System and method for automated processing of new products and services

• US 8,019,644 B2
• Filed: 06/30/2007
• Issued: 09/13/2011
• Est. Priority Date: 06/10/1996
• Status: Expired due to Fees

• Current Assignee: RPX Corporation
• Original Assignee: Phoenix Licensing, LLC
• Inventors: Libman, Richard Marc
• Primary Examiner(s): Alvarez; Raquel
• Application Number:
  US11/772,120
• Publication Number:
  US 20080015907A1
• Time in Patent Office: 1,536 Days
• Field of Search: 705/4, 705/14.17, 705/14.25, 705/14.4, 705/14.49, 705/14.53, 705/14.66, 705/14.67
• US Class Current: 705/14.17
• CPC Class Codes: G06Q 10/06314 Calendaring for a resource
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 10/101 Collaborative creation, e.g. joint development of products or services
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/0204 Market segmentation
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0241 Advertisements
• CPC Class Codes: G06Q 30/0251 Targeted advertisements
• CPC Class Codes: G06Q 30/0255 based on user history
• CPC Class Codes: G06Q 30/0265 Vehicular advertisement
• CPC Class Codes: G06Q 30/0269 based on user profile or attribute
• CPC Class Codes: G06Q 30/0271 Personalized advertisement
• CPC Class Codes: G06Q 30/0276 Advertisement creation
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 : Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 : Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 : Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 : Insurance
• CPC Class Codes: G06Q 40/12 : Accounting

Abstract

A method and apparatus are provided for automatically preparing a client communication pertaining to a financial product for a client, wherein the client communication is for combined use with a corresponding host vehicle. The method comprises providing a format for the client communication wherein the communication format includes a variable portion; inputting into a computer-accessible storage medium variable information other than a client identification; inputting into the storage medium decision information; and using the decision information to select a subset of the variable information for inclusion in a variable portion of the client communication corresponding to the variable portion of the client communication format. The apparatus comprises an inputting device for inputting into a computer-accessible storage medium variable information comprising other than a client identification and decision information; a processor operatively coupled to the storage medium for using the decision information to automatically select a subset of the variable information for each of the clients; and an output preparing component in operative communication with the processor for preparing the client communications and for automatically inserting into the client communication the subset of variable information for the corresponding and respective client.

Claims

1. A method for controlling processing operations relating to a financial product or service by one or more computing systems associated with one or more databases, comprising the steps of:

automatically receiving sales related data for financial products or services for one or more clients from a system user and operating data;

creating a client record associated with a specific client of the one or more clients in one or more databases;

generating task lists comprising task data including requirements determined by the system for fulfillment including at least submission materials for a specific client toward obtaining the financial product or service;

monitoring completion of at least certain of the task lists by the one or more computing systems;

executing the task lists to obtain the necessary data to be incorporated in or with the submission materials for each specific client;

providing that data in or with the submission materials to a provider of the financial product or service;

qualifying the submission materials for a financial product or service by the specific client;

generating a manifestation of the financial product or service specific to each client; and

delivering the financial product or service to the specific client.

2. A method according to claim 1 further comprising the step of automatically generating data for insertion into a client communication based on the sales related data and/or task data for a specific client.

3. A method according to claim 2 further comprising using a computing system to perform the steps of:

generating a client communication specific to a particular client; and

outputting the client communication to at least one of;

paper, electronic document data file, electronic mail, internet, computer display, and telephone.

4. A method according to claim 3 further comprising the step of:

repeating periodically for a specific client the automatically generating data for insertion, generating a client communication, and outputting steps until completion of the task list.

5. A method according to claim 4, wherein the steps are performed automatically without human intervention.

6. A method of claim 4, wherein one or more of the steps are performed at a remote location.

7. A method according to claim 1, wherein the monitoring step comprises the steps of:

receiving submission materials relating to the requirements;

updating the task data for the specific client.

8. A method according to claim 1 wherein the generating tasks step includes implementing additional communications to gather information from an entity other than the specific client to satisfy requirements for that specific client.

9. A method according to claim 8, wherein the implementing step is performed automatically without human intervention.

10. A method according to claim 1, wherein the steps are performed automatically without human intervention.

11. A method according to claim 1, wherein the sales related data comprises application data from an application for the financial product that originated from at least one of:

a paper application, an internet application, or a telephonic application.

12. A method according to claim 11, wherein the application originated from an agent and/or broker.

13. A method according to claim 1, wherein the qualifying step comprises approving or disapproving the application.

14. A method according to claim 1, wherein the qualifying step comprises generating additional task data needed for the specific client to obtain the financial product or service.

15. A method according to claim 1, wherein the delivering step comprises collecting payment for the financial product or service from the specific client.

16. A method according to claim 15, wherein the collection of payment is performed through the internet.

17. A method according to claim 1 further comprising the step of issuing instructions to an accounting system relating to the processing of the financial product and service activity.

18. A method of claim 1, wherein one or more of the steps are performed at a remote location.

19. A method of claim 1 further comprising the step of automatically generating and delivering a service communications to a specific client after delivery of the financial product or service.

20. A method of claim 1, wherein the provider of the financial product or service is the system user.

21. A method for controlling processing operations relating to insurance sales by one or more computing systems associated with one or more databases, comprising the steps of:

Automatically receiving one of insurance sales results, application data for insurance products or services from a user and a software program;

automatically inputting the sales results from one or more clients associated with one or more insurance sales programs;

Creating a client record associated with a specific client in one or more databases;

generating task lists comprising task data including requirements determined by the system for fulfillment including at least submission materials for a specific client toward obtaining the insurance from one or more insurers;

monitoring completion of at least certain of the task lists by one or more computing systems;

automatically providing data related to the submission materials comprising a specific client'"'"'s insurance sales results to the one or more insurers; and

underwriting the insurance, wherein if the specific client is approved by the one or more insurers, issuing an insurance policy for the specific client, placing the insurance policy with the one or more insurers; and

delivering the insurance policy to the specific client.

22. A method according to claim 21 further comprising the step of automatically generating data for insertion into client communication based on at least one of the sales information and task data for a specific client.

23. A method according to claim 22 further comprising using a computing system to perform the steps of:

generating a client communication specific to a particular client; and

outputting the client communication to at least one of;

paper, electronic document data file, electronic mail, internet, computer display, and telephone.

24. A method according to claim 23 further comprising the step of repeating periodically for a specific client the automatically generating data for insertion, generating a client communication, and outputting steps until completion of the tasks.

25. A method according to claim 24, wherein the steps are performed automatically without human intervention.

26. A method according to claim 25, wherein one or more steps are performed at a remote location.

27. A method according to claim 21, wherein generating the task step includes one of automatically ordering and obtaining at least one of:

a medical examination, an attending physician statement, and other information pertaining to the specific client.

28. A method according to claim 21, wherein the application data originated from at least one of:

a paper application, an internet application, or a telephonic application.

29. A method according to claim 28, wherein the application originated from one of an agent and a broker.

30. A method according to claim 21, wherein the underwriting steps generates additional task data needed for the specific client to obtain the insurance.

31. A method according to claim 21, wherein the underwriting step is performed automatically and without human intervention.

32. A method according to claim 21, wherein a first premium payment is collected through the internet contemporaneously with delivery of the insurance policy to the specific client.

33. A method according to claim 21, wherein one or more steps are performed at a remote location.

34. A method of claim 21, wherein the inputting the sales results and creating a client record steps are performed without human intervention between the input of the respective client records.

35. A financial product and service sales processing system for processing sales activity resulting from one or more sales programs, said system comprising:

communications means for receiving sales related data for financial products or services;

means for inputting the sales related data from one or more clients coupled with the communication means;

one or more databases coupled to the means for inputting for creating client records;

means for generating task lists comprising task data including any requirements determined by the system for fulfillment including at least submission materials for a specific client toward obtaining the financial product or service coupled to the one or more databases;

means for monitoring completion of at least certain of the tasks coupled to the one or more databases;

mean for executing the task lists to obtain the necessary data to be incorporated in the submission materials for each specific client;

interface means coupled to the communication means for transmitting and receiving data related to the submission materials related data;

means for qualifying the submission materials for a financial product or service by the specific client;

generating a manifestation of the financial product or service specific to each client; and

means for delivering the financial product or service to the specific client coupled to the communications means and the one or more databases.

36. A system according to claim 35 further comprising:

means for automatically generating data for insertion into a client communication based on the sales related data, the task data, or a service need for a specific client coupled to the one or more databases;

outputting means coupled to the automatically generating data means for generating a client communication specific to a client and outputting the client communication to at least one of;

paper, electronic data file, electronic mail, internet, computer display, and telephone.

37. A system according to claim 35, further comprising means for receiving submission materials relating to the outstanding requirements coupled to the one or more databases and the monitoring means.

38. A system according to claim 35, wherein the interface means includes data implementing additional communication to gather information from an entity other than the specific client to satisfy outstanding requirements for that specific client.

39. A system according to claim 35 further comprising means for collecting payment for the financial product or service from the specific client.