SYSTEM TO ADMINISTER RISK TRANSFER AND PROPERTY SALVAGE RECOVERY

• US 20160125546A1
• Filed: 06/22/2015
• Published: 05/05/2016
• Est. Priority Date: 11/04/2014
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Edwards, Paul J., Bostic, Daniel Lee, Reed, Andrew J., Scott, Michael Adam, Shemesh, Keren
• Granted Patent: US 10,650,460 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to some embodiments, data may be received indicative of a plurality of insurance claims. A risk transfer opportunity platform processor may, based on the received data, identify an insurance claim as being associated with a potential risk transfer opportunity. For the identified insurance claim, the risk transfer opportunity platform processor may automatically arrange for a potential risk transfer user interface to be displayed to a claim handler and may receive, via the potential risk transfer user interface, recovery details from the claim handler, including an overall total damage value and a high and low risk transfer value. A summary report may then be automatically generated for a plurality of insurance claims based in part on the recovery details received from the claim handler, and an indication of the summary report may be transmitted.

Claims

1. A system for insurance claim processing, comprising:

a communication device to receive data indicative of a plurality of insurance claims submitted in connection with insurance policies;

a computer storage unit for receiving, storing, and providing said data indicative of the plurality of insurance claims; and

a risk transfer opportunity platform processor in communication with the storage unit, wherein the processor is configured for;

based on the received data, identifying an insurance claim as being associated with a potential risk transfer opportunity,

for the identified insurance claim, automatically arranging for a potential risk transfer user interface to be displayed to a claim handler,

receiving, via the potential risk transfer user interface, recovery details from the claim handler, including an overall total damages value and a risk transfer value,

automatically generating a summary report associated with a plurality of insurance claims based in part on the overall total damages value and risk transfer value received from the claim handler, and

transmitting an indication of the summary report.

2. The system of claim 1, wherein the risk transfer opportunity platform processor is further configured for:

arranging to track recovery payments received for the identified insurance claim.

3. The system of claim 1, wherein the system is adapted to process insurance claims associated with any of:

(i) automobile insurance, (ii) homeowners insurance, (iii) property insurance, (iv) general liability insurance, (v) commercial insurance, (vi) personal insurance, and (vii) workers'"'"' compensation insurance.

4. The system of claim 1, wherein the risk transfer opportunity platform processor is further configured for:

automatically transmitting an indication of a recovery amount to at least one of;

(i) an email server, (ii) a workflow application, (iii) a report generator, (iv) a calendar application, and (v) a payment facilitation device.

5. The system of claim 1, wherein the identification of the insurance claim as being associated with the potential recovery risk transfer opportunity is based at least in part on rules associated with transitions between subrogation statuses and a type of insurance associated with the insurance claim.

6. The system of claim 1, wherein the overall total damages value includes a low and a high estimate and the risk transfer value includes a low and a high estimate.

7. The system of claim 6, wherein the risk transfer opportunity platform processor stores, for each risk transfer recovery opportunity, at least one of:

(i) a responsible party, (ii) a role, (iii) a liability amount, (iv) a risk transfer type, (v) other coverage data, and (vii) related information.

8. The system of claim 6, wherein the risk transfer opportunity platform processor stores, for each risk transfer opportunity, a risk transfer strategy.

9. The system of claim 8, wherein the risk transfer strategy is associated with a plurality of planned activities, each including:

(i) a date due, (ii) a priority, (iii) a subject, and (iv) an assigned party to perform the planned activity.

10. The system of claim 6, wherein the risk transfer opportunity platform processor stores, for each risk transfer opportunity, at least one of:

(i) a responsible party name, (ii) a carrier, (iii) contact information, (iv) an insurance policy identifier, and (v) a claim identifier.

11. The system of claim 6, wherein the risk transfer opportunity platform processor stores, for each risk transfer recovery opportunity, at least one of:

(i) a recovery monetary value, and (ii) a recovery percentage.

12. The system of claim 1, further comprising a property salvage recovery opportunity platform processor.

13. The system of claim 12, wherein the property salvage recovery opportunity platform processor stores, for each property salvage recovery opportunity, at least one of:

(i) a salvage status, (ii) a salvage specialist identifier, (iii) a date of referral, (iv) a category, (vi) a salvage item, (vii) an estimate salvage amount, (viii) an owner retained indication, (ix) an amount paid for property, (x) an actual salvage value, (xi) an expense total, and (xii) a recovered total value.

14. The system of claim 12, wherein the property salvage recovery opportunity platform is further to automatically adjust a recovery reserve amount.

15. The system of claim 1, wherein said automatic identification of the insurance claim as being associated with a potential recovery opportunity is based on rules and data received from the claim handler.

16. The system of claim 1, wherein said automatic identification of the insurance claim as being associated with a potential recovery opportunity is associated with a predictive model trained with historical insurance claim information.

17. The system of claim 16, wherein the predictive model is associated with at least one of:

(i) a neural network, (ii) a Bayesian network, (iii) a Hidden Markov model, (iv) an expert system, (v) a decision tree, (vii) a collection of decision trees, (viii) a support vector machine, and (ix) weighted factors.

18. A computer-implemented method associated with an insurance claim processing system, comprising:

receiving, by a communication device, data indicative of a plurality of insurance claims submitted in connection with insurance policies;

storing, by a computer storage unit, said data indicative of the plurality of insurance claims;

based on the received data, automatically identifying by a risk transfer opportunity platform processor an insurance claim as being associated with a potential risk transfer opportunity,

for the identified insurance claim, automatically arranging by the risk transfer opportunity platform processor for a potential risk transfer user interface to be displayed to a claim handler,

receiving, via the potential risk transfer user interface by the recovery opportunity platform processor, recovery details from the claim handler, including an overall total damages value and a risk transfer value,

automatically generating by the risk transfer opportunity platform processor a summary report associated with a plurality of insurance claims based in part on the overall total damages value and the risk transfer value received from the claim handler, and

transmitting an indication of the summary report.

19. The method of claim 18, wherein said automatic identification of the insurance claim as being associated with a potential risk transfer opportunity is based on rules and data received from the claim handler.

20. The method of claim 18, wherein said automatic identification of the insurance claim as being associated with a potential risk transfer opportunity is associated with a predictive model trained with historical insurance claim information.

21. A system for insurance claim processing, comprising:

a communication device to receive data indicative of a plurality of insurance claims submitted in connection with insurance policies;

a computer storage unit for receiving, storing, and providing said data indicative of the plurality of insurance claims; and

a risk transfer opportunity platform processor in communication with the storage unit, wherein the processor is configured for;

based on the received data, identifying a first insurance claim as being associated with a potential risk transfer recovery opportunity,

for the identified first insurance claim, arranging for a potential risk transfer recovery user interface to be displayed to a claim handler,

receiving, via the potential recovery user interface, risk transfer recovery details from the claim handler, including high and low overall total damage values and high and low risk transfer values,

based on the received data, identifying a second insurance claim as being associated with a potential property salvage recovery opportunity,

for the identified second insurance claim, arranging for a potential property salvage recovery user interface to be displayed to the claim handler,

receiving, via the potential property salvage recovery user interface, property salvage recovery details from the claim handler, and

transmitting indications the first and second insurance claims.

22. The system of claim 21, wherein the recovery opportunity platform processor is further configured for:

automatically generating a risk transfer summary report associated with a plurality of insurance claims based in part on the high and low overall total damage values and the high and low risk transfer values received from the claim handler, and

automatically generating a salvage summary report associated with a plurality of insurance claims based in part on the property salvage recovery details received from the claim handler, and

transmitting indications of the risk transfer and salvage summary reports.