-reported information. 
     
     
         7 . The method of  claim 6 , wherein said information-gathering apparatus includes at least one of a keyboard, a display, a touch screen display, and a pointing device. 
     
     
         8 . The method of  claim 2 , wherein the self-reported information includes at least one of applicant's age, address, citizenship, medical history, family medical history, nicotine usage, alcohol usage, drug usage, motor vehicle information, aviation information, and hazardous activities information. 
     
     
         9 . The method of  claim 2 , wherein the objective information includes at least one of height and weight, blood pressure, pulse rate, blood cholesterol, blood glucose, evidence of drug usage, HIV exposure, tumor markers, evidence of tobacco usage, lung capacity, evidence of kidney disease, information relating to prescribed drugs, consumer credit information, and motor vehicle information. 
     
     
         10 . The method of  claim 2 , further comprising collecting information relating to a beneficiary of the insurance product. 
     
     
         11 . The method of  claim 2 , further comprising producing an immediate final rate quote for the applicant based upon the self-reported and objective information. 
     
     
         12 . The method of  claim 11 , further comprising providing an insurance application relating to the insurance product. 
     
     
         13 . The method of  claim 11 , further comprising collecting information relating to payment for the insurance product when the final rate quote is accepted by the applicant. 
     
     
         14 . The method of  claim 11 , further comprising obtaining an electronic signature from the applicant, producing a printed copy of the application, and providing the copy to the applicant. 
     
     
         15 . A point of sale kiosk that evaluates an insurable risk and provides an insurance offer to cover the risk, comprising:
 circuitry configured to
 collect self-reported information relating to the insurable risk from an applicant; 
 collect a plurality of measurements of objective information relating to the insurable risk from the applicant; 
 provide the self-reported information and the objective information to an underwriting system located in a point of sale kiosk; 
 evaluate, rate and underwrite the insurable risk of the applicant based on the self-reported information and the objective information; and 
 provide an insurance offer relating to a specific insurance product based on the rated insurable risk. 
   
     
     
         16 . The kiosk of  claim 15 , wherein the circuitry is further configured to obtain consent from the applicant to provide the self-reported and objective information to the underwriting system. 
     
     
         17 . The kiosk of  claim 15 , wherein the circuitry is further configured to produce a preliminary rate quote for the applicant based only upon the self-reported information. 
     
     
         18 . The kiosk of  claim 15 , wherein the circuitry is further configured to obtain authorization from the applicant for the immediate release of further objective information from at least one of a health care provider, pharmacy or pharmacy benefit manager, a consumer reporting agency and insurance company for evaluation of such objective information by the underwriting system. 
     
     
         19 . The kiosk of  claim 15 , wherein the point of sale kiosk includes an information-gathering apparatus for use by an applicant in reporting the self-reported information. 
     
     
         20 . The kiosk of  claim 19 , wherein said information-gathering apparatus includes at least one of a keyboard, a display, a touch screen display, and a pointing device. 
     
     
         21 . The kiosk of  claim 15 , wherein the self-reported information includes at least one of applicant's age, address, citizenship, medical history, family medical history, nicotine usage, alcohol usage, drug usage, motor vehicle information, aviation information, and hazardous activities information. 
     
     
         22 . The kiosk of  claim 15 , wherein the objective information includes at least one of height and weight, blood pressure, pulse rate, blood cholesterol, blood glucose, evidence of drug usage, HIV exposure, tumor markers, evidence of tobacco usage, lung capacity, evidence of kidney disease, information relating to prescribed drugs, consumer credit information, and motor vehicle information. 
     
     
         23 . The kiosk of  claim 15 , wherein the circuitry is further configured to collect information relating to a beneficiary of the insurance product. 
     
     
         24 . The kiosk of  claim 15 , wherein the circuitry is further configured to provide an immediate final rate quote for the applicant based upon the self-reported and objective information. 
     
     
         25 . The kiosk of  claim 24 , wherein the circuitry is further configured to provide an insurance application relating to the insurance product. 
     
     
         26 . The kiosk of  claim 24 , wherein the circuitry is further configured to collect information relating to payment for the insurance product when the final rate quote is accepted by the applicant. 
     
     
         27 . The kiosk of  claim 24 , wherein the circuitry is further configured to obtain an electronic signature from the applicant, producing a printed copy of the application, and providing the copy to the applicant.