Providing loan services in the event of a total loss claim

• US 10,062,117 B2
• Filed: 06/06/2012
• Issued: 08/28/2018
• Est. Priority Date: 06/06/2012
• Status: Active Grant

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Roll, Leif A., Wu, Jun, Johnson, John F., Leigh, Kimberly D.
• Primary Examiner(s): HAMILTON, SARA CHANDLER
• Application Number:
  US13/489,597
• Publication Number:
  US 20130332334A1
• Time in Patent Office: 2,274 Days
• Field of Search: 705 38, 705 4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Providing a property replacement loan offer to a customer that has lost property in a total loss event where the offer is provided automatically in response to an indication of the total loss event. The invention includes computer-based processes that collect customer-specific data for the customer whose property is involved in the total loss event and using this data to prequalify the customer for the property replacement loan. The processing includes accessing a credit bureau to receive data related to the customer'"'"'s credit.

Claims

1. A computer-based method for automatically providing a loan offer to a customer comprising the steps of:

receiving, by a loan offer computer over a network connection from an application executed by an insurance processing computing device associated with an agent of the customer, an indication of a total loss event for a customer'"'"'s property insured by an insurance policy;

wherein the loan offer computer is associated with a financial institution computer network that offers loan services; and

wherein the insurance processing computing device is associated with the agent of the customer and is in communication with a computer network of an insurance provider that provides the insurance policy;

wherein the loan offer computer is connected via the network connection to the insurance processing computing device so that the financial institution computer network is thereby connected to the insurance provider computer network;

extracting, by the loan offer computer, customer loan data from a data source residing on the insurance processing computing device for customer-specific prequalification data regarding the customer;

determining, by the loan offer computer, based on the customer-specific prequalification data regarding the customer, whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for determining whether to provide the loan offer;

determining, by the loan offer computer, whether the customer-specific data prequalification includes at least one piece of data that is usable by a credit bureau for performing a credit check;

transmitting, by the loan offer computer and over an Internet, the customer-specific prequalification data to a credit bureau computer system associated with the credit bureau when both (a) the customer has not elected privacy options that would prevent the use of the customer-specific prequalification data for determining whether to provide the loan offer and (b) the customer-specific data includes at least one piece of data that is usable by the credit bureau for performing a credit check;

receiving, by the loan offer computer from the credit bureau computer system and over the Internet, a result of a credit evaluation regarding the customer'"'"'s credit;

receiving by the loan offer computer over the Internet a determination from the credit bureau computer system, whether the customer prequalifies for a property replacement loan for replacing the property involved in the total loss event based on the result of the credit evaluation received from the credit bureau computer system; and

pushing by the loan offer computer a notification including an offer for the property replacement loan to the insurance processing computing device associated with the agent of the customer, when the customer prequalifies for the property replacement loan.

2. The method of claim 1 wherein the result of the credit evaluation is a credit score.

3. The method of claim 1 wherein the result of the credit evaluation received from the credit bureau computer system comprises a determination by the credit bureau of whether the customer prequalifies for the loan.

4. The method of claim 1 further comprising the steps of:

transmitting, by the loan offer computer and over the Internet to a computer associated with the customer, a computer generated page that indicates the loan offer;

receiving, by the loan offer computer and over the Internet from the computer associated with the customer, a response to the loan offer from the customer; and

generating, by the loan offer computer, a prequalification letter; and

transmitting, by the loan offer computer and over the Internet to the computer associated with the customer, the prequalification letter after receiving the response to the loan offer.

5. The method of claim 1 wherein the offer for the property replacement loan is an offer for a refinancing loan.

6. The method of claim 1 wherein the step of transmitting, by the loan offer computer, the customer-specific prequalification data to the credit bureau computer system comprises the loan offer computer transmitting the data to a plurality of credit bureau computer systems associated with a plurality of credit bureaus.

7. The method of claim 1 wherein the customer loan data from a data source residing on the insurance processing computing device comprises a replacement value for the customer'"'"'s property involved in the total loss event, and the method further comprises establishing an amount for the loan based on the replacement value of the customer'"'"'s property involved in the total loss event.