SYSTEMS, COMPUTER IMPLEMENTED METHODS, AND COMPUTER READABLE MEDIUM HAVING COMPUTER PROGRAM TO GENERATE A COLLECTIVE HERD WARRANTY

• US 20130103593A1
• Filed: 09/12/2012
• Published: 04/25/2013
• Est. Priority Date: 10/20/2011
• Status: Abandoned Application

• Current Assignee: United States Livestock Producers, LLC
• Original Assignee: United States Livestock Producers, LLC
• Inventors: Watts, Tim J., Loar, Steven A., Landgren, Craig R., Watts, Myles, Allen, Richard
• Application Number:
  US13/612,235
• Publication Number:
  US 20130103593A1
• Time in Patent Office: Days
• US Class Current: 705/302
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 50/02 Agriculture; Fishing; Forestry; Mining

Abstract

Systems, computer readable medium having computer program, and related computer implemented methods are provided to aggregate a plurality of customized livestock warranty products so that each of the plurality of customized livestock warranty products is provided to different owners of different herds of a plurality of herds and so that a collective livestock risk product is produced for collective risk management. Embodiments of the present invention advantageously incentivize disease event disclosure by facilitating the purchase of individual warranty products by livestock producers that cover the full value of the producers'"'"' losses, yet also incentivize producers to enforce rigorous bio-security measures. Beneficially, the individual warranty products can be provided as part of a collective product for collective reinsurance and collective management of federal indemnity for catastrophic disease events.

Claims

1. A warranty aggregation system to aggregate a plurality of customized livestock warranty products so that each of the plurality of customized livestock warranty products is provided to different owners of different herds of a plurality of herds and so that a collective livestock risk product is produced for collective risk management, the warranty aggregation system comprising:

one or more processors;

non-transitory memory positioned in communication with the one or more processors to store computer program product therein;

an input/output unit connected to the one or more processors and the non-transitory memory, the input/output unit adapted to be in communication with a plurality of remote producer computers through a warranty communications network to receive one or more warranty parameters from each of the plurality of remote producer computers, each remote producer computer of the plurality of producer computers corresponding to a different owner of a different herd of the plurality of herds;

one or more warranty rate databases to associate the warranty parameters with a plurality of warranty rates;

computer program product, defining an aggregator module, stored in the non-transitory memory and operable on the one or more processors, the aggregator module having a set of instructions that, when executed by the one or more processors, cause the warranty aggregation system to perform the following operations;

generating a warranty selection interface to display at one or more of the plurality of remote producer computers, the warranty selection interface allowing a livestock producer at a respective remote producer computer of the plurality of producer computers to select a plurality of customized warranty parameters for a respective herd of the plurality of herds and to transmit from the respective remote producer computer the plurality of customized warranty parameters to the warranty aggregation system, the plurality of customized warranty parameters including each of a loss type, a livestock type, a quantity of livestock for the livestock type, and a livestock payout value for the livestock type,

determining a herd warranty purchase price for each herd of the plurality of herds responsive to receiving the plurality of customized warranty parameters from the respective remote producer computer, the herd warranty purchase price being responsive to a respective warranty rate for the livestock type and the plurality of customized warranty parameters for the respective herd,

generating a warranty proposal for each herd of the plurality of herds responsive to determining the herd warranty purchase price for the respective herd, the warranty proposal including the herd warranty purchase price for the respective herd and the plurality of customized warranty parameters for the respective herd,

generating a warranty confirmation interface to display at one or more of the plurality of remote producer computers for each respective herd responsive to the warranty proposal for the respective herd, the warranty confirmation interface allowing the livestock producer at the respective remote producer computer to confirm the herd warranty purchase price and the customized warranty parameters for the respective herd and to transmit to the warranty aggregation system a warranty purchase confirmation for the warranty proposal for the respective herd,

generating a warranty product for each herd of the plurality of herds responsive to receiving the warranty purchase confirmation for the respective herd, the warranty product including the herd warranty purchase price for the respective herd and the customized warranty parameters for the respective herd, each warranty product having a warranty payout value corresponding to the livestock payout value for the respective herd, thereby defining a plurality of warranty products, each of the plurality of warranty products being different for each respective herd,

aggregating a collective livestock risk product from the plurality of warranty products, the collective livestock risk product having an aggregate liability value responsive to the livestock payout value for each of the plurality of warranty products,

outputting the collective livestock risk product to one or more livestock insurance computers to allow enhanced risk management for the plurality of warranty products responsive to the aggregate liability value of the collective livestock risk product, and

outputting one or more of the plurality of warranty products, thereby defining a plurality of claim products, to one or more livestock reimbursement computers responsive to receiving casualty data for respective herds of each of the plurality of claim products, thereby allowing enhanced compensation for each of the respective different herds.

2. A warranty aggregation system comprising

plurality of producer computers, each producer computer of the plurality of producer computers being connected to a warranty communications network and having a user interface to receive from a user a plurality of customized warranty parameters for a respective herd of a plurality of different herds, each producer computer of the plurality of producer computers further having an input/output unit to output the plurality of customized warranty parameters through the warranty communications network so that a warranty product for the respective herd of the plurality of different herds is generated responsive thereto;

one or more warranty rate databases having stored therein warranty rate data;

one or more livestock warranty aggregation computers positioned in communication with the plurality of producer terminals through the warranty communications network, the one or more livestock warranty aggregation computers being adapted to receive through the warranty communications network the plurality of customized warranty parameters for each herd of the plurality of different herds, the one or more livestock warranty aggregation computer having one or more processors to generate a warranty product for each herd of the plurality of different herds responsive to the plurality of customized warranty parameters for the respective herd of the plurality of different herds and the warranty rate data, thereby defining a plurality of warranty products, the one or more processors further being configured to aggregate the plurality of warranty products to thereby define a collective product;

one or more livestock insurance computers to allow collective management of aggregate risk for the plurality of different warranty products, the one or more livestock insurance computers being positioned in communication with the one or more livestock warranty aggregation computer by a reinsurance communications network, the one or more livestock insurance computers having an input/output unit to receive from the one or more livestock warranty aggregation computer the collective product and to send to the one or more livestock warranty aggregation computers payment information responsive to casualty data for the aggregate risk of the plurality of different warranty products; and

one or more livestock reimbursement computers to allow individual management of risk for each of the plurality of different warranty products, the one or more livestock reimbursement computers being positioned in communication with the one or more livestock warranty aggregation computers by a reimbursement communications network, the one or more livestock reimbursement computers having an input/output unit to receive from the one or more livestock warranty aggregation computers one or more of the plurality of warranty products and to send to the one or more livestock warranty aggregation computers payment information responsive to individual casualty data for one or more of the plurality of warranty products.

3. A warranty aggregation system defined in claim 2, wherein the one or more livestock warranty aggregation computers is adapted to generate a user interface to display at each of the plurality of producer computers, the user interface allowing the selection of the customized warranty parameters at the respective producer computer and the transmission of the customized warranty parameters from the respective producer computer to livestock warranty aggregation computer.

4. A warranty aggregation system defined in claim 3, wherein the one or more livestock warranty aggregation computers is configured to distribute payments to one or more livestock producer accounts responsive to receiving one or more of insurance payments and reimbursement payments for a respective herd.

5. Non-transitory computer storage medium having computer program stored therein including a set of instructions that when executed by one or more processors cause the one or more processors to perform the operations of:

generating a warranty selection interface to display at the plurality of producer computers, the warranty selection interface allowing a livestock producer at a respective producer computer of the plurality of producer computers to select a plurality of customized warranty parameters for a respective herd of the plurality of herds and to transmit from the respective producer computer the plurality of customized warranty parameters to the warranty aggregation system;

determining a herd warranty purchase price for each herd of the plurality of herds responsive to receiving the plurality of customized warranty parameters from the respective producer computer, the herd warranty purchase price being responsive to a respective warranty rate for the livestock type and the plurality of customized warranty parameters for the respective herd;

generating a warranty proposal for each herd of the plurality of herds responsive to determining the herd warranty purchase price for the respective herd, the warranty proposal including the herd warranty purchase price for the respective herd and the plurality of customized warranty parameters for the respective herd;

generating a warranty confirmation interface to display at the plurality of producer computers for each respective herd responsive to the warranty proposal for the respective herd, the warranty confirmation interface allowing the livestock producer at the respective producer computer to confirm the herd warranty purchase price and the customized warranty parameters for the respective herd and to transmit to the warranty aggregation system a warranty purchase confirmation for the warranty proposal for the respective herd;

generating a warranty product for each herd of the plurality of herds responsive to receiving the warranty purchase confirmation for the respective herd, the warranty product including the herd warranty purchase price for the respective herd and the customized warranty parameters for the respective herd, each warranty product having a warranty payout value corresponding to the livestock payout value for the respective herd, thereby defining a plurality of warranty products, each of the plurality of warranty products being different for each respective herd;

aggregating a collective livestock risk product from the plurality of warranty products, the collective livestock risk product having an aggregate liability value responsive to the livestock payout value for each of the plurality of warranty products;

outputting the collective livestock risk product to a livestock insurance computer to allow enhanced risk management for the plurality of warranty products responsive to the aggregate liability value of the collective livestock risk product; and

outputting one or more of the plurality of warranty products, thereby defining a plurality of claim products, to a livestock reimbursement computer responsive to receiving casualty data for respective herds of each of the plurality of claim products, thereby allowing enhanced compensation for each of the respective different herds.

6. Non-transitory computer storage medium as defined in claim 5, wherein the plurality of customized warranty parameters including each of a loss type, a livestock type, a quantity of livestock for the livestock type, and a livestock payout value for the livestock type.

7. A computer implemented method to aggregate a plurality of customized livestock warranty products so that each of the plurality of customized livestock warranty products is provided to different owners of different herds of a plurality of herds and so that a collective livestock risk product is produced for collective risk management, the computer implemented method comprising the steps of:

generating a warranty selection interface to display at the plurality of producer computers, the warranty selection interface allowing a livestock producer at a respective producer computer of the plurality of producer computers to select a plurality of customized warranty parameters for a respective herd of the plurality of herds and to transmit from the respective producer computer the plurality of customized warranty parameters to the warranty aggregation system;

determining a herd warranty purchase price for each herd of the plurality of herds responsive to receiving the plurality of customized warranty parameters from the respective producer computer, the herd warranty purchase price being responsive to a respective warranty rate for the livestock type and the plurality of customized warranty parameters for the respective herd;

generating a warranty proposal for each herd of the plurality of herds responsive to determining a herd warranty purchase price for the respective herd, the warranty proposal including the herd warranty purchase price for the respective herd and the plurality of customized warranty parameters for the respective herd;

generating a warranty confirmation interface to display at the plurality of producer computers for each respective herd responsive to the warranty proposal for the respective herd, the warranty confirmation interface allowing the livestock producer at the respective producer computer to confirm the herd warranty purchase price and the customized warranty parameters for the respective herd and to transmit to the warranty aggregation system a warranty purchase confirmation for the warranty proposal for the respective herd;

generating a warranty product for each herd of the plurality of herds responsive to receiving the warranty purchase confirmation for the respective herd, the warranty product including the herd warranty purchase price for the respective herd and the customized warranty parameters for the respective herd, each warranty product having a warranty payout value corresponding to a livestock payout value for the respective herd, thereby defining a plurality of warranty products, each of the plurality of warranty products being different for each respective herd;

aggregating a collective livestock risk product from the plurality of warranty products, the collective livestock risk product having an aggregate liability value responsive to the livestock payout value for each of the plurality of warranty products;

outputting the collective livestock risk product to one or more livestock insurance computers to allow enhanced risk management for the plurality of warranty products responsive to the aggregate liability value of the collective livestock risk product; and

outputting one or more of the plurality of warranty products, thereby defining a plurality of claim products, to one or more livestock reimbursement computers responsive to receiving casualty data for respective herds of each of the plurality of claim products, thereby allowing enhanced compensation for each of the respective different herds.

8. A computer-implemented method as defined in claim 7, wherein the plurality of customized warranty parameters include each of a loss type, a livestock type, a quantity of livestock for the livestock type, and a livestock payout value for the livestock type.