SYSTEMS AND METHODS FOR ONLINE INSURANCE FINANCIAL PLANNING

• US 20120053964A1
• Filed: 08/30/2010
• Published: 03/01/2012
• Est. Priority Date: 08/30/2010
• Status: Abandoned Application

• 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: Williams, Sarah A., Jones, Frederick J. Jr., Conklin, Bruce J.
• Application Number:
  US12/871,491
• Publication Number:
  US 20120053964A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer system receives and stores information relating to actual past financial results, expected future trends in financial results, and anticipated effects of initiatives intended to change the expected trends. The system processes the information and generates first and second forecast data. The first forecast data indicates forecast financial results without considering the effects of the initiative. The second forecast data indicates forecast financial results that reflect expected results of the initiatives. The first and second forecast data are stored and subsequently displayed to users.

Claims

1. A computerized financial outlook and planning system, comprising:

a financial results input module for inputting financial results data, the financial results data indicative of operating results of an insurance company and including data that represents (a) revenues received as insurance premium payments, and (b) losses suffered as a result of claims made under policies issued by the insurance company;

a financial results storage module, coupled to the financial results input module, for receiving and storing the financial results data;

a trend information input module for inputting information indicative of expected trends in financial results, said information indicative of expected trends in financial results including information indicative of expected trends in renewals of insurance policies and expected trends in issuance of new insurance policies;

an initiative information input module for inputting information indicative of expected results of at least one initiative intended to change at least one of said expected trends;

a forecasting module, coupled to the financial results storage module, the trend information input module and the initiative information input module, for receiving the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative, the forecasting module including a processor programmed to process the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative and to generate forecast data, the forecast data including first forecast data indicative of forecast financial results without considering said at least one initiative and second forecast data that indicates forecast financial results that reflect expected results of said at least one initiative;

a forecast data storage module, coupled to the forecasting module, for storing the first and second forecast data; and

a display module coupled to the forecast data storage module for displaying the first and second forecast data.

2. The computerized financial outlook and planning system of claim 1, wherein said at least one initiative includes at least one of (a) introduction of a new insurance product, (b) a change in pricing of insurance policies, and (c) a change in claim handling procedures.

3. The computerized financial outlook and planning system of claim 1, further comprising:

a tracking module, coupled to the financial results storage module and the forecast data storage module, for receiving updated financial results data and comparing the updated financial results data with the forecast data;

wherein;

the tracking module generates variance data that indicates differences between the updated financial results data and the forecast data; and

the financial results storage module is coupled to the tracking module and stores the variance data.

4. The computerized financial outlook and planning system of claim 3, wherein the display module displays the variance data with the updated financial results data and the forecast data.

5. A computerized financial outlook and planning system, comprising:

a financial results input module for inputting financial results data;

a financial results storage module, coupled to the financial results input module, for receiving and storing the financial results data;

a trend information input module for inputting information indicative of expected trends in financial results;

an initiative information input module for inputting information indicative of expected results of at least one initiative intended to change at least one of said expected trends;

a forecasting module, coupled to the financial results storage module, the trend information input module and the initiative information input module, for receiving the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative, the forecasting module including a processor programmed to process the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative and to generate forecast data, the forecast data including first forecast data indicative of forecast financial results without considering said at least one initiative and second forecast data that indicates forecast financial results that reflect expected results of said at least one initiative;

a forecast data storage module, coupled to the forecasting module, for storing the first and second forecast data; and

a display module coupled to the forecast data storage module for displaying the first and second forecast data.

6. The computerized financial outlook and planning system of claim 5, wherein the display module displays the first and second forecast data simultaneously in a screen display page.

7. The computerized financial outlook and planning system of claim 5, wherein the display module displays the first and second forecast data together in a dashboard display format.

8. The computerized financial outlook and planning system of claim 5, further comprising:

a tracking module, coupled to the financial results storage module and the forecast data storage module, for receiving updated financial results data and comparing the updated financial results data with the forecast data;

wherein;

the tracking module generates variance data that indicates differences between the updated financial results data and the forecast data; and

the financial results storage module is coupled to the tracking module and stores the variance data.

9. The computerized financial outlook and planning system of claim 8, wherein the display module displays the variance data with the updated financial results data and the forecast data.

10. The computerized financial outlook and planning system of claim 5, wherein said financial results and said forecast data relate to insurance premium revenues received by an insurance company and to losses resulting from claims brought under insurance policies written by the insurance company.

11. The computerized financial outlook and planning system of claim 10, wherein said financial results data and said forecast data relate to revenues obtained from renewals of insurance policies and revenues obtained from issuing new insurance policies.

12. The computerized financial outlook and planning system of claim 10, wherein said financial results data and said forecast data relate to direct losses due to claims and indirect expenses of handling claims.

13. A method of operating a computer system, the method comprising:

receiving and storing financial results data in a storage module;

receiving information indicative of expected trends in financial results;

receiving information indicative of expected results of at least one initiative intended to change said expected trends;

processing the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative with a processor coupled to the storage module, the processor generating first and second forecast data from the financial results data, the information indicative of expected trends in financial results and the information indicative of expected results of the at least one initiative, the first forecast data indicative of forecast financial results without considering said at least one initiative and the second forecast data indicative of forecast financial results that reflect said expected results of said at least one initiative;

storing the first and second forecast data; and

displaying the first and second forecast data on a display module.

14. The method of claim 13, wherein the display module displays the first and second forecast data simultaneously in a screen display page.

15. The method of claim 13, wherein the display module displays the first and second forecast data together in a dashboard display format.

16. The method of claim 13, further comprising:

receiving updated financial results data;

comparing the updated financial results data with the forecast data;

generating variance data that indicates differences between the updated financial results data and the forecast data; and

storing the variance data.

17. The method of claim 16, further comprising:

displaying the variance data with the updated financial results data and the forecast data on the display module.

18. The method of claim 13, wherein said financial results and said forecast data relate to insurance premium revenues received by an insurance company and to losses resulting from claims brought under insurance policies written by the insurance company.

19. A computerized financial outlook and planning system, comprising:

a financial results input module for inputting financial results data;

a financial results storage module, coupled to the financial results input module, for receiving and storing financial results data;

a trend information input module for inputting information indicative of expected trends in financial results;

a forecasting module, coupled to the financial results storage module and the trend information input module, for receiving the financial results data and the information indicative of expected trends in financial results, the forecasting module including a processor programmed to process the financial results data and the information indicative of expected trends in financial results and to generate forecast data, the forecast data indicative of expected future financial results;

a forecast data storage module, coupled to the forecasting module, for storing the forecast data; and

a display module coupled to the forecast data storage module for displaying the forecast data in a dashboard display format.

20. The computerized financial outlook and planning system of claim 19, wherein the dashboard display format includes at least one dial gauge display element.

21. The computerized financial outlook and planning system of claim 20, wherein the dial gauge display element indicates both a current actual financial result and a corresponding future forecast financial result.

22. The computerized financial outlook and planning system of claim 19, wherein said financial results and said forecast data relate to insurance premium revenues received by an insurance company and to losses resulting from claims brought under insurance policies written by the insurance company.

23. A method of operating a computer system, the method comprising:

receiving and storing financial results data in a storage module;

receiving information indicative of expected trends in financial results;

receiving the financial results data and the information indicative of expected trends in financial results and processing the financial results data and the information indicative of expected trends in financial results with a processor to generate forecast data, the forecast data indicative of expected future financial results;

storing the forecast data; and

displaying the forecast data in a dashboard display format on a display module.

24. The method of claim 23, wherein the dashboard display format includes at least one dial gauge display element.

25. The method of claim 24, wherein the dial gauge display element indicates both a current actual financial result and a corresponding future forecast financial result.

26. The method of claim 23, wherein said financial results and said forecast data relate to insurance premium revenues received by an insurance company and to losses resulting from claims brought under insurance policies written by the insurance company.