System and method for real-time screening of a disability insurance applicant

Abstract

A system and method for automatically screening applicants for disability insurance in real-time, and if the results are favorable, automatically communicating acceptances and issuing policies via wireless communication. An applicant's BMI is calculated, and the applicant is rejected if the BMI is too high or low. The applicant's prescription drug history is obtained, and the applicant is rejected if the history shows use of a drug associated with a serious medical condition. The acceptance or rejection and a premium for the insurance product may be set based upon the real-time screening results and communicated to the applicant. Additionally, an occupation class assigned to the applicant may be confirmed, a motor vehicle report for the applicant may be obtained, and an insurance information report for the applicant may be obtained. If the applicant is rejected, they may be allowed to apply for the insurance product using an alternate non-real-time process.

1 . A computer-implemented method for real-time processing of a request for a product by an electronic processing element, comprising:
 receiving, via a network, information about an individual associated with, the request including a prescription drug history;   automatically calculating a body mass index of the individual based upon the information;   automatically rejecting the request if either the body mass index is outside a range or the prescription drug history shows that the individual uses one or more specific drugs; and   automatically transmitting a real-time acceptance or rejection of the request to a mobile device of the individual over the network via a transceiver in communication with the electronic processing element.   
     
     
         2 . The computer-implemented method of  claim 1 , wherein the product is disability insurance. 
     
     
         3 . The computer-implemented method of  claim 1 , wherein the one or more specific drugs includes drugs used to treat serious medical conditions. 
     
     
         4 . The computer-implemented method of  claim 1 , further including the electronic processing element confirming an occupation class assigned to the individual based upon an occupation of the individual, and basing a price for the product at least in part upon the confirmed assigned occupation class. 
     
     
         5 . The computer-implemented method of  claim 1 , further including the electronic processing element obtaining a motor vehicle report for the individual, and automatically rejecting the request if the motor vehicle report for the individual shows that the individual engages in one or more specific unsafe driving behaviors. 
     
     
         6 . The computer-implemented method of  claim 1 , further including the electronic processing element obtaining income and/or tax information for the individual, and considering the income and/or tax information when accepting or rejecting the request and/or setting a price for the product. 
     
     
         7 . The computer-implemented method of  claim 1 , wherein if the request is rejected, further including allowing the individual to request the product using an alternate non-real-time process. 
     
     
         8 . A system for real-time processing of a request for a product comprising:
 a transceiver coupled to a network; and   an electronic processing element coupled to the transceiver and configured to—receive, via the transceiver, information about an individual associated with the request including a prescription drug history;   automatically calculate a body mass index of the individual based upon the information;   automatically reject the request if either the body mass index is outside a range or the prescription drug history shows that the individual uses one or more specific drugs; and   automatically transmit a real-time acceptance or rejection of the request to the individual over the network via the transceiver.   
     
     
         9 . The system of  claim 8 , wherein the real-time acceptance or rejection of the request is automatically transmitted to a mobile device of the individual. 
     
     
         10 . The system of  claim 8 , wherein the product is disability insurance. 
     
     
         11 . The system of  claim 8 , wherein the one or more specific drugs includes drugs used to treat serious medical conditions. 
     
     
         12 . The system of  claim 8 , wherein the electronic processing element is further configured to confirm an occupation class assigned to the individual based upon an occupation of the individual, and to base a price for the product at least in part upon the confirmed assigned occupation class. 
     
     
         13 . The system of  claim 8 , further including the electronic processing element obtaining income and/or tax information for the individual, and considering the income and/or tax information when accepting or rejecting the request, and/or setting a price for the product. 
     
     
         14 . The system of  claim 8 , wherein if the request is rejected, the individual is allowed to request the product using an alternate non-real-time process. 
     
     
         15 . A non-transitory computer readable storage medium with a computer program stored thereon for real-time processing of a request for a product wherein the computer program is configured to instruct an electronic processing element to perform actions comprising:
 receiving, via a network, information about an individual associated with the request including a prescription drug history;   automatically calculating a body mass index of the individual based upon the information;   automatically rejecting the request, if either the body mass index is outside a range or the prescription drug history shows that the individual uses one or more specific drugs; and   automatically transmitting a real-time acceptance or rejection of the request to a mobile device of the individual over the network via a transceiver in communication with the electronic processing element.   
     
     
         16 . The non-transitory computer readable storage medium of  claim 15 , wherein the product is disability insurance. 
     
     
         17 . The non-transitory computer readable storage medium of  claim 15 , wherein the one or more specific drugs includes drugs used to treat serious medical conditions. 
     
     
         18 . The non-transitory computer readable storage medium of  claim 15 , further including the electronic processing element confirming an occupation class assigned to the individual based upon an occupation of the individual, and basing a price for the product at least in part upon the confirmed assigned occupation class. 
     
     
         19 . The non-transitory computer readable storage medium of  claim 15 , further including the electronic processing element obtaining income and/or tax information for individual, and considering the income and/or tax information when accepting or rejecting the request and/or setting a price for the product. 
     
     
         20 . The non-transitory computer readable storage medium of  claim 15 , wherein if the request is rejected, further including allowing the individual to request the product using an alternate non-real-time process.