System, method and computer program product for facilitating informed decisions relating to family risk

• US 8,165,903 B1
• Filed: 05/28/2010
• Issued: 04/24/2012
• Est. Priority Date: 01/20/2005
• Status: Active Grant

• Current Assignee: Daniel L. Owen
• Original Assignee: Daniel L. Owen
• Inventors: Owen, Daniel L.
• Primary Examiner(s): Maguire, Lindsay M
• Assistant Examiner(s): Vezeris, James
• Application Number:
  US12/790,709
• Time in Patent Office: 697 Days
• Field of Search: 705/35, 705/37, 705/4
• 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 system, method, and computer program product embodied on a computer readable medium are provided. In use, an application is executed which is capable of performing decision logic. Further, information is retrieved from a database in accordance with the decision logic. Information is also received from a user in accordance with the decision logic utilizing a user interface. Still yet, the information is processed utilizing the decision logic. The executing, retrieving, receiving, and processing are carried out by a platform capable of accomplishing the executing, retrieving, receiving, and processing for different purposes by executing different applications each capable of performing different decision logic and using different databases. In one embodiment, the different applications are capable of being executed simultaneously. In another embodiment, the different applications (e.g. insurance, investments, etc.) are each related to asset risk management.

Claims

1. A computer-implemented method, comprising:

causing execution of a risk management application for performing decision logic that relates to a risk exposure of a family of a user, the risk management application selected by the user from a plurality of different risk management applications each capable of performing different decision logic and using different databases;

retrieving first information from a database corresponding to and in accordance with decision logic for the risk management application, via the execution of the risk management application;

processing at least a portion of the first information in order to generate second information not originally included in the database, in accordance with the decision logic, the second information including risk exposure data for risk types associated with the risk management application selected by the user;

receiving third information from the user in accordance with the decision logic corresponding to the risk management application utilizing a user interface;

processing the second information and the third information utilizing the decision logic corresponding to the risk management application for generating fourth information, utilizing a processor; and

providing the fourth information to the user for enabling the user to make an informed selection among a plurality of supplier offers relating to management of the risk exposure of the family of the user;

wherein the fourth information includes, for a plurality of types of risk management offers, the risk and total cost for the user'"'"'s family or for each member of the user'"'"'s family, wherein the risk management offers include at least one of a health insurance policy, long-term care insurance policy, life insurance policy, auto insurance policy, financial investments, and home ownership, and the total cost including a premium or other fees and uncovered costs;

wherein a single software platform includes an interface for interfacing the different risk management applications;

wherein each of the different risk management applications is capable of performing the different decision logic and using the different databases, and the same single software platform is capable of driving a decision process through a sequence of decision-related operations to provide decision-relevant information to the user, where the sequence of decision-related operations are tailored to the risk management application selected by the user and the decision-relevant information is specific to the risk management application selected by the user such that different decision relevant-information is capable of being provided to the user for the different risk management applications in a common format via the same single software platform.

2. The method of claim 1, wherein the first information from the database includes historical data.

3. The method of claim 1, wherein the first information from the database includes statistical data.

4. The method of claim 1, wherein the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual likelihood of consequences.

5. The method of claim 1, wherein the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual expected consequences.

16. The method of claim 1, wherein an optimization of the total cost and an amount of risk reduction for each of the risk management offers is provided, for providing the user with a reduction in at least one of the total cost and the risk.

17. The method of claim 1, wherein an optimization of the total cost and a total amount of risk reduction for some or all of the plurality of risk management applications is provided, for providing the user with a reduction in at least one of the total cost and the risk for the some or all of the risk management applications.

6. A non-transitory computer-readable medium storing a computer program product, the computer program product comprising:

computer code for causing execution of a risk management application for performing decision logic that relates to a risk exposure of a family of a user, the risk management application selected by the user from a plurality of different risk management applications each capable of performing different decision logic and using different databases;

computer code for retrieving first information from a database corresponding to and in accordance with decision logics for the risk management application, via the execution of the risk management application;

computer code for processing at least a portion of the first information in order to generate second information not originally included in the database, in accordance with the decision logic, the second information including risk exposure data for risk types associated with the risk management application selected by the user;

computer code for receiving third information from the user in accordance with the decision logic corresponding to the risk management application utilizing a user interface;

computer code for processing the second information and the third information utilizing the decision logic corresponding to the risk management application for generating fourth information; and

computer code for providing the fourth information to the user for enabling the user to make an informed selection among a plurality of supplier offers relating to management of the of risk exposure of the family of the user;

wherein the fourth information includes, for a plurality of types of risk management offers, the risk and total cost for the user'"'"'s family or for each member of the user'"'"'s family, wherein the risk management offers include at least one of a health insurance policy, long-term care insurance policy, life insurance policy, auto insurance policy, financial investments, and home ownership, and the total cost including a premium or other fees and uncovered costs;

wherein a single software platform includes an interface for interfacing the different risk management applications;

wherein each of the different risk management applications is capable of performing the different decision logic and using the different databases, and the same single software platform is capable of driving a decision process through a sequence of decision-related operations to provide decision-relevant information to the user, where the sequence of decision-related operations are tailored to the risk management application selected by the user and the decision-relevant information is specific to the risk management application selected by the user such that different decision relevant-information is capable of being provided to the user for the different risk management applications in a common format via the same single software platform.

7. The computer program product of claim 6, wherein the first information from the database includes historical data.

8. The computer program product of claim 6, wherein the first information from the database includes statistical data.

9. The computer program product of claim 6, wherein the computer program product is operable such that the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual likelihood of consequences.

10. The computer program product of claim 6, wherein the computer program product is operable such that the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual expected consequences.

11. A system, comprising:

a processor for;

causing execution of a risk management application for performing decision logic that relates to a risk exposure of a family of a user, the risk management application selected by the user from a plurality of different risk management applications each capable of performing different decision logic and using different databases;

retrieving first information from a database corresponding to and in accordance with decision logic for the risk management application, via the execution of the risk management application;

processing at least a portion of the first information in order to generate second information not originally included in the database, in accordance with the decision logic, the second information including risk exposure data for risk types associated with the risk management application selected by the user;

receiving third information from the user in accordance with the decision logic corresponding to the risk management application utilizing a user interface;

processing the second information and the third information utilizing the decision logic corresponding to the risk management application for generating fourth information; and

providing the fourth information to the user for enabling the user to make an informed selection among a plurality of supplier offers relating to management of the of risk exposure of the family of the user;

wherein the fourth information includes, for a plurality of types of risk management offers, the risk and total cost for the user'"'"'s family or for each member of the user'"'"'s family, wherein the risk management offers include at least one of a health insurance policy, long-term care insurance policy, life insurance policy, auto insurance policy, financial investments, and home ownership, and the total cost including a premium or other fees and uncovered costs;

wherein the system further includes a single software platform that is supported by the processor and includes an interface for interfacing the different risk management applications;

wherein each of the different risk management applications is capable of performing the different decision logic and using the different databases, and the same single software platform is capable of driving a decision process through a sequence of decision-related operations to provide decision-relevant information to the user, where the sequence of decision-related operations are tailored to the risk management application selected by the user and the decision-relevant information is specific to the risk management application selected by the user such that different decision relevant-information is capable of being provided to the user for the different risk management applications in a common format via the same single software platform.

12. The system of claim 11, wherein the first information from the database includes historical data.

13. The system of claim 11, wherein the first information from the database includes statistical data.

14. The system of claim 11, wherein the system is operable such that the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual likelihood of consequences.

15. The system of claim 11, wherein the system is operable such that the second information and the third information is processed utilizing the decision logic for producing a comparison of a total annual expected consequences.