SYSTEMS AND METHODS FOR COMPREHENSIVE INSURANCE LOSS MANAGEMENT AND LOSS MINIMIZATION
First Claim
1. A system for mitigating loss of insured assets and insurance incident management, comprising:
- a storage device storing a database identifying;
i) a plurality of policyholders, each policyholder comprising at least one insured asset;
ii) a means of contacting each of the plurality of policyholders;
iii) insurance policy terms of a plurality of policyholders, the terms comprising level of coverage of at least one insured asset and policyholder membership status in a preferred membership category;
a monitoring module configured to;
i) accept potential peril data indicating potential peril to the at least one insured asset of each policyholder;
ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;
iii) accept policyholder responsiveness data of each policyholder, the policyholder responsiveness data comprising policyholder response to one or more potential peril notices; and
iv) correlate the policyholder responsiveness data with the policyholder membership status in a preferred membership program;
an action assessment module configured to;
i) accept the correlated potential peril data and determine a degree of peril to the at least one insured asset of each policyholder;
ii) assign a degree of peril measure to the at least one insured asset of each policyholder;
iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder;
iv) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder;
v) accept the correlated policyholder responsiveness data and determine a degree of policyholder conformance for each policyholder;
vi) based on the degree of policyholder conformance for each policyholder and the policyholder membership status in a preferred membership program, determine the status of an insurance claim for the at least one insured asset of each policyholder as at least one of a) approved, b) conditionally approved, and c) denied;
vii) based on the status of the insurance claim determine if an action is required for each respective policyholder; and
viii) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; and
an action execution module configured to;
i) accept action execution data assigned to each respective policyholder; and
ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message.
1 Assignment
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Accused Products
Abstract
Embodiments of the present invention are generally related to a system and method for comprehensive management and minimization of insurance loss. In particular, insurance perils and insured assets are monitored, potential perils to insured assets are assessed, possible actions are determined, and selected actions are executed involving actors such as the policyholder, insurance agent, mitigation responder, and insurance appraiser. Particular embodiments address damage mitigation during peril and incident management after peril, to the policyholder and/or insured assets. Particular embodiments address the interaction between re-insurance companies and the aforementioned actors and/or insurance companies or cedants to integrate the information and resources of each respective party to provide more comprehensive and economically efficient loss mitigation.
227 Citations
26 Claims
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1. A system for mitigating loss of insured assets and insurance incident management, comprising:
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a storage device storing a database identifying;
i) a plurality of policyholders, each policyholder comprising at least one insured asset;
ii) a means of contacting each of the plurality of policyholders;
iii) insurance policy terms of a plurality of policyholders, the terms comprising level of coverage of at least one insured asset and policyholder membership status in a preferred membership category;a monitoring module configured to;
i) accept potential peril data indicating potential peril to the at least one insured asset of each policyholder;
ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;
iii) accept policyholder responsiveness data of each policyholder, the policyholder responsiveness data comprising policyholder response to one or more potential peril notices; and
iv) correlate the policyholder responsiveness data with the policyholder membership status in a preferred membership program;an action assessment module configured to;
i) accept the correlated potential peril data and determine a degree of peril to the at least one insured asset of each policyholder;
ii) assign a degree of peril measure to the at least one insured asset of each policyholder;
iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder;
iv) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder;
v) accept the correlated policyholder responsiveness data and determine a degree of policyholder conformance for each policyholder;
vi) based on the degree of policyholder conformance for each policyholder and the policyholder membership status in a preferred membership program, determine the status of an insurance claim for the at least one insured asset of each policyholder as at least one of a) approved, b) conditionally approved, and c) denied;
vii) based on the status of the insurance claim determine if an action is required for each respective policyholder; and
viii) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; andan action execution module configured to;
i) accept action execution data assigned to each respective policyholder; and
ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for mitigating loss of insured assets, comprising:
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maintaining a database stored in a storage device identifying;
i) a plurality of policyholders, each policyholder comprising at least one insured asset; and
ii) a means of contacting each of the plurality of policyholders;providing a data processing system comprising a computer readable medium having stored thereon computer-executable instructions, the computer executable instructions causing a processor of the data processing system to execute a method for mitigating loss of insured assets, the system comprising a plurality of functional modules comprising; a monitoring module which functions to;
i) accept potential peril data indicating potential peril to the at least one insured asset of each policyholder; and
ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;an action assessment module which functions to;
i) accept the correlated data and determine a degree of peril to the at least one insured asset of each policyholder;
ii) assign a degree of peril measure to the at least one insured asset of each policyholder;
iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder; and
iv) if an action is required for a particular policyholder, identify terms and means to execute the required action to create action execution data assigned to each respective policyholder; andan action execution module which functions to;
i) accept action execution data assigned to each respective policyholder; and
ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message,wherein loss of insured assets is mitigated. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23)
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24. A system for mitigating loss of insured assets, comprising:
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a storage device storing a database identifying;
i) a plurality of policyholders, each policyholder comprising at least one insured asset comprising a residential home and a vehicle; and
ii) contacting by wireless means each of the plurality of policyholders;a monitoring module configured to;
i) accept potential peril data comprising weather data indicating potential peril to the at least one insured asset of each policyholder; and
ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;an action assessment module configured to;
i) accept the correlated data and determine a degree of peril to the at least one insured asset of each policyholder;
ii) assign a degree of peril measure to the at least one insured asset of each policyholder;
iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder;
iv) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; and
v) communicate the action execution data assigned to each respective policyholder to an insurance entity and a re-insurance entity; andan action execution module configured to;
i) accept action execution data assigned to each respective policyholder; and
ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message. - View Dependent Claims (25, 26)
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Specification