METHOD AND SYSTEM FOR INITIALLY PROJECTING AN INSURANCE COMPANY'S NET LOSS FROM A MAJOR LOSS EVENT

• US 20080235062A1
• Filed: 12/28/2007
• Published: 09/25/2008
• Est. Priority Date: 12/29/2006
• Status: Abandoned Application

• Current Assignee: American International Group Incorporated
• Original Assignee: American International Group Incorporated
• Inventors: Cahill, Paul, Lasota, Richard, Di Paola, Paul
• Application Number:
  US11/966,813
• Publication Number:
  US 20080235062A1
• 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

A system and method by which an insurance company can project an initial net projected loss arising from a major loss event quickly after the occurrence of the event. The system uses a networked central repository, such as an electronic collaboration site, for collecting and sharing information to be used in the initial net loss projection process. After the occurrence of a major incident, media reports can be reviewed to identify entities involved in, or affected by, the event. In-force insurance policies and applicable reinsurance information of the identified entities are collected and stored in the repository and reviewed to identify those that should be included in the initial net loss projection. Additional information can be entered into a policy database regarding those policies which allows aggregation of net policy limits and an initial projection of the net loss arising from the major loss event.

Claims

1. A method for making an initial loss projection of an insurance company resulting from a major loss event, comprising:

providing a common information repository on a computer network accessible by a plurality of members of a loss projection team;

identifying entities involved in, or affected by, the event;

for each identified entity, identifying in-force policies of said identified entity issued by said insurance company;

presenting the in-force policies in an event file for the event at the common information repository;

identifying selected in-force policies to be included in the initial net loss projection from the in-force polices presented in the common information repository;

calculating, based on the selected in-force policies, an initial projected net loss for the event.

2. The method according to claim 1, further comprising the steps of:

determining whether said event requires an initial net loss projection; and

sending an event alert to members of the initial net loss projection team regarding the event.

3. The method according to claim 2, further comprising the step of:

creating the event file for the event in the common information repository upon receiving the event alert.

4. The method according to claim 2, wherein the initial net loss projection team comprises a coordinator, the method further comprising the step of:

creating, by the coordinator, the event file for the event in the common information repository either upon receiving information about the major loss event or upon receiving the event alert sent out by another member of the initial net loss projection team.

5. The method according to claim 3, further comprising the step of:

storing the event alert in the event file.

6. The method according to claim 1, wherein the step of identifying entities involved in, or affected by, the event includes reviewing media reports.

7. The method according to claim 6, further comprising the step of:

storing copies of the reviewed media reports in the event file.

8. The method according to claim 1, wherein the step of identifying selected in-force policies includes providing markings in the event file to indicate whether the in-force policies presented in the common information repository are to be included in the initial net loss projection.

9. The method according to claim 1, further comprising the step of:

generating a report indicating the initial projected net loss for the event.

11. The method according to claim 1, wherein the in-force policies include insurance policies and reinsurance information.

10. The method according to claim 10, wherein the report includes a chart for showing components of the initial projected net loss.

12. A system for performing an initial loss projection for an event, comprising:

a computer network connecting members of an initial net loss projection team; and

a server residing on the computer network and accessible by the loss projection team over the computer network, the server being programmed to host a common information repository for the event, the common information repository having an event file for storing information identifying entities involved in, or affected by, the event, in-force policies of the entities, and identification of selected in-force policies of the entities that are to be included in the initial net loss projection.

13. The system according to claim 12, wherein the event file further includes an initial net projected loss calculated based on the selected in-force policies.

14. The system according to claim 13, wherein the initial net projected loss is presented in a report in the event file.

15. The system according to claim 14, wherein the report includes a chart for showing components of the initial net projected loss.

16. The system according to claim 12, wherein the event file includes a folder for storing alerts sent to members of the initial net loss projection team in connection with the initial net loss projection.

17. The system according to claim 12, wherein the information stored in the event file for identifying the entities includes copies of media reports regarding the event that have been reviewed for collecting information on the entities.

18. The system according to claim 12, wherein the in-force policies include insurance policies and reinsurance information.