POLICY EVENT MANAGEMENT SYSTEM AND METHOD

• US 20150012304A1
• Filed: 09/21/2014
• Published: 01/08/2015
• Est. Priority Date: 10/07/2011
• Status: Abandoned Application

• Current Assignee: Webcetera L.P. (Applied Systems Incorporated)
• Original Assignee: Webcetera L.P. (Applied Systems Incorporated)
• Inventors: Rao, Nagaraj V.
• Application Number:
  US14/492,043
• Publication Number:
  US 20150012304A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to one aspect of the present disclosure, a method and technique for policy event management is disclosed. The method includes: receiving by a broker an electronic communication from an insurance provider of an event related to a policy of a consumer serviced by the insurance provider; responsive to receiving the notice, automatically determining whether the event meets at least one event criteria monitored by the broker; and responsive to determining that the event corresponds to at least one event criteria monitored by the broker, automatically initiating an action related to the event.

Claims

1. A method for policy event management, comprising:

receiving, by a data processing system of a broker, an electronic communication from an insurance provider of an event related to a policy of a consumer serviced by the insurance provider;

responsive to receiving the electronic communication, automatically determining, by the data processing system, whether the event meets at least one event criterion monitored by the broker; and

responsive to determining that the event corresponds to at least one event criterion monitored by the broker, automatically initiating, by the data processing system, an action related to the event.

2. The method of claim 1, wherein the event comprises a future termination date for the policy.

3. The method of claim 2, wherein the at least one event criterion comprises a predetermined time period prior to the future termination date, and wherein the action comprises automatically transmitting an electronic request for an insurance quote to at least one insurance provider on behalf of the consumer.

4. The method of claim 1, wherein the event comprises a change to at least one parameter value associated with the policy.

5. The method of claim 4, wherein the at least one event criterion comprises a change to the at least one parameter value, and wherein the action comprises automatically transmitting an electronic request for an insurance quote to at least one insurance provider on behalf of the consumer.

6. The method of claim 1, wherein the event comprises a notice to produce information related to the policy, and further comprising, responsive to receiving the notice, automatically transmitting an electronic communication to the customer regarding the notice.

7. A policy event management system, comprising:

a data processing system operable to receive, by a broker, an electronic communication from an insurance provider indicating an event related to a policy of a consumer serviced by the insurance provider;

an event module operable to, responsive to receiving the electronic communication, automatically determine whether the event meets at least one event criterion monitored by the broker; and

wherein the event module is operable to, responsive to determining that the event corresponds to at least one event criterion monitored by the broker, automatically initiate an action related to the event.

8. The system of claim 7, wherein the event comprises a future termination date for the policy.

9. The system of claim 8, wherein the at least one event criterion comprises a predetermined time period prior to the future termination date, and wherein the event module is operable to, responsive to determining that the current date falls within the predetermined time period of the future termination date, the action comprises initiating a quotation module operable to automatically transmit an electronic request for an insurance quote to at least one insurance provider on behalf of the consumer.

10. The system of claim 7, wherein the event comprises a change to at least one parameter value associated with the policy.

11. The system of claim 10, wherein the at least one event criterion comprises a change to the at least one parameter value, and wherein the action comprises a quotation module operable to automatically transmit an electronic request for an insurance quote to at least one insurance provider on behalf of the consumer.

12. A policy event management method, comprising:

storing, by a broker in a data processing system, information associated with a policy for an insurance product between a consumer and an insurance provider;

monitoring, by the data processing system, for a change associated with at least one parameter value associated with the policy;

responsive to detecting a change to at least one parameter value associated with the policy, automatically determining by the data processing system an estimated change to a premium paid by the consumer for the insurance product; and

responsive to determining that the estimated change exceeds a threshold, automatically transmitting an electronic request for an insurance quote to at least one other insurance provider on behalf of the consumer for the insurance product.

13. The method of claim 12, further comprising identifying at least one other insurance provider that causes a change to the premium based on the change to the at least one parameter value.

14. The method of claim 12, wherein monitoring for the change associated with the at least one parameter value comprises receiving an electronic communication from the insurance provider indicating the change.

15. The method of claim 12, further comprising, responsive to detecting a change to at least one parameter value associated with the policy, analyzing risk data corresponding to one or more different insurance providers based on the changed parameter value.

16. The method of claim 15, further comprising selecting at least one of the different insurance providers for submitting thereto the electronic request for the insurance quote based on the analyzed risk data.