SYSTEM AND METHOD FOR OPTIMIZING CREDIT INSURANCE POLICIES

• US 20120232932A1
• Filed: 03/08/2011
• Published: 09/13/2012
• Est. Priority Date: 03/08/2011
• Status: Abandoned Application

• Current Assignee: Trust Technology Solutions LLC
• Original Assignee: Trust Technology Solutions LLC
• Inventors: VOCCOLA, Frederick J.
• Application Number:
  US13/043,317
• Publication Number:
  US 20120232932A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for optimizing insurance policies are disclosed. The system and method include a goal module that receives qualifying information for a customer'"'"'s current credit insurance policy or policies and uses the qualifying information to determine one or more actual coverage amounts for which one or more debtors qualify under that customer'"'"'s current insurance policy or policies, a compliance module that receives compliance information for the customer'"'"'s current insurance policy or policies and uses the compliance information to identify any actions that need to be taken to prevent the one or more debtors that qualify for the actual coverage amount from falling out of compliance with the customer'"'"'s current insurance policy or policies, and a marketplace module that aggregates market information for a plurality of insurers and identifies one or more other insurance policies that provide coverage for one or more debtors that do not qualify for an actual amount of coverage greater than or equal to a desired amount of coverage and/or that are out of compliance with the customer'"'"'s current insurance policy or policies.

Claims

1. A system for optimizing insurance policies comprising:

a processor-readable medium programmed with software modules that include instructions for optimizing insurance policies;

a processor that reads the processor-readable medium and executes instructions included in the software modules, wherein

the software modules include;

a goal module that, when executed by the processor, receives qualifying information for a customer'"'"'s current credit insurance policy or policies and uses the qualifying information to determine one or more actual coverage amounts for which one or more debtors qualify under that customer'"'"'s current insurance policy or policies, the qualifying information including the one or more actual coverage amount and one or more first terms and/or conditions that must be satisfied for each of the one or more debtors to qualify for each of the one or more actual coverage amounts;

a compliance module that, when executed by the processor, receives compliance information for the customer'"'"'s current insurance policy or policies and uses the compliance information to identify any actions that need to be taken to prevent the one or more debtors that qualify for the actual coverage amount from falling out of compliance with the customer'"'"'s current insurance policy or policies, the compliance information including one or more second terms and/or conditions that must be satisfied for an insurance claim to be payable on the one or more debtors that qualify for the actual coverage amount; and

a marketplace module that, when executed by the processor, aggregates market information for a plurality of insurers and uses that market information to identify one or more other insurance policies that provide coverage for one or more debtors that qualify for actual coverage amounts that are less than a desired coverage amount and/or that do not satisfy at least one of the one or more first terms and/or conditions and the one or more second terms and/or conditions, the desired coverage amount being specified by the customer and the aggregated market information including at least one of premium rates, deductible rates, and approved coverage amounts for the other insurance policies.

2. The system of claim 1, wherein

the market information is aggregated for a plurality of insurers in a specific marketplace;

and

the marketplace module, when executed by the processor, uses the aggregated market information to provide a comparison of the customer'"'"'s current insurance policy or policies to one or more comparable insurance policies in the specific marketplace.

3. The system of claim 1, wherein the marketplace module, when executed by the processor, performs a process that includes completing one or more milestones to obtain one or more new or rewritten insurance policies that provide the desired coverage amount for at least one of the one or more debtors that qualify for less than the desired coverage amount under the one or more first terms and/or conditions of the customer'"'"'s current insurance policy or policies, the desired coverage amount being input by the customer via a graphical user interface.

4. The system of claim 3, wherein the one or more new or rewritten insurance policies is identified by the marketplace module as being better situated in the specific marketplace than the customer'"'"'s current insurance policy or policies.

5. The system of claim 1, wherein the compliance module, when executed by the processor, performs a process that includes completing one or more milestones that prevent the one or more debtors that qualify for the actual coverage amount from falling out of compliance with the customer'"'"'s current insurance policy or policies.

6. The system of claim 5, wherein

the one or more milestones include a process for providing financial information to a specific credit insurer via electronic data exchanges with a computing device maintained by the specific insurer via a network connection;

the financial information evidences that the one or more debtors that qualify for the actual coverage amount is in compliance with the one or more second terms and/or conditions; and

the specific credit insurer is a credit insurer that provided the customer'"'"'s insurance policy or policies in which the one or more second terms and/or conditions are provided.

7. The system of claim 1, wherein the compliance module, when executed by the processor, performs a process that includes completing one or more milestones that bring at least one of the one or more debtors that has fallen out of compliance with the one or more second terms and/or conditions of the customer'"'"'s current insurance policy or policies back into compliance with the one or more second terms and/or conditions.

8. The system of claim 7, wherein

the at least one debtor falling out of compliance with the one or more second terms and/or conditions of the customer'"'"'s current insurance policy or policies results in a cancellation or reduction in an actual coverage amount for which that at least one debtor would otherwise qualify;

the one or more milestones include a process for appealing the cancellation or reduction of the actual coverage amount for which that at least one debtor would otherwise qualify;

the process for appealing includes submitting documents a specific insurer by performing electronic data exchanges with a computing device maintained by the specific insurer via a network connection; and

the specific credit insurer is a credit insurer that provided the customer'"'"'s insurance policy or policies in which the one or more second terms and/or conditions are provided.

9. The system of claim 1, wherein the one or more first terms and/or conditions is the same as the one or more second terms and/or conditions.

10. The system of claim 6, wherein the software modules further include a dashboard module that, when executed by the processor, displays one or more visual indicators at a graphical user interface for each of the goal module, marketplace module, and compliance module, wherein each of the one or more visual indicators provides a status of one or more processes being performed by the goal module, marketplace module, or compliance module, the status being indicated by at least one of a color, a shape, and a size of the visual indicator.

11. The system of claim 10, wherein each of the one or more visual indicators provides a link to more detailed information on how the goal module, marketplace module, or compliance module is performing when that visual indicator is selected by a user via the graphical user interface.

12. The system of claim 11, wherein

at least one of the one or more visual indicators for the goal module provides a measure of the actual coverage amount for which one or more of the customer'"'"'s debtors qualify under the customer'"'"'s current insurance policy or policies with respect to the desired coverage amount specified by the customer;

and

selecting the at least one of the one or more visual indicators links the user to a report that identifies which of the one or more debtors qualify for an actual coverage amount that is less than the desired coverage amount.

13. The system of claim 11, wherein

at least one of the one or more visual indicators for the marketplace module provides a measure of where the customer'"'"'s current insurance policy or policies are situated in the specific marketplace;

and

selecting the at least one of the one or more visual indicators links the user to a report that provides a numerical score representing how the customer'"'"'s current insurance policy or policies are situated in the specific marketplace.

14. The system of claim 11, wherein

at least one of the one or more visual indicators for the compliance modules provides a measure of how many actions need to be taken to prevent the one or more debtors that qualify for the actual coverage amount from falling out of compliance with the customer'"'"'s current insurance policy or policies;

and

selecting the at least one of the one or more visual indicators links the user to a report that identifies specific milestones that must be completed to prevent the one or more debtors that qualify for the actual coverage amount from falling out of compliance with the customer'"'"'s current insurance policy or policies.

15. The system of claim 1, wherein the software modules further include a brokerage module that, when executed by the processor, provides functionality for a user to select any portions of information from among the goal information, compliance information, and market information and displays the selected portions of information to the user at a graphical user interface in at least one of a table and a graph.

16. The system of claim 15, wherein the selected portions of information are aggregated for a plurality of insurers.

17. The system of claim 15, wherein the selected portions of information are aggregated for a plurality of customers.

18. The system of claim 15, wherein the selected portions of information are aggregated for one or more insurers and/or one or more customers over a specific period of time.

19. The system of claim 15, wherein the brokerage module, when executed by the processor, also provides functionality for a user to define equations with which the brokerage module will manipulate the selected portions of information into results that are and displayed to the user at the graphical user interface with the selected portions of information.

20. The system of claim 15, wherein

the market information further includes at least one of a number of coverages provided by each of the one or more insurers, a number of the coverages provided that were canceled by each of the one or more insurers, a number of the coverages provided that were reduced by each of the one or more insurers, a number of requests for new coverage filed with each of the one or more insurers, a number of the requests for new coverage that were denied by each of the one or more insurers, a number of the requests for coverage that were partially approved by each of the one or more insurers, a number of requests for increased coverage filed with each of the one or more insurers, a number of the requests for increased coverage that were approved by each of the one or more insurers, a number of claims filed with each of the one or more insurers, and a number of the claims filed that were denied by each of the one or more insurers;

the brokerage module, when executed by the processor, performs the steps of;

aggregating the coverage information for the length of time during which the customer desires insurance coverage, and

calculating at least one of;

a percentage of canceled coverages by dividing the number of the coverages provided by the number of the coverages provided that were canceled,

a percentage of canceled coverages by dividing the number of the coverages provided by the number of the coverages provided that were reduced,

a percentage of denied coverages by dividing the number of the requests for new coverage filed by the number of the requests for new coverage that were denied,

a percentage of partially approved coverages by dividing the number of the requests for new coverage filed by the number of the requests for new coverage filed that were partially approved,

a percentage of approved coverage increases by dividing the number of the requests for increased coverage by the number of the requests for increased coverage that were approved, and

a percentage of claims denied by dividing the number of the claims filed by the number of the claims filed that were denied.

21. The method of claim 14, wherein

the market information further includes at least one of monetary amounts of coverage provided by each of the one or more insurers, monetary amounts of the coverage provided that were canceled by each of the one or more insurers, monetary amounts of the coverage provided that were reduced by each of the one or more insurers, monetary amounts of new coverage requested from each of the one or more insurers, monetary amounts of the new coverage requested that were denied by each of the one or more insurers, monetary amounts of the new coverage requested that were partially approved by each of the one or more insurers, monetary amounts of requests for increased coverage filed with each of the one or more insurers, monetary amounts of the requests for increased coverage that were approved by each of the one or more insurers, monetary amounts of claims filed with each of the one or more insurers, and monetary amounts of the claims filed that were denied by each of the one or more insurers;

the brokerage module, when executed by the processor, performs the steps of;

aggregating the coverage information for the length of time during which the customer desires insurance coverage, and

calculating at least one of;

a percentage of canceled coverages by dividing the monetary amounts of the coverages provided by the monetary amounts of the coverages provided that were canceled,

a percentage of canceled coverages by dividing the monetary amounts of the coverages provided by the monetary amounts of the coverages provided that were reduced,

a percentage of denied coverages by dividing the monetary amounts of the requests for new coverage filed by the monetary amounts of the requests for new coverage that were denied,

a percentage of partially approved coverages by dividing the monetary amounts of the requests for new coverage filed by the monetary amounts of the requests for new coverage filed that were partially approved,

a percentage of approved coverage increases by dividing the monetary amounts of the requests for increased coverage by the monetary amounts of the requests for increased coverage that were approved, and

a percentage of claims denied by dividing the monetary amounts of the claims filed by the monetary amounts of the claims filed that were denied.

22. A method for meeting coverage goals with one or more insurance policies, the method comprising the steps of:

providing the coverage goals for the one or more insurance policies at one or more first computing devices, the coverage goals including desired coverage amount for one or more of a customer'"'"'s debtors;

providing coverage information for one or more of the customer'"'"'s current insurance policies at the one or more first computing devices, the coverage information including an actual coverage amount provided by the one or more current insurance policies and one or more conditions that must be met by the one or more debtor'"'"'s to qualify for the actual coverage amount;

providing accounts receivable information for the one or more debtors at the one or more first computing devices, the accounts receivable information including the one or more debtors'"'"' outstanding balances with the customer;

performing a first comparison with the one or more first computing devices that includes comparing the one or more debtors'"'"' outstanding balances with the one or more conditions that must be met by the one or more debtors, the first comparison yielding first results that identify the actual coverage amount for which each of the one or more debtors qualify; and

performing a second comparison with the one or more first computing devices that includes comparing the first results with the desired coverage amount for the one or more debtors, the second comparison yielding second results that identify the one or more debtors for which the desired coverage amount is greater than the actual amount coverage for which each of the one or more debtors qualify.

23. The method of claim 22, wherein the step of providing accounts receivable information is performed by performing electronic data exchanges between the one or more first computing devices and one or more second computing devices via a network connection, the one or more second computing devices being maintained by the customer.

24. The method of claim 23, wherein the step of providing coverage information is performed by performing electronic data exchanges between the one or more first computing devices and one or more third computing devices via the network connection, the one or more third computing devices being maintained by one or more insurers that provide one or more of the customer'"'"'s current insurance policies.

25. The method of claim 24, wherein

the coverage information further includes one or more actions taken by one or more insurers with respect to at least one of the one or more current insurance policies and one or more reasons why the one or more insurers took the one or more actions;

and

the one or more actions result in cancellation or reduction of the actual coverage amount provided to at least one of the one or more debtors by the at least one of the one or more current insurance policies.

26. The method of claim 25, further comprising the step of performing a process with the one or more first computing devices that includes completing one or more milestones that remediate the cancellation or reduction of the actual coverage amount provided to at least one of the one or more debtors, the one or more milestones being determined based on the one or more reasons why the one or more insurers took the one or more actions.

27. The method of claim 26, wherein

the one or more milestones include a process for appealing the cancellation or reduction of the actual coverage amount provided to at least one of the one or more debtors;

and

the process for appealing includes submitting documents to the one or more insurers by performing electronic data exchanges between the one or more first computing devices and the one or more third computing devices via the network connection.

28. The method of claim 22, further comprising the step of performing a process with the one or more first computing devices that includes completing one or more milestones to obtain one or more new or rewritten insurance policies that provide coverage for the one or more debtors that do not qualify for coverage under the conditions of the one or more the current insurance policies.

29. The method of claim 22, wherein the first results further identify which of the one or more conditions are not being met by which of the one or more debtors.

30. The method of claim 29, wherein the first results further identify one or more reasons why the one or more conditions are not being met.

31. The method of claim 30, wherein the one or more first computing devices display the first results and the second results to a user at a graphical user interface.

32. A method for maintaining compliance with one or more credit insurance policies using an online system, the method comprising the steps of:

providing compliance information for one or more of a customer'"'"'s current credit insurance policies at one or more first computing devices, the compliance information including one or more terms and/or conditions that must be satisfied for one or more of the customer'"'"'s debtors to be eligible for coverage under the one or more credit insurance policies;

monitoring financial information for the one or more debtors with the one or more first computing devices, the financial information including at least one of the one or more debtors'"'"' outstanding balances with the customer, financial statements, payment histories, bank references, trade references, and agency reports;

performing a comparison with the one or more first computing devices that includes comparing at least one of the outstanding balances, financial statements, payment histories, bank references, trade references, and agency reports with the one or more terms and/or conditions that must be satisfied for one or more of the customer'"'"'s debtors to be eligible for coverage under the one or more credit insurance policies, the results of the comparison identifying which of the one or more debtors do not or will not be eligible for coverage under the one or more credit insurance policies because they do not or will not satisfy at least one of the one or more terms and/or conditions;

generating an alert with the one or more first computing devices that notifies the customer and/or a broker managing the one or more credit insurance policies which of the one or more debtors do not or will not be eligible for coverage under the one or more credit insurance policies; and

completing one or more pre-defined milestones with the one or more first computing devices as required to satisfy the terms and/or conditions of the one or more credit insurance policies so that the one or more debtors that do not or will not be eligible for coverage under the one or more credit insurance policies will thereafter be eligible for coverage under the one or more credit insurance policies.

33. The method of claim 32, wherein

the customer'"'"'s one or more credit insurance policies include at least one of a named debtor policy, a discretionary credit limit (DCL) policy, a rating-multiplier policy, and a whole turnover policy;

and

the results of the comparison identify whether each of the one or more debtors is satisfying all, some, or none of the terms and/or conditions of the one or more credit insurance policies.

34. The method of claim 32, wherein the one or more milestones are pre-defined by a user with the one or more first computing devices using wizard functionality that walks the user through steps for defining those milestones.

35. A method for maintaining compliance with one or more insurance policies, the method comprising the steps of:

providing compliance information for one or more of a customer'"'"'s current insurance policies at one or more first computing devices, the compliance information including one or more terms and/or conditions that must be satisfied for an insurance claim to be payable on one or more of the customer'"'"'s debtors under the one or more insurance policies;

providing financial information for the one or more debtors at the one or more first computing devices, the financial information including at least one of the one or more debtors'"'"' outstanding balances with the customer, financial statements, payment histories, bank references, trade references, and agency reports; and

performing a comparison with the one or more first computing devices that includes comparing at least one of the outstanding balances, financial statements, payment histories, bank references, trade references, and agency reports with the one or more terms and/or conditions that must be satisfied for an insurance claim to be payable on one or more of the customer'"'"'s debtors under the one or more insurance policies,

wherein the comparison yields results that identify each of the one or more debtors that will not be in compliance with the one or more terms and/or conditions of the one or more insurance policies if remedial action is not taken.

36. The method of claim 35, wherein the step of providing financial information is performed by performing electronic data exchanges between the one or more first computing devices and one or more second computing devices via a network connection, the one or more second computing devices being maintained by the customer.

37. The method of claim 36, wherein the step of providing compliance information is performed by performing electronic data exchanges between the one or more first computing devices and one or more third computing devices via the network connection, the one or more third computing devices being maintained by one or more insurers that provide one or more of the customer'"'"'s current insurance policies.

38. The method of claim 37, wherein

the compliance information further includes one or more actions taken by one or more insurers with respect to at least one of the one or more insurance policies and one or more reasons why the one or more insurers took the one or more actions;

the one or more actions is based on the one or more debtors being out of compliance with the one or more terms and/or conditions of the one or more insurance policies;

the one or more actions results in an insurance claim not being payable for the one or more debtors that is out of compliance with the one or more terms and/or conditions; and

the computing device generates an alert and sends the alert to the customer to inform the customer that an insurance claim will not be payable for the one or more debtors that is out of compliance with the one or more terms and/or conditions unless remedial action is taken.

39. The method of claim 38, further comprising the step of performing a process with the one or more first computing devices that includes completing one or more milestones that bring the one or more debtors that are out of compliance with the one or more terms and/or conditions of the one or more insurance policies back into compliance with the one or more terms and/or conditions, the one or more milestones being determined based on the one or more reasons why the one or more insurers took the one or more actions.

40. The method of claim 39, wherein

the one or more milestones include a process for providing additional financial information for the one or more debtors at the one or more first computing devices, the additional financial information evidencing that an insurance claim should be payable on the one or more debtors that are out of compliance with the one or more terms and/or conditions of the one or more insurance policies;

and

the process for providing additional financial information includes submitting documents that contain the additional financial information to the one or more insurers by performing electronic data exchanges between the one or more first computing devices and the one or more third computing devices via the network connection.

41. The method of claim 35, further comprising the step of performing a process with the one or more first computing devices that includes completing one or more milestones that bring the one or more debtors that are out of compliance with the one or more terms and/or conditions of the one or more insurance policies back into compliance with those one or more terms and/or conditions.

42. The method of claim 35, wherein the results of the comparison further identify which of the one or more terms and/or conditions are not being complied with by which of the one or more debtors.

43. The method of claim 42, wherein the results of the comparison further identify one or more reasons why the one or more terms and/or conditions are not being complied with.

44. The method of claim 43, wherein the one or more first computing devices display the results of the comparison to a user at a graphical user interface.

45. A method for predicting a insurance policy'"'"'s stability within a marketplace, the method comprising the steps of:

providing market information at one or more first computing devices, the market information defining the marketplace based on at least one of an industry, a region, a country, and a revenue range;

providing desired coverage information for one or more insurance policies at the one or more first computing devices, the desired coverage information including a length of time during which a customer desires insurance coverage;

providing available coverage information at the one or more first computing devices, the coverage information including approved amounts of insurance coverage and requested amounts of insurance coverage for one or more insurers in the marketplace over the length of time during which the customer desires insurance coverage; and

performing a first analysis with the one or more first computing devices that includes comparing the approved amounts of insurance coverage to the requested amounts of insurance coverage for the one or more insurers over the length of time during which the customer desires insurance coverage,

wherein the first analysis yields results that identify whether the one or more insurers have shown a tendency to increase, reduce, or cancel the approved amounts of insurance coverage compared to the requested amounts of insurance coverage over the length of time during which the customer desires insurance coverage.

46. The method of claim 45, wherein the step of providing available coverage information is performed by performing electronic data exchanges between the one or more first computing devices and one or more second computing devices via a network connection, the one or more second computing devices being maintained by the one or more insurers.

47. The method of claim 46, wherein

the available coverage information further includes at least one of approved premium rates and approved deductible rates charged by the one or more insurers in the marketplace over the length of time during which the customer desires insurance coverage;

the method further comprises the step of performing a second analysis with the one or more first computing devices that includes analyzing changes in the at least one of premium rates and deductible rates over the length of time during which the customer desires insurance coverage; and

the second analysis yields results that identify whether the one or more insurers have shown a tendency to increase or reduce the at least one of premium rates and deductible rates over the length of time during which the customer desires insurance coverage.

48. The method of claim 47, further comprising the step of assigning a coverage stability score to each of the one or more insurers based on at least one of the results of the first and the results of the second analysis, wherein the coverage stability score provides a numerical value that represents the one or more insurers'"'"' likelihood to at least one of increase, reduce, or cancel the approved amounts of insurance coverage over the length of time during which the customer desires insurance coverage and increase or reduce the at least one of premium rates and deductible rates over the length of time during which the customer desires insurance coverage.

49. The method of claim 47, wherein

the desired coverage information further includes a desired amount of insurance coverage and at least one of a desired premium rate and a desired deductible rate for the desired amount of insurance coverage, the desired amount of insurance coverage, desired premium rate, and desired deductible rate corresponding to at least one of the customer'"'"'s current insurance policy or policies and a quote the customer received for a potential insurance policy or policies;

the method further comprises the step of performing a third analysis with the one or more first computing devices that includes comparing the desired amount of insurance coverage and at least one of the desired premium rate and the desired deductible rate to the approved amounts of insurance coverage and at least one of the approved premium rates and the approved deductible rates in the marketplace over the length of time during which the customer desires insurance coverage; and

the third analysis yields results that identify how the at least one of the customer'"'"'s current insurance policy or policies and a quote the customer received for a potential insurance policy or policies compare to other insurance policies in the marketplace.

50. The method of claim 49, further comprising the step of assigning a policy competitiveness score to the at least one of the customer'"'"'s current insurance policy or policies and a quote the customer received for a potential insurance policy or policies, wherein the policy competitiveness score provides a numerical value that represents how those insurance policies compare to other insurance policies in the marketplace.

51. The method of claim 49, wherein the one or more first computing devices displays a summary of each quote the customer received for a potential insurance policy or policies in a summary list along with summaries of any quotes the customer has requested for a potential insurance policy or policies, the summary being displayed at a graphical user interface.