APPARATUS AND METHOD FOR OPTIMIZING INSURANCE POLICIES

• US 20120232935A1
• Filed: 05/26/2011
• Published: 09/13/2012
• Est. Priority Date: 03/08/2011
• Status: Active Grant

• Current Assignee: FGI Worldwide LLC
• Original Assignee: Trust Technology Solutions LLC
• Inventors: Voccola, Frederick J.
• Granted Patent: US 8,615,414 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An apparatus and method for optimizing insurance policies are disclosed. The apparatus and method include a processing device that is configured to import the various terms and conditions from one or more insurer systems and to import accounts receivable information from one or more customer systems, the processing device being in electronic data communication with the one or more insurer systems and the one or more customer systems via a network connection; a compliance module that is configured to instruct the processing device to import the various terms and conditions from the one or more insurer systems, to import the accounts receivable information from the one or more customer systems, to identify overdue accounts receivable and time periods for which those accounts receivable have been overdue, and to compare the terms and conditions to the time periods to determine if the customer is not in compliance with any of one of the various terms and conditions, and to generate an alert when the customer is not in compliance with any one of the various terms and conditions; and a graphical user interface in electronic data communication with the processing device that is configured to generate a graphical display that includes the overdue accounts receivable identified by the processing device.

Claims

1. An apparatus for optimizing one or more of a customer'"'"'s insurance policies:

a processing device that is configured to import the various terms and conditions from one or more insurer systems and to import accounts receivable information from one or more customer systems, the processing device being in electronic data communication with the one or more insurer systems and the one or more customer systems via a network connection;

a compliance module that is configured to instruct the processing device to import the various terms and conditions from the one or more insurer systems, to import the accounts receivable information from the one or more customer systems, to identify overdue accounts receivable and time periods for which those accounts receivable have been overdue, and to compare the terms and conditions to the time periods to determine if the customer is not in compliance with any of one of the various terms and conditions, and to generate an alert when the customer is not in compliance with any one of the various terms and conditions; and

a graphical user interface in electronic data communication with the processing device that is configured to generate a graphical display that includes the overdue accounts receivable identified by the processing device.

2. The apparatus of claim 1, wherein

the accounts receivable information corresponds to one or more of the customer'"'"'s debtors;

the various terms and conditions identify a deadline for filing a claim on the overdue accounts receivable for the one or more debtors; and

the compliance module is further configured to instruct the processing device to electronically submit a claim to one or more insurers via the one or more insurer systems as the time period for the overdue accounts receivable for the one or more debtors covered by the one or more insurers comes within a predetermined number of days from the deadline for filing the claim.

3. The apparatus of claim 2, wherein the graphical user interface is further configured to generate a graphical display that includes the number of days from the deadline for filing the claim.

4. The apparatus of claim 2, wherein the compliance module is further configured to instruct the processing device to generate an alert that notifies the customer and/or a broker managing the customer'"'"'s one or more insurance policies that the number of days from the deadline for filing the claim has come within the predetermined number.

5. The apparatus of claim 4, wherein the graphical user interface is further configured to generate a graphical display that includes a selectable button that can be clicked on or otherwise selected by the customer and/or broker to instruct the processing device to electronically submit the claim to the one or more insurers via the one or more insurer systems.

6. The apparatus of claim 1, wherein

the accounts receivable information corresponds to one or more of the customer'"'"'s debtors;

the various terms and conditions identify a deadline for submitting a notification to one or more insurers that the one or more debtors have disputed an invoice and/or entered protracted default; and

the compliance module is further configured to instruct the processing device to electronically submit a notification to the one or more insurers via the one or more insurer systems as the time period for the overdue accounts receivable for the one or more debtors covered by the one or more insurers comes within a predefined time of the deadline for filing the notification.

7. The apparatus of claim 6, wherein the graphical user interface is further configured to generate a graphical display that includes numbers of days for which the one or more debtors'"'"' accounts receivable have been overdue and a corresponding value of the accounts receivable that have been overdue for those numbers of days.

8. The apparatus of claim 7, wherein the graphical user interface is further configured to generate a graphical display that includes a disputed amount of the one or more debtors'"'"' accounts receivable that have been overdue.

9. The apparatus of claim 8, wherein the compliance module is further configured to instruct the processing device to receive input from a user to define the disputed amount and to electronically submit that disputed amount to the one or more insurers as part of the notification.

10. The apparatus of claim 9, wherein the graphical user interface is further configured to generate a graphical display that includes an approved amount of the disputed amount, the approved amount being approved by the one or more insurers in response to the notification.

11. The apparatus of claim 6, wherein the compliance module is further configured to instruct the processing device to generate an alert that notifies the customer and/or a broker managing the customer'"'"'s one or more insurance policies that the number of days from the deadline for filing the notification has come within the predetermined number.

12. The apparatus of claim 11, wherein the graphical user interface is further configured to generate a graphical display that includes a selectable button that can be clicked on or otherwise selected by the customer and/or broker to instruct the processing device to electronically submit the notification to the one or more insurers via the one or more insurer systems.

13. A method for optimizing one or more of a customer'"'"'s insurance policies, the method being embodied on a computer-readable media and executed by a processing device in electronic data communication with one or more insurer systems and one or more customer systems via a network connection, the method comprising the steps of:

importing various terms and conditions from the one or more insurer systems;

importing accounts receivable information from the one or more customer systems;

identifying overdue accounts receivable and time periods for which those accounts receivable have been overdue;

comparing the terms and conditions to the time periods to determine if the customer is not in compliance with any of one of the various terms and conditions;

generating an alert when the customer is not in compliance with any one of the various terms and conditions; and

generating a graphical display on a graphical user interface that includes the overdue accounts receivable identified by the processing device.

14. The method of claim 13, wherein

the accounts receivable information corresponds to one or more of the customer'"'"'s debtors;

the various terms and conditions identify a deadline for filing a claim on the overdue accounts receivable for the one or more debtors; and

the method further comprises the step of electronically submitting a claim to one or more insurers via the one or more insurer systems as the time period for the overdue accounts receivable for the one or more debtors covered by the one or more insurers comes within a predetermined number of days from the deadline for filing the claim.

15. The method of claim 14, further comprising the step of generating a graphical display on the graphical user interface that includes the number of days from the deadline for filing the claim.

16. The method of claim 14, wherein the step of generating an alert includes notifying the customer and/or a broker managing the customer'"'"'s one or more insurance policies that the number of days from the deadline for filing the claim has come within the predetermined number.

17. The method of claim 16, further comprising the step of generating a graphical display on the graphical user interface that includes a selectable button that can be clicked on or otherwise selected by the customer and/or broker to instruct the processing device to electronically submit the claim to the one or more insurers via the one or more insurer systems.

18. The method of claim 13,

the accounts receivable information corresponds to one or more of the customer'"'"'s debtors;

the various terms and conditions identify a deadline for submitting notification to one or more insurers that the one or more debtors have disputed an invoice and/or entered protracted default; and

the method further comprises the step of electronically submitting a notification to the one or more insurers via the one or more insurer systems as the time period for the overdue accounts receivable for the one or more debtors covered by the one or more insurers comes within a predefined time of the deadline for filing the notification.

19. The method of claim 18, further comprising the step of generating a graphical display on the graphical user interface that includes numbers of days for which the one or more debtors'"'"' accounts receivable have been overdue and a corresponding value of the accounts receivable that have been overdue for those numbers of days.

20. The method of claim 19, further comprising the step of generating a graphical display on the graphical user interface that includes a disputed amount of the one or more debtors'"'"' accounts receivable that have been overdue.

21. The method of claim 20, further comprising the step of receiving input from a user to define the disputed amount, wherein the step of electronically submitting a notification to the one or more insurers includes electronically submitting that disputed amount to the one or more insurers as part of the notification.

22. The method of claim 21, further comprising the steps of:

receiving approval of at least a portion the disputed amount from the one or more insurers in response to the notification; and

generating a graphical display on the graphical user interface that includes the approved portion of the disputed amount.

23. The method of claim 18, wherein the step of generating an alert includes notifying the customer and/or a broker managing the customer'"'"'s one or more insurance policies that the number of days from the deadline for filing the notification has come within the predetermined number.

24. The method of claim 23, further comprising the step of generating a graphical display on the graphical user interface that includes a selectable button that can be clicked on or otherwise selected by the customer and/or broker to instruct the processing device to electronically submit the notification to the one or more insurers via the one or more insurer systems.