“Insurance Risk Management Systems And Methods” in Patent Application Approval Process (USPTO 20220284516): Patent Application

2022 SEP 27 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- A patent application by the inventors Giudici, Jeffrey (Westwood, MA, US); Hguyen, Hoang (Revere, MA, US); Khouri, Damon (Hanover, MA, US); Lucia, Deborah (Medford, MA, US); Schroeder, Michael (Westwood, MA, US); Telsey, Stacia (Glen Allen, VA, US), filed on May 24, 2022, was made available online on September 8, 2022, according to news reporting originating from Washington, D.C., by NewsRx correspondents.

This patent application has not been assigned to a company or institution.

The following quote was obtained by the news editors from the background information supplied by the inventors: “Various companies and third-party providers ensure that companies that collateralize loans have proper insurance, e.g., to ensure that the owner of the loan(s) is protected, e.g., in the event of a natural disaster. Several companies who provide such insurance use Enterprise software, such as that provided by Midland.”

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventors’ summary information for this patent application: “Various embodiments of the present invention relate to an electronic data management system that tracks and displays, for a plurality of different loans or other financial instruments, information related to the loans, such as information about the status of the loan or other financial instrument (e.g., whether a particular loan is in effect), availability and status of documentation related to the loan, payment information, and other information. The system can generate communications such as auto-generated letters for communicating information (such as action items, status reports, deficiency notices, etc.) to various relevant parties such as a borrower, lender, insurance provider, mortgage holder or servicer, title holder, title company, bank, or other entity.”

The claims supplied by the inventors are:

“1. A method comprising: for each of a plurality of properties that each comprise collateral for one or more loans each having insurance requirements, receiving, by at least one processor in electronic communication with at least one memory having at least one database, insurance information concerning each of one or more insurance policies associated with the respective property, in which the insurance information comprises compliance information indicative of whether one or more predetermined insurance requirements applicable to the respective one or more insurance policies associated with the respective property have been satisfied, the one or more predetermined insurance requirements comprising a first requirement applicable to a first insurance policy and a second requirement applicable to a second insurance policy; based on the received compliance information, determining, by the at least one processor, for each of the one or more loans on each of the plurality of properties, whether each of the respective one or more predetermined insurance requirements have been satisfied, in which the act of determining whether each of the respective one or more predetermined insurance requirements have been satisfied comprises (1) determining that the first requirement associated with the first insurance policy has been satisfied and (2) determining that the second requirement associated with the second policy has not been satisfied; populating, by the at least one processor, the at least one database based on the received insurance information, in which the act of populating the at least one database comprises (1) storing, in a first database entry associated with the first insurance policy, information indicating that the first requirement has been satisfied and (2) storing, in a second database entry associated with the second insurance policy, information indicating that the second requirement has not been satisfied; receiving, by the at least one processor, from a first user a first request for information about whether the first requirement has been satisfied; responsive to the first request, querying, by the at least one processor, the first database entry; responsive to querying the first database entry, causing, by the at least one processor, first indicia indicating that the first requirement has been satisfied to be displayed at a user interface; receiving, by the at least one processor, a second request for information about whether the second requirement has been satisfied; responsive to the second request, querying, by the at least one processor, the second database entry; responsive to querying the second database entry, causing, by the at least one processor, second indicia indicating that the second requirement has not been satisfied to be displayed at a user interface; after causing the second indicia to be displayed, receiving, by the at least one processor, updated compliance information; determining, by the at least one processor, that the second requirement has been satisfied based on the updated compliance information; receiving, by the at least one processor, a third request for information about whether the second requirement has been satisfied; and responsive to the third request, causing, by the at least one processor, third indicia indicating that the second requirement has been satisfied to be displayed at a user interface.”

URL and more information on this patent application, see: Giudici, Jeffrey; Hguyen, Hoang; Khouri, Damon; Lucia, Deborah; Schroeder, Michael; Telsey, Stacia. Insurance Risk Management Systems And Methods. Filed May 24, 2022 and posted September 8, 2022. Patent URL: https://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.html&r=1&f=G&l=50&s1=%2220220284516%22.PGNR.&OS=DN/20220284516&RS=DN/20220284516