Shared insurance industry system for non-disruptive enhancement and substitution of insurancetransaction processing

• US 20020184163A1
• Filed: 04/26/2002
• Published: 12/05/2002
• Est. Priority Date: 05/31/2001
• Status: Active Grant

• Current Assignee: E-Agency Incorporated
• Original Assignee: E-Agency Incorporated
• Inventors: Lotter, Robert A., Allard, Timothy S., Baughn, John W.
• Granted Patent: US 7,680,681 B2
• Time in Patent Office: Days
• US Class Current: 705/67
• CPC Class Codes: G06Q 20/3674 involving authentication
• 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

Apparatus and methods for implementing a new insurance industry business processing system, called a “Shared Industry Platform”, are described. A network-based computing platform is defined which includes a communications portal and industry shared databases which are controlled by enabling application and security software and which may be accessed through a global computer network by insurance company computers, managing general agency computers, selling agent computers, and consumer computers. This shared industry platform allows communication among the various components of the insurance industry in a flexible manner as specified by each insurance company, no matter what the company'"'"'s customary internal processing system might be. The present invention provides an evolutionary, non-disruptive means for interconnecting insurance company computers, managing general agency computers, agent computers, and consumer computers to allow interactive communication and secured business processing and data exchange over the Internet.

Claims

1. A shared insurance industry system for sharing information between insurance company, managing general insurance agency and insurance agent members, such system comprising:

a shared insurance industry database for storing insurance industry related information;

a communications mechanism for transferring information to and from the shared insurance industry database;

an insurance company mechanism coupled to the communications mechanism for enabling an insurance company to transfer information to and from the shared insurance industry database;

a managing general insurance agency mechanism coupled to the communications mechanism for enabling a managing general insurance agency to transfer information to and from the shared insurance industry database;

and an insurance agent mechanism coupled to the communications mechanism for enabling an insurance agent to transfer information to and from the shared insurance industry database.

2. A system in accordance with claim 1 wherein the shared insurance industry database is maintained in a shared data storage unit.

3. A system in accordance with claim 1 wherein the communications mechanism is an Internet communications network.

4. A system in accordance with claim 1 wherein the insurance company mechanism, the managing general insurance agency mechanism and the insurance agent mechanisms are computer mechanisms.

5. A system in accordance with claim 1 and including an insurance consumer mechanism coupled to the communications mechanism for enabling an insurance consumer to transfer information to and from the shared insurance industry database.

6. A system in accordance with claim 1 wherein the system includes a membership program for registering parties as members of the system, such membership program including a mechanism for assigning a unique member identifier to each registered party.

7. A system in accordance with claim 6 wherein the unique member identifiers and other member information are stored in a member database portion of the shared insurance industry database.

8. A system in accordance with claim 1 wherein the system includes a distribution program for recording the sales distribution relationships between insurance companies, managing general insurance agencies and insurance agents who are members of the system.

9. A system in accordance with claim 8 wherein each distribution relationship is assigned a unique distribution identifier and the sales distribution relationships are recorded by storing in a distribution database portion of the shared insurance industry database for each relationship the unique distribution identifier and unique member identifiers for the members involved in the relationship.

10. A system in accordance with claim 1 wherein the system includes a product program for registering various insurance products which are selected to participate in the system, such product program including a mechanism for assigning a unique product identifier to each participating product.

11. A system in accordance with claim 10 wherein for each participating product the unique product identifier, a product name, an insurance company identifier and sales commission information are stored in a product database portion of the shared insurance industry database.

12. A system in accordance with claim 1 wherein the system includes:

at least one business transaction program for carrying out the steps of a particular type of business transaction;

and a unique portion of the shared insurance industry database is assigned for storing data involved in business transactions performed by the business transaction program.

13. A system in accordance with claim 12 wherein the particular type of business transaction is an application to purchase an insurance product.

14. A system in accordance with claim 13 wherein the application to purchase the insurance product is submitted to the shared insurance industry system by an insurance agent.

15. A system in accordance with claim 13 wherein data involved in applications to purchase insurance products is stored in an application database portion of the shared insurance industry database.

16. A system in accordance with claim 15 wherein the data stored for each application to purchase an insurance product includes a unique application identifier, an insurance product identifier, a face value of the insurance product, an insurance company identifier, an insurance agent identifier and the name of the consumer purchasing the insurance product.

17. A system in accordance with claim 12 wherein the particular type of business transaction is a sale transaction acknowledging issuance of an insurance policy by an insurance company.

18. A system in accordance with claim 17 wherein data relating to sale transactions is stored in a sale database portion of the shared insurance industry database.

19. A system in accordance with claim 18 wherein the data stored for each sale transaction includes a unique sale identifier, an insurance product identifier, an insurance company identifier, an insurance agent identifier and a purchaser identifier.

20. A system in accordance with claim 19 wherein an insurance agent receives stored sale transaction data from the shared insurance industry database for a specific sale transaction wherein he is identified as the insurance agent and generates an appropriate insurance policy for delivery to the identified purchaser.

21. A system in accordance with claim 12 wherein the particular type of business transaction is a commission transaction which follows payment of an insurance premium by a consumer.

22. A system in accordance with claim 21 wherein data relating to commission transactions is stored in a commission database portion of the shared insurance industry database.

23. A system in accordance with claim 22 wherein the data stored for each commission transaction includes a unique commission identifier, a sale identifier, a commission amount and an agent identifier for the insurance agent who sold the insurance policy.

24. A system in accordance with claim 23 wherein the data stored for at least one commission transaction includes a commission amount and an identifier for a managing general insurance agency for the insurance agent who sold the insurance policy.

25. A system in accordance with claim 23 wherein an insurance agent may access the shared insurance industry database and obtain commission information for all his participating insurance companies.

26. A system in accordance with claim 21 wherein the commission transaction program includes a mechanism for performing electronic funds transfer of commission payments to a bank account of the insurance agent who sold the insurance policy.

27. A system in accordance with claim 12 wherein the particular type of business transaction is a report transaction whereby a participating member of the insurance industry may obtain a consolidated report of business transactions involving its business.

28. A system in accordance with claim 27 wherein a participating insurance company may obtain a consolidated report of sales involving insurance agents who deal directly with the insurance company.

29. A system in accordance with claim 27 wherein a participating insurance company may obtain a consolidated report of sales involving insurance agents connected to the insurance company by way of a managing general insurance agency.

30. A system in accordance with claim 1 wherein the system includes a report program for enabling registered system members to obtain reports of their system business transactions by establishing a report database portion in the shared insurance industry database which defines the permitted contents of the reports.

31. A system in accordance with claim 30 wherein each report entry in the report database portion includes a unique report identifier.

32. A system in accordance with claim 30 wherein each report entry in the report database portion includes an identifier for the permitted report requester and range limits for information to be included in the report.

33. A system in accordance with claim 12 wherein the system includes a plurality of different business transaction programs for carrying out the steps of a plurality of different types of business transactions and the shared insurance industry database includes different unique portions for storing data involved in the different types of business transactions.

34. A system in accordance with claim 33 wherein the plurality of different business transaction programs includes:

an application program for enabling an insurance agent to submit an application to purchase an insurance product;

a sale program for enabling an insurance company to acknowledge issuance of an insurance policy;

a payment program for recording payments of insurance premiums by consumers;

and a commission program for enabling a participating insurance agent to obtain commission information regarding his insurance sales.

36. A system in accordance with claim 35 wherein the data synchronizer mechanism includes:

a first read mechanism coupled to the communications mechanism for reading data from an insurance industry member database;

a second read mechanism coupled to the shared insurance industry database for reading the corresponding data from the shared insurance industry database;

a data update mechanism responsive to the data read from the member database and the corresponding data read from the shared insurance industry database for updating the data in the shared insurance industry database to agree with the data read from the member database;

and a data insertion mechanism for inserting data read from the member database into the shared insurance industry database when there is no corresponding data in the shared insurance industry database.

38. A shared industry platform in accordance with claim 37 and including a mechanism for enabling an insurance transaction mechanism to utilize data stored in the data storage mechanism by a different insurance transaction mechanism.

39. A shared industry platform in accordance with claim 37 wherein the platform includes a report program for enabling participating members to obtain consolidated reports based on data stored in the data storage mechanism.

35. A shared insurance industry system for sharing information between different members of the insurance industry, such system comprising:

a shared insurance industry database for storing insurance industry related information;

a communications mechanism for transferring information to and from the shared insurance industry database;

a plurality of insurance industry member mechanisms coupled to the communications mechanism for enabling insurance industry members to transfer information to and from the shared insurance industry database;

and a data synchronizer mechanism coupled to the shared insurance industry database for enabling a transfer of data from an insurance industry member to the shared insurance industry database.

37. An Internet-enabled shared industry platform for enabling transactions and information transfers between different members of the insurance industry, such shared industry platform comprising:

a communications mechanism for coupling the shared industry platform to an Internet communications network;

a data processing mechanism coupled to the communications mechanism for processing insurance industry member requests;

a plurality of insurance transaction mechanisms coupled to the data processing mechanism for executing various insurance-related business transactions;

and a data storage mechanism responsive to the insurance transaction mechanisms for storing data involved in the insurance-related business transactions.