Patent Issued for System and method to generate risk relationship package using a flexible structure framework (USPTO 11694273): Hartford Fire Insurance Company

2023 JUL 21 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Alexandria, Virginia, NewsRx journalists report that a patent by the inventors Belcourt, Sandra E. (Hamden, CT, US), Feldman, Julia M. (West Hartford, CT, US), Gibbons, Erin M. (Worcester, MA, US), filed on December 10, 2020, was published online on July 4, 2023.

The patent’s assignee for patent number 11694273 is Hartford Fire Insurance Company (Hartford, Connecticut, United States).

News editors obtained the following quote from the background information supplied by the inventors: “An entity may enter into a risk relationship with a risk relationship provider (e.g., an enterprise or insurer) to protect itself from damages associated with unexpected occurrences. For example, the risk relationship may provide payments associated with unforeseen accidents, weather events, power outages, etc. In some cases, an entity (e.g., a homeowner) may purchase from an enterprise a “package” of protections associated with different types of risk. Note, however, that package profitability and rate levels may be difficult for the enterprise to assess. Moreover, any package changes might require full rate, rule, and form filings and programming with a state Department Of Insurance (“DOI”) which can be quite costly and time consuming.

“It would be desirable to provide systems and methods to automatically establish a risk relationship package using a flexible structure framework in a way that provides fast and accurate results. Moreover, the package and flexible structure framework should be easy to access, understand, update, etc.”

As a supplement to the background information on this patent, NewsRx correspondents also obtained the inventors’ summary information for this patent: “According to some embodiments, systems, methods, apparatus, computer program code and means are provided to automatically establish a risk relationship package using a flexible structure framework in a way that provides fast and accurate results and that allows for flexibility and effectiveness when creating those results.

“In some embodiments, a risk relationship package data store may contain electronic records, each electronic record representing a risk relationship package between an enterprise and an entity, and including, for each package, an electronic record identifier and an overall attribute value. A computer server may transmit, to a remote device associated with the entity, a set of potential types of risk coverage based on information in an available type of risk coverage data store. The computer server may then receive an indication of a selected subset of the potential types of risk coverage and, based on the received indication and a pre-determined rule, generate a risk relationship package for the entity using a flexible structure framework. The computer server may calculate an overall attribute value for the package based on an attribute algorithm (such that at least one reduction to the overall attribute value is applied based on an amount associated with the selected subset) and create a new electronic record in the risk relationship package data store, including the calculated overall attribute value.

“Some embodiments comprise: means for accessing, by the back-end application computer server, a risk relationship package data store that contains electronic records, each electronic record representing a risk relationship package between an enterprise and an entity, and including, for each risk relationship package, an electronic record identifier and an overall attribute value; means for transmitting, from the back-end application computer server to a remote device associated with the entity, a set of potential types of risk coverage based on information in an available type of risk coverage data store; means for receiving, from the remote device, an indication of a selected subset of the potential types of risk coverage; based on the received indication and a pre-determined rule, means for generating a risk relationship package for the entity using a flexible structure framework; means for calculating an overall attribute value for the generated risk relationship package based on an attribute algorithm such that at least one reduction to the overall attribute value is applied based on an amount associated with the selected subset; and means for creating a new electronic record in the risk relationship package data store, including the calculated overall attribute value.

“In some embodiments, a communication device associated with a back-end application computer server exchanges information with remote devices in connection with an interactive graphical user interface. The information may be exchanged, for example, via public and/or proprietary communication networks.

“A technical effect of some embodiments of the invention is an improved and computerized way to automatically generate a risk relationship package in a way that provides fast and accurate results. With these and other advantages and features that will become hereinafter apparent, a more complete understanding of the nature of the invention can be obtained by referring to the following detailed description and to the drawings appended hereto.”

The claims supplied by the inventors are:

“1. A risk relationship package creation system implemented via a back-end application computer server, comprising: (a) a risk relationship package data store associated with an encrypted database management system and that contains electronic records, each electronic record representing a risk relationship package between an enterprise and an entity, and including, for each risk relationship package, an electronic record identifier and an overall attribute value; (b) an available type of risk coverage data store associated with the enterprise; © the back-end application computer server, coupled to the risk relationship package data store and the available type of risk coverage data store, including: a computer processor, and a computer memory, coupled to the computer processor, storing instructions that, when executed by the computer processor, cause the back-end application computer server to: (i) transmit, to a remote device associated with the entity, a set of potential types of risk coverage based on information in the available type of risk coverage data store, (ii) receive, from the remote device, an indication of a selected subset of the potential types of risk coverage, (iii) based on the received indication and a pre-determined rule, generate a risk relationship package for the entity using a flexible structure framework, (iv) calculate an overall attribute value for the generated risk relationship package based on an attribute algorithm such that at least one reduction to the overall attribute value is applied based on an amount associated with the selected subset, and (v) create a new electronic record in the risk relationship package data store, including the calculated overall attribute value; and (d) a communication port coupled to the back-end application computer server to facilitate a transmission of data to the remote device to support an interactive display, including an indication of the calculated overall attribute value, via security features and a distributed communication network.

“2. The system of claim 1, wherein the generated risk relationship package includes pre-grouped types of risk coverage in addition to the selected subset of the potential types of risk coverage received from the user device.

“3. The system of claim 2, wherein the pre-grouped types of risk coverage are associated with at least three coverage tiers.

“4. The system of claim 3, wherein the back-end application computer server automatically suggests one of the coverage tiers for the entity.

“5. The system of claim 4, wherein said automatic suggestion of one of the coverage tiers is based at least in part answers provided by the entity to a series of questions.

“6. The system of claim 1, wherein the generated risk relationship package is associated with a homeowner’s insurance policy.

“7. The system of claim 6, wherein the calculated overall attribute value is an insurance premium value.

“8. The system of claim 7, wherein the set of potential types of risk coverage include at least one of: (i) a fire department service charge, (ii) lock replacement, (iii) water sewer backup, (iv) equipment breakdown, (v) roof damage, (vi) weather damage, (vii) property damage, and (viii) personal injury.

“9. The system of claim 7, wherein the attribute algorithm applies at least one of: (i) a flat package discount, (ii) a package volume discount, (iii) a package volume discount with an eligibility component, and (iv) a package discount at coverage level.

“10. A computerized risk relationship package creation method implemented via a back-end application computer server, comprising: accessing, by the back-end application computer server, a risk relationship package data store associated with an encrypted database management system and that contains electronic records, each electronic record representing a risk relationship package between an enterprise and an entity, and including, for each risk relationship package, an electronic record identifier and an overall attribute value; transmitting, from a computer processor of the back-end application computer server to a remote device associated with the entity, a set of potential types of risk coverage based on information in an available type of risk coverage data store; receiving, from the remote device, an indication of a selected subset of the potential types of risk coverage; based on the received indication and a pre-determined rule, generating a risk relationship package for the entity using a flexible structure framework; calculating an overall attribute value for the generated risk relationship package based on an attribute algorithm such that at least one reduction to the overall attribute value is applied based on an amount associated with the selected subset; creating a new electronic record in the risk relationship package data store, including the calculated overall attribute value; and transmitting data, through a communication port coupled to the back-end application computer server to the remote device, supporting an interactive display, including an indication of the calculated overall attribute value, via security features and a distributed communication network.

“11. The method of claim 10, wherein the generated risk relationship package includes pre-grouped types of risk coverage in addition to the selected subset of the potential types of risk coverage received from the user device.

“12. The method of claim 11, wherein the pre-grouped types of risk coverage are associated with at least three coverage tiers.

“13. The method of claim 12, wherein the back-end application computer server automatically suggests one of the coverage tiers for the entity.

“14. The method of claim 13, wherein said automatic suggestion of one of the coverage tiers is based at least in part answers provided by the entity to a series of questions.

“15. A non-transitory, computer-readable medium storing instructions, that, when executed by a processor, cause the processor to perform a risk relationship package creation method implemented via a back-end application computer server, the method comprising: accessing, by the back-end application computer server, a risk relationship package data store associated with an encrypted database management system and that contains electronic records, each electronic record representing a risk relationship package between an enterprise and an entity, and including, for each risk relationship package, an electronic record identifier and an overall attribute value; transmitting, from a computer processor of the back-end application computer server to a remote device associated with the entity, a set of potential types of risk coverage based on information in an available type of risk coverage data store; receiving, from the remote device, an indication of a selected subset of the potential types of risk coverage; based on the received indication and a pre-determined rule, generating a risk relationship package for the entity using a flexible structure framework; calculating an overall attribute value for the generated risk relationship package based on an attribute algorithm such that at least one reduction to the overall attribute value is applied based on an amount associated with the selected subset; creating a new electronic record in the risk relationship package data store, including the calculated overall attribute value; and transmitting data, through a communication port coupled to the back-end application computer server to the remote device, supporting an interactive display, including an indication of the calculated overall attribute value, via security features and a distributed communication network.

“16. The medium of claim 15, wherein the generated risk relationship package is associated with a homeowner’s insurance policy.

“17. The medium of claim 16, wherein the calculated overall attribute value is an insurance premium value.

“18. The medium of claim 17, wherein the set of potential types of risk coverage include at least one of: (i) a fire department service charge, (ii) lock replacement, (iii) water sewer backup, (iv) equipment breakdown, (v) roof damage, (vi) weather damage, (vii) property damage, and (viii) personal injury.

“19. The medium of claim 17, wherein the attribute algorithm applies at least one of: (i) a flat package discount, (ii) a package volume discount, (iii) a package volume discount with an eligibility component, and (iv) a package discount at coverage level.”

For additional information on this patent, see: Belcourt, Sandra E. System and method to generate risk relationship package using a flexible structure framework. U.S. Patent Number 11694273, filed December 10, 2020, and published online on July 4, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(11694273)&db=USPAT&type=ids

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