Providing loan services in the event of a total loss claim

• US 8,788,406 B2
• Filed: 09/13/2013
• Issued: 07/22/2014
• Est. Priority Date: 06/06/2012
• Status: Active Grant

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Roll, Leif A., Wu, Jun, Johnson, John F., Leigh, Kimberly D.
• Primary Examiner(s): HAMILTON, SARA CHANDLER
• Application Number:
  US14/026,949
• Publication Number:
  US 20140012607A1
• Time in Patent Office: 312 Days
• Field of Search: 705/4, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer-based method for automatically providing a loan offer to a customer may include: receiving an indication of a total loss event for the customer'"'"'s property, collecting prequalification data for the customer from a data source comprising customer-specific data, collecting credit data associated with the customer'"'"'s credit, determining whether to prequalify the customer for a property replacement loan based at least on (a) the collected prequalification data for the customer and (b) the collected credit data associated with the customer'"'"'s credit, and in response to a determination to prequalify the customer for a property replacement loan, communicating to the customer an offer for the property replacement loan.

Claims

1. A computer-based method for automatically providing a loan offer to a customer, the computer-based method comprising:

receiving, by a loan offer computer system from an insurance processing computer system, an indication of a total loss event for property insured by an insurance policy based on an insurance claim regarding the property;

wherein the loan offer computer system is associated with a financial institution that offers loan services; and

wherein the insurance processing computer system is associated with an insurance provider that provided the insurance policy;

accessing, by the loan offer computer system from the insurance processing computer system, an amount of customer compensation from the insurance policy for the total loss event for the insured property;

determining, by the loan offer computer system, a loan amount based on a replacement price for the insured property and the customer compensation from the insurance policy for the total loss event for the insured property;

collecting, by the loan offer computer system from a data source residing on the insurance processing computer system and including customer-specific data, customer-specific prequalification data for the customer;

collecting, by the loan offer computer system from a computer system storing credit data for multiple people, credit data associated with the customer'"'"'s credit;

determining, by the loan offer computer system, whether to prequalify the customer for a property replacement loan of the determined loan amount based at least on (a) the collected customer-specific prequalification data for the customer and (b) the collected credit data associated with the customer'"'"'s credit; and

in response to a determination to prequalify the customer for a property replacement loan of the determined loan amount, communicating, by the loan offer computer system to the customer, an offer for the property replacement loan of the determined loan amount.

2. The method of claim 1, wherein the step of collecting, by the loan offer computer system from the data source that includes customer-specific data, customer-specific prequalification data for the customer comprises:

querying, by the loan offer computer system, the data source residing on the insurance processing computer system for the customer-specific prequalification data for the customer included in the data source;

receiving, by the loan offer computer system, the customer-specific prequalification data for the customer from the data source in response to the query; and

determining, by the loan offer computer system, based on the customer-specific prequalification data for the customer whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer.

3. The method of claim 1, wherein:

the computer system storing credit data for multiple people is a credit bureau computer system;

the step of the computer collecting, by the loan offer computer system from the data source that includes customer-specific data, customer-specific prequalification data for the customer comprises;

querying, by the loan offer computer system, the data source residing on the insurance processing computer system for the customer-specific prequalification data for the customer;

receiving, by the loan offer computer system, the customer-specific prequalification data for the customer in response to the query; and

determining, by the loan offer computer system, whether the customer-specific prequalification data for the customer includes data usable for a credit check regarding the customer; and

the step of collecting, by the loan offer computer system from the computer system storing credit data for multiple people, credit data associated with the customer'"'"'s credit comprises;

submitting, by the loan offer computer system, the collected data usable for a credit check to the credit bureau computer system; and

receiving, by the loan offer computer system, from the credit bureau computer system a credit score for the customer.

4. The method of claim 3, wherein the step of determining, by the loan offer computer system, whether to prequalify the customer for a property replacement loan comprises determining, by the loan offer computer system, whether to prequalify the customer for the property replacement loan based at least on (a) the collected customer-specific prequalification data for the customer and (b) the customer'"'"'s credit score received from the credit bureau computer system.

5. The method of claim 4, wherein the collected customer-specific prequalification data for the customer includes data unrelated to the customer'"'"'s credit.

6. The method of claim 1, wherein the step of communicating, by the loan offer computer system to the customer, the offer for the property replacement loan comprises:

providing, by the loan offer computer system, a computer-generated webpage that identifies the offer for the property replacement loan;

receiving, by the loan offer computer system, an acceptance of the offer for the property replacement loan via a computer interface accessing the computer generated page; and

generating, by the loan offer computer system, a prequalification letter for the customer in response to the acceptance of the offer for the property replacement loan.

7. The method of claim 1, wherein the step of collecting, by the loan offer by the loan offer computer system from the data source residing on the insurance processing computer system, prequalification data for the customer comprises:

querying, by the loan offer computer system, the insurance processing computer system by the loan offer computer system for the customer-specific prequalification data for the customer;

receiving, by the loan offer computer system from the insurance processing computer system, the customer-specific prequalification data for the customer in response to the query;

determining, by the loan offer computer system, based on the customer-specific prequalification data for the customer, whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer; and

determining, by the loan offer computer system, whether the customer-specific prequalification data for the customer includes at least one piece of data that can be used to perform a credit check regarding the customer.

8. The method of claim 1, wherein:

the computer system storing credit data for multiple people is a credit bureau computer system; and

the step of collecting, by the loan offer computer system from the computer system storing credit data for multiple people, credit data associated with the customer'"'"'s credit comprises;

determining, by the loan offer computer system, based on the customer-specific prequalification data for the customer, whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer;

in response to determining that the customer has not elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer, submitting, by the loan offer computer system to the credit bureau computer system, at least one piece of data that can be used to perform a credit check; and

receiving, by the loan offer computer system from the credit bureau computer system, a credit score for the customer.

9. A loan offer computer system associated with a financial institution that offers loan services, the loan offer computer system configured to automatically provide a loan offer to a customer, the loan offer computer system comprising:

a non-transitory computer readable medium having instructions stored thereon; and

a processor, wherein said processor upon execution of the instructions is configured to;

receive from an insurance processing computer system an indication of a total loss event for property insured by an insurance policy based on an insurance claim regarding the property, wherein the insurance processing computer system is associated with an insurance provider that provided the insurance policy;

access from the insurance processing computer system, an amount of customer compensation from the insurance policy for the total loss event for the insured property;

determine a loan amount based on a replacement price for the insured property and the customer compensation from the insurance policy for the total loss event for the insured property;

collect, from a data source residing on the insurance processing computer system and including customer-specific data, customer-specific prequalification data for the customer, the data source;

collect, from a computer system storing credit data for multiple people, credit data associated with the customer'"'"'s credit;

determine whether to prequalify the customer for a property replacement loan of the determined loan amount based at least on (a) the collected customer-specific prequalification data for the customer and (b) the collected credit data associated with the customer'"'"'s credit; and

in response to determining to prequalify the customer for a property replacement loan of the determined loan amount, communicate to the customer an offer for the property replacement loan of the determined loan amount.

10. The loan offer computer system of claim 9, wherein said processor being configured to collect the customer-specific prequalification data for the customer from the data source comprises said processor, upon execution of the instructions, being configured to:

query the data source residing on the insurance processing computer system for the customer-specific prequalification data for the customer included in the data source;

receive the customer-specific prequalification data for the customer from the data source in response to the query; and

determine based on the customer-specific prequalification data for the customer whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer.

11. The loan offer computer system of claim 9, wherein:

the computer system storing credit data for multiple people is a credit bureau computer system; and

said processor being configured to collect the customer-specific prequalification data for the customer from the data source comprises said processor, upon execution of the instructions, being configured to;

query the data source residing on the insurance processing computer system for the customer-specific prequalification data for the customer;

receive the customer-specific prequalification data for the customer in response to the query; and

determine whether the customer-specific prequalification data for the customer includes data usable for a credit check regarding the customer; and

said processor being configured to collect the credit data associated with the customer'"'"'s credit comprises said processor, upon execution of the instructions, being configured to;

submit the collected data usable for a credit check to the credit bureau computer system; and

receive from the credit bureau computer system a credit score for the customer.

12. The loan offer computer system of claim 11, wherein said processor being configured to determine whether to prequalify the customer for a property replacement loan comprises said processor, upon execution of the instructions, being configured to determine whether to prequalify the customer for the property replacement loan based at least on (a) the collected customer-specific prequalification data for the customer and (b) the customer'"'"'s credit score received from the credit bureau computer system.

13. The loan offer computer system of claim 12, wherein the collected customer-specific prequalification data for the customer includes data unrelated to the customer'"'"'s credit.

14. The loan offer computer system of claim 9, wherein said processor being configured to communicate to the customer the offer for the property replacement loan comprises said processor, upon execution of the instructions, being configured to:

provide a computer-generated webpage that identifies the offer for the property replacement loan;

receive an acceptance of the offer for the property replacement loan via a computer interface accessing the computer generated page; and

generate a prequalification letter for the customer in response to the acceptance of the offer for the property replacement loan.

15. The loan offer computer system of claim 9, wherein said processor being configured to collect the prequalification data for the customer from the data source residing on the insurance processing computer system comprises said processor, upon execution of the instructions, being configured to:

query the insurance processing computer system by the loan offer computer system for the customer-specific prequalification data for the customer;

receive the customer-specific prequalification data for the customer from the insurance processing computer system in response to the query;

determine, based on the customer-specific prequalification data for the customer, whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer; and

determine whether the customer-specific prequalification data for the customer includes at least one piece of data that can be used to perform a credit check regarding the customer.

16. The loan offer computer system of claim 9, wherein:

the computer system storing credit data for multiple people is a credit bureau computer system; and

said processor being configured to collect credit data associated with the customer'"'"'s credit from a computer system storing credit data for multiple people comprises said processor, upon execution of the instructions, being configured to;

determine, based on the customer-specific prequalification data for the customer, whether the customer has elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer;

in response to determining that the customer has not elected privacy options that would prevent the use of the customer-specific prequalification data for the customer to provide the loan offer, submit to the credit bureau computer system at least one piece of data that can be used to perform a credit check; and

receive a credit score for the customer from the credit bureau computer system.