ONLINE METHOD AND SYSTEM FOR FULFILLING NEEDS RESULTING FROM PROPERTY AND OTHER SIMILAR LOSSES

• US 20100036685A1
• Filed: 08/07/2009
• Published: 02/11/2010
• Est. Priority Date: 05/26/2000
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Simpson, Douglas, Aleia, Alan, Carvalko, Joseph, Cadden, Donald, Pierce, Donald
• Granted Patent: US 8,135,599 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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 method of fulfilling needs acquired as a result of property and other similar losses, the method involving the steps of directing a person or entity with a need resulting from a loss to a site on a global computer network, interviewing the person or entity at the site to obtain information about the person or entity and the need they have, and analyzing and processing the information to provide the person or entity automatic access at the site to at least one service that will go toward fulfilling the need of the person or entity. In addition to the method, a system for fulfilling needs acquired as a result of property and other similar losses, the system including a site on a global computer network for fulfilling needs of persons or entities acquired from property and other similar losses, the site having an interviewing component for obtaining information about the person or entity and the need they have, and a data analyzing and processing component for analyzing the information provided by the person or entity and providing the person or entity automatic access at the site to at least one service that will go toward fulfilling the need of the person or entity.

Claims

1. A system for receiving and valuing insurance claims, comprising:

a server and a data warehouse in communication with the server, wherein the server is configured to;

receive via a computer network data pertaining to a claim from an insured;

determine, using at least historical data stored in a data warehouse, a probability of recovery relative to the received claim;

bundle the received claim with a group of claims having commonality to the received claim;

value the bundled claims; and

make the bundled claims available for acquisition.

2. The system of claim 1, wherein the historical data stored in the data warehouse comprises data about prior selections made by claimants;

data provided during a claimant interview process; and

predetermined selections and preferences of insurance carriers.

3. The system of claim 1, wherein the acquisition of the bundled claims comprises the purchase of the bundled claims.

4. The system of claim 1, wherein the acquisition of the bundled claims comprises the purchase of subrogation rights in the bundled claims.

5. The system of claim 1, wherein the commonality relates to at least one of dollar value, type of claim and state.

6. The system of claim 1, wherein the server is further configured to receive claims for submission to any one of a plurality of insurers.

7. The system of claim 1, wherein the server is further configured to, in the determining, review accident description data, loss state data, and responsible party data.

8. The system of claim 1, wherein the server is further configured to determine a cost of recovery of the claim.

9. The system of claim 1, wherein the server is further configured to determine, prior to the determining of a probability of recovery, that the claim has subrogation rights.

10. The system of claim 1, wherein the server is further configured to receive bid, ask and sale prices for the group of claims and store the bid, ask and sale prices in the data warehouse.

11. The system of claim 1, further comprising a web server for communicating between the server and the computer network.

22. The computer-implemented method of claim 1, wherein the receiving further comprises receiving via a web server.

12. A computer-implemented method for receiving and valuing insurance claims, comprising:

receiving at a server via a computer network data pertaining to a claim from an insured and storing the data in a database;

determining by the server, using at least historical data stored in a data warehouse, a probability of recovery relative to the received claim;

bundling by the server the received claim with a group of claims having commonality to the received claim;

valuing by the server the bundled claims; and

making by the server the bundled claims available for acquisition.

13. The computer-implemented method of claim 12, wherein the historical data stored in the data warehouse comprises data about prior selections made by claimants;

data provided during a claimant interview process; and

predetermined selections and preferences of insurance carriers.

14. The computer-implemented method of claim 12, wherein the acquisition of the bundled claims comprises the purchase of the bundled claims.

15. The computer-implemented method of claim 12, wherein the acquisition of the bundled claims comprises the purchase of subrogation rights in the bundled claims.

16. The computer-implemented method of claim 12, wherein the commonality relates to at least one of dollar value, type of claim and state.

17. The computer-implemented method of claim 12, wherein the server is operative to receive claims for submission to any one of a plurality of insurers.

18. The computer-implemented method of claim 12, wherein the determining includes reviewing accident description data, loss state data, and responsible party data.

19. The computer-implemented method of claim 12, further comprising determining by the server a cost of recovery of the claim.

20. The computer-implemented method of claim 12, further comprising determining by the server, prior to said step of determining a probability of recovery, that the claim has subrogation rights.

21. The computer-implemented method of claim 12, further comprising, after said step of making the group of claims available for acquisition, receiving bid, ask and sale prices for the group of claims and storing the bid, ask and sale prices in the data warehouse.

23. A computer system for receiving insurance claims, comprising:

a server, and a data warehouse in communication with the server;

the server configured to;

perform an automated interview process with a claimant, the interview process including receiving data pertaining to a claim from the claimant;

determine that the received claim has subrogation rights;

bundle the received claim with a group of claims having commonality to the received claim; and

make the bundled claims available for acquisition.

24. The system of claim 23, wherein the server is further configured to determine, using at least historical data stored in the data warehouse, a probability of recovery relative to the received claim.

25. The system of claim 24, wherein the historical data used to determine probability of recovery comprises data about prior selections made by claimants;

data provided during the claimant interview process; and

predetermined selections and preferences of insurance carriers.

26. The system of claim 23, wherein the commonality comprises at least one of dollar value range, type of claim and geographic region.

27. The system of claim 23, wherein the server is further configured to receive claims on behalf of a plurality of insurers.

28. The system of claim 23, wherein the server is further configured to determine a cost of recovery of the claim.

29. The system of claim 23, wherein the acquisition of the bundled claims comprises the purchase of the bundled claims.

30. The system of claim 23, wherein the acquisition of the bundled claims comprises the purchase of subrogation rights in the bundled claims.

31. A computer-implemented method for receiving insurance claims, comprising:

performing by a server an automated interview process with a claimant, the interview process including receiving data pertaining to a claim from the claimant;

determining by the server that the received claim has subrogation rights;

grouping by the server the received claim together with a plurality of other claims to define a portfolio of claims; and

making by the server the portfolio of claims available for acquisition.

32. The computer-implemented method of claim 31, further comprising valuing the portfolio of claims prior to making the portfolio of claims available for acquisition.

33. The computer-implemented method of claim 31, wherein the acquisition of the bundled claims comprises the purchase of the bundled claims.

34. The computer-implemented method of claim 31, wherein the acquisition of the bundled claims comprises the purchase of subrogation rights in the bundled claims.

35. The computer-implemented method of claim 31, wherein the performing by the server of the automated interview process comprises communicating with the claimant via a web server and a local directory server.

36. The computer-implemented method of claim 31, wherein the grouping comprises grouping by one or more pre-established criteria.

37. The computer-implemented method of claim 36, wherein the pre-established criteria include at least one of dollar value range, type of claim and geographic region.

38. The computer-implemented method of claim 31, further comprising determining a cost of recovery of the claim.

39. The computer-implemented method of claim 31, further comprising storing by the server the received data in a database.