System and method for issuing and managing a portfolio of credit insurance policies

摘要

A system embodied as a credit insurance company (103) for calculating and generating credit insurance policies is connected in a data communication network (120) and comprises interfaces providing links to one or more market places (101) offering financial services to customers and lenders, to at least one external database (109) providing information relating to market place(s) to customers (107) and lenders (108) operating independently thereof, and to at least one settlement handling system (106). The system comprises a first module (201) for issuing umbrella cover policies for customers and registering of securities, a second module (202) for handling a change request from a customer, a third module (203) for maintaining umbrella cover policies, a fourth module (204) for issuing actual cover policies to lenders, a fifth module (205) for executing change transactions, a sixth module (206) for communicating instructions and data for updating market place (101) databases, a seventh module (207) for claims handling and settlement, and an eighth module (208) for managing reinsurance of credit insurance policies. A method in the system comprises steps for receiving information from a market place, or an independent lender and relating to a customer applying for a loan, accessing information relating to the customer, determining a customer's borrowing capacity, issuing an umbrella credit insurance policy for an amount corresponding to the determined borrowing capacity, and determining terms relating to the issued policy.