Omega insurance claims settlement system

• US 20020004731A1
• Filed: 04/16/2001
• Published: 01/10/2002
• Est. Priority Date: 04/19/2000
• Status: Abandoned Application

• Current Assignee: Martyn George Belben
• Original Assignee: Martyn George Belben
• Inventors: Belben, Martyn George
• Application Number:
  US09/835,959
• Publication Number:
  US 20020004731A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An insurance claims settlement system by which settlement of insurance claims may be made more efficient, less costly to administer and maintain, making immediate settlement of insurance claims possible, which reduces the possibility of fraud and/or forgery, in a paperless environment in line with current technology and commercial practice.

Claims

1. A method of settling an insurance claim by:

(a) the insurer or any entity acting for or on behalf of the insurer establishing an account in the name or names of its insured or insureds or other payee or payees with a management company, commercial bank or other financial institution;

(a) the insurer or any entity acting for or on behalf of the insurer creating or causing to be created a credit to the account established in the name or names of its insured or insureds or other payee or payees, such credit being equal to the amount of the settlement being made;

(b) the insurer or any entity acting for or on behalf of the insurer issues or causes to be issued to its insured or insureds, or other payee or payees a debit card linked to the account established by the insurer or on its behalf in the name or names of its insured or insureds, or other payee or payees;

(d) the insurer or any entity acting for or on behalf of the insurer releases or causes to be released, or otherwise activates or causes to be activated the account established in the name or names of its insured or insureds, or other payee or payees thereby providing access to the settlement funds by its insured or insureds, or other payee or payees.