System and method for providing global information on risks and related hedging strategies

• US 20050144114A1
• Filed: 09/24/2004
• Published: 06/30/2005
• Est. Priority Date: 09/30/2000
• Status: Abandoned Application

• Current Assignee: Advisen Ltd.
• Original Assignee: Advisen Ltd.
• Inventors: Bradford, David K., Forer, Edward, Ruggieri, Thomas P.
• Application Number:
  US10/949,112
• Publication Number:
  US 20050144114A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present invention provides a system and method for information and data aggregation and analysis which provides risk managers, benefits managers, brokers, insurers and other insurance professional to have access to information resources, knowledge management tools, and powerful analytical models needed to increase their value and productivity. In accordance with one embodiment of the invention, the system and method provided is designed for information and data aggregation that allows for the compilation of data for mining and categorization by a knowledge management system, which stores all retrieved information in accordance with categories provided by a categorization engine referred to as a Taxonomy module. A contextualization module is configured to retrieve relevant information, based on various factors, including the user'"'"'s profile, and the user'"'"'s particular task. The system dynamically provides relevant information as the user interacts and conducts various tasks. The stored information is analyzed by a concept clustering module, so that various concepts relating to a particular topic can be uncovered and stored. In accordance with another embodiment of the invention, the system provides for various analytical tools that allow users to carry on with highly complex analysis of insurance related topics. The range of available analytical tool dynamically varies based on the user'"'"'s needs and research topics. In accordance with yet another embodiment of the invention, the system provides for a unique interactive workspace that combines the features explained above in a logical manner. To this end, the system interface provides for various job templates, so as to enable the user'"'"'s to carry various projects by a template driven task assignments. As the user navigates through the workspace, the range of available information to the user changes, based on the user'"'"'s profile and navigation pattern.

Claims

1-3. -3. (canceled)

4. A system for providing information on risks and related hedging strategies, said system comprising:

a plurality of client terminals coupled to said system, said client terminals providing access to said system for accessing information on risks and related hedging strategies;

a data aggregation module configured to store financial and risk related information from a plurality of data sources, said data sources including private client data sources and public data sources;

an analytical module coupled to said data aggregation module, said analytical module configured to perform benchmarking estimates based on information retrieved from said private client data sources and said public data sources.

5. The system in accordance with claim 4, wherein said private client data sources include asset information corresponding to each client whose information is stored in said data aggregation module, said asset information including one or more of asset categories from a list comprising real estate assets, automobile assets, inventory assets, technology assets and heavy equipment assets.

6. The system in accordance with claim 5, wherein said private client data sources include legal information, insurance policy information, claims information, and legal information.

7. The system in accordance with claim 6, wherein said private client data sources include financial information such as payroll and general ledger information.

8. The system in accordance with claim 7, wherein said analytical module further comprises a company comparison module configured to perform comparison of key information of companies specified by a user employing one of said client terminals.

9. The system in accordance with claim 7, wherein said analytical module further comprises modules configured to perform one or more functions from a list including league table calculations, risk mapping, risk accounting, claims data, loss triangles, loss development analysis and severity Monte Carlo simulations.

10. The system in accordance with claim 9, wherein said loss triangle calculation includes calculation of loss history within a specified period of time, so as to provide information on how losses and coverages have developed over time.

11. A system for providing information on risks and related hedging strategies, said system comprising:

a plurality of client terminals coupled to said system, said client terminals providing access to said system for accessing information on risks and related hedging strategies;

a data aggregation module configured to store financial and risk related information from a plurality of data sources, said data sources including private client data sources and public data sources;

an administrative efficiency tool module coupled to said data aggregation module, said administrative efficiency tool module further comprising a user policy data input module configured to receive information relating to insurance coverages of an organization, wherein said insurance coverage information is stored in said private client data source.

12. The system in accordance with claim 11 further comprising a single period insurance analyzer that determines and charts a list of specified insurance policies of an organization extended over a specified period.

13. The system in accordance with claim 12, wherein said charts include various portions that identify the type of insurance coverage, the policy amount, and corresponding effective date.

14. The system in accordance with claim 13, further comprising a multiple period single insurance analyzer, configured to provide a visual table that summarizes a single insurance program of an organization within multiple periods.

17. The system in accordance with claim 11 wherein said administrative efficiency tool is further configured to allow a user to select an insurance topic so as to generate a list of all jurisdictions that have corresponding regulations relating to that topic.

18. The system in accordance with claim 17 wherein said jurisdictions include federal, state and international law topics relating to a desired topic, so as to provide look up comparisons relating to each of said jurisdictions.

19. The system in accordance with claim 11 further comprising a league table module configured to provide various insurance ratings.

20. The system in accordance with claim 11 further comprising a policy form module configured to provide a table for comparing language in a plurality of prior policy forms so as to show how various policies have treated a certain topic by providing examples of prior forms.

21. A system for providing information on risks and related hedging strategies, said system comprising:

a plurality of client terminals coupled to said system, said client terminals providing access to said system for accessing information on risks and related hedging strategies;

a data aggregation module configured to store financial and risk related information from a plurality of data sources, said data sources including private client data sources and public data sources;

an analytical module coupled to said data aggregation module, said analytical module configured to perform benchmarking estimates based on information retrieved from said private client data sources and said public data sources;

an administrative efficiency tool module coupled to said data aggregation module, said administrative efficiency tool module further comprising a user policy data input module configured to receive information relating to insurance coverages of an organization, wherein said insurance coverage information is stored in said private client data source; and

a workspace administrator module coupled to said analytical module and said administrative efficiency tool and configured to provide a plurality of interface template sets each of said template sets defining a plurality of task assignments provided as a workflow relating to an insurance practice project.

22. The system in accordance with claim 21 wherein one of said template sets relate to claims and loss analysis.

23. The system in accordance with claim 21, wherein one of said template sets relate to mergers and acquisition analysis.

24. The system in accordance with claim 21, wherein one of said template sets relate to a renewal of insurance process.

25. The system in accordance with claim 21, wherein one of said template sets relate to exposure analysis.

26. The system in accordance with claim 21, wherein one of said template sets relate to insurance administration process.

27. The system in accordance with claim 21, wherein one of said template sets relate to researching insurance clients.

28. The system in accordance with claim 21, wherein one of said template sets relate to developing new insurance products.

29. The system in accordance with claim 21, wherein at least one of said template sets is user specific so as to allow a user to define a desired workflow management.