Systems and methods for customizing insurance

Abstract

Systems and methods provide customizable insurance according to consumer preferences. Demand simulators guide the creation of optimized packages of features, which consumers may select from to form an insurance product appropriate for their particular needs. Packages may be formed with a particular appeal to consumers with common characteristics. In addition, methods are provided for selling insurance products formed through an optimization process.

1 . A system, the system comprising:
 memory that stores a plurality of profiles and a plurality of different packages each corresponding to a different set of features;   a network interface that communicates over a communication network, wherein the network interface communicates with a terminal computing device accessing a website; and   at least one processor that executes instructions to:
 retrieve, from the database, profile information corresponding to the terminal device accessing the website; 
 identify one or more other profiles having characteristics in common with the retrieved profile information; 
 select a subset of the packages from the stored plurality of different packages indicated as preferred by the identified profiles; 
 predict, using a demand simulator, demand for individual features associated with the characteristics of the profile information; 
 refine, using the demand simulator, the subset of packages comprising one or more of the features associated with the characteristics of the profile information by iteratively evaluating different combinations of the features and iteratively modifying the subset of packages comprising the features associated with the characteristics of the profile information, wherein the demand simulator is configured to select particular features based on the preference information associated with the identified profiles; 
 further iteratively refine the subset of packages in response to receiving, from the terminal computing device, one or more feature selections made by a user of the terminal computing device, wherein the subset of packages is iteratively refined to customize at least one of the subset of packages based on the feature selections of the user; and 
 generate a display of the at least one customized package for presentation on a display device of the terminal computing device with each iteration.