Researchers Submit Patent Application, “Insurance Bidding Platform”, for Approval (USPTO 20220366505): Patent Application

2022 DEC 05 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Washington, D.C., NewsRx journalists report that a patent application by the inventor Kumar, Mushnuri Veera Venkata Kiran (Hyderabad, IN), filed on March 30, 2020, was made available online on November 17, 2022.

No assignee for this patent application has been made.

News editors obtained the following quote from the background information supplied by the inventors: “Insurance is a risk management tool to protect against an uncertain loss. An insurance transaction involves a promise by an insurance provider to compensate an insured in the event of a covered loss in exchange for payment from the insured. Most of the time, insurance is optional such as life insurance or long term health insurance. However, in some situations insurance is required, for example by rule, law or regulation. In one instance, if an individual seeks a mortgage for a new home, but does not have a requisite down payment, such as twenty percent, the individual may be required to purchase mortgage insurance to reduce the risk for a financial institution in the event of a default. Oftentimes, the financial institution can select an insurance provider for mortgage insurance in conjunction with processing a mortgage. Alternatively, the financial institution can identify a number of providers of mortgage insurance for consideration by the customer.”

As a supplement to the background information on this patent application, NewsRx correspondents also obtained the inventor’s summary information for this patent application: “The following presents a simplified summary to provide a basic understanding of some aspects of the disclosed subject matter. This summary is not an extensive overview. It is not intended to identify key/critical elements or to delineate the scope of the claimed subject matter. Its sole purpose is to present some concepts in a simplified form as a prelude to the more detailed description that is presented later.

“Briefly described, the subject disclosure pertains to an insurance bidding platform. Insurance providers can register with the platform, or system, to provide bids or offers for insurance. Customers of a financial institution can provide data associated with acquisition of a mortgage loan, for example. Subsequently, a customer can be directed to the insurance bidding platform to acquire mortgage insurance. The data or a subset of data associated with the loan from the financial institution can be communicated automatically to insurance providers by way of the platform. Premium bids based on the data can be received from insurance providers and presented to the customer. The customer can accept the bid of one insurance provider or submit a counter bid or offer for acceptance of an insurance provider. After an agreement is reached between the customer and an insurance provider, a smart contract can be constructed capturing terms and conditions. The smart contract can subsequently be transmitted to a peer-to-peer network that saves the smart contract to a shared, synchronized, distributed data store such as a distributed ledger. In one instance, the smart contract can be transformed to a block representation and saved to a sequence of cryptographically secure blocks that are verified by copies in the peer-to-peer network. In accordance, with one aspect, the smart contract or data related thereto can be made available to parties to the contract as well as designated third parties such as auditors or regulators.

“To the accomplishment of the foregoing and related ends, certain illustrative aspects of the claimed subject matter are described herein in connection with the following description and the annexed drawings. These aspects are indicative of various ways in which the subject matter may be practiced, all of which are intended to be within the scope of the disclosed subject matter. Other advantages and novel features may become apparent from the following detailed description when considered in conjunction with the drawings.”

The claims supplied by the inventors are:

“1. A system, comprising: a processor coupled to a memory that includes instructions that, when executed by the processor, cause the processor to: automatically communicate customer data associated with a customer and a mortgage from a financial institution electronically to a plurality of insurance providers; invoke a predictive model to infer, in real-time, an expected bid based on the customer data and historical information comprising other customer data associated with other customers and other offers made by more than one insurance provider of the plurality of insurance providers to the other customers and that were accepted by the other customers; communicate the expected bid electronically to the plurality of insurance providers; convey, for display on a display device associated with the customer, a plurality of offers for mortgage insurance on the mortgage, wherein the plurality of offers are received from the plurality of insurance providers after the communication of the expected bid to the plurality of insurance providers, and wherein each offer of the plurality of offers comprises a respective bid for a premium for the mortgage insurance; convey, for display on the display device associated with the customer, the expected bid in conjunction with the plurality of offers; in response to the customer accepting an offer of the plurality of offers, construct, in real-time, a smart contract between the customer and one insurance provider of the plurality of insurance providers; and transmit the smart contract to a peer-to-peer network that saves the smart contract to a distributed database in a sequence of one or more blocks that are cryptographically secure and verified by copies in the peer-to-peer network.

“2. The system of claim 1, wherein read access to the smart contract is provided to one or more third-party entities.

“3. The system of claim 2, wherein at least one of the one or more third-party entities is an auditor, regulator, or investor.

“4. The system of claim 2, wherein at least one of the one or more third-party entities is the financial institution that analyzes the smart contract to determine a monthly payment amount to collect from the customer for payment of when due to the one insurance provider of the plurality of insurance providers.

“5. The system of claim 1, wherein the instructions further cause the processor to transmit a counter offer from the customer to at least one insurance provider of the plurality of insurance providers.

“6. The system of claim 5, wherein the instructions cause the processor to construct the smart contract in response to the at least one insurance provider of the plurality of insurance providers accepting the counter offer.

“7. (canceled)

“8. (canceled)

“9. The system of claim 1, wherein the instructions further cause the processor to rank the plurality of offers by the plurality of insurance providers in comparison to the expected bid and convey the rank to the customer for display on the display device.

“10. The system of claim 1, wherein at least one offer of the plurality of offers is conditioned on a purchase of at least one other insurance product.

“11. A method, comprising: automatically communicating customer data associated with a customer and a mortgage from a financial institution electronically to a plurality of insurance providers; invoking a predictive model to infer, in real-time, an expected bid based on the customer data and historical information comprising other customer data associated with other customers and other offers made by more than one insurance provider of the plurality of insurance providers to the other customers and that were accepted by the other customers; communicating the expected bid electronically to the plurality of insurance providers; conveying, for display on a display device associated with the customer, a plurality of offers for mortgage insurance on the mortgage, wherein the plurality of offers are received from the plurality of insurance providers after the communication of the expected bid to the plurality of insurance providers, and wherein each offer of the plurality of offers comprises a respective bid for a premium for the mortgage insurance; conveying, for display on the display device associated with the customer, the expected bid in conjunction with the plurality of offers; in response to the customer accepting an offer of the plurality of offers, constructing, in real-time, a smart contract between the customer and one insurance provider of the plurality of insurance providers; and transmitting the smart contract to a peer-to-peer network that saves the smart contract to a distributed database in a sequence of one or more blocks that are cryptographically secure and verified by copies in the peer-to-peer network.

“12. The method of claim 11, further comprising configuring the smart contract to be readable by one or more third-party entities including at least one of an auditor, regulator, or investor.

“13. The method of claim 11, further comprising transmitting a counter offer from the customer to at least one insurance provider of the plurality of insurance providers.

“14. The method of claim 13, wherein the smart contract is constructed in response to the at least one insurance provider of the plurality of insurance providers accepting the counter offer.

“15. (canceled)

“16. (canceled)

“17. The method of claim 11, further comprising ranking the plurality of offers by the plurality of insurance providers in comparison to the expected bid and conveying the ranking to the customer for display on the display device.

“18. A non-transitory computer-readable medium comprising: instructions that, when executed, cause a processor to perform operations comprising: automatically communicating customer data associated with a customer and a mortgage from a financial institution electronically to a plurality of insurance providers; invoking a predictive model to infer, in real-time, an expected bid based on the customer data and historical information comprising other customer data associated with other customers and other offers made by more than one insurance provider of the plurality of insurance providers to the other customers and that were accepted by the other customers; communicating the expected bid electronically to the plurality of insurance providers; conveying, for display on a display device associated with the customer, a plurality of offers for mortgage insurance on the mortgage, wherein the plurality of offers are received from the plurality of insurance providers after the communication of the expected bid to the plurality of insurance providers, and wherein each offer of the plurality of offers comprises a respective bid for a premium for the mortgage insurance; conveying, for display on the display device associated with the customer, the expected bid in conjunction with the plurality of offers; in response to the customer accepting an offer of the plurality of offers, constructing, in real-time, a smart contract between the customer and one insurance provider of the plurality of insurance providers; and transmitting the smart contract to a peer-to-peer network that saves the smart contract to a distributed database in a sequence of one or more blocks that are cryptographically secure and verified by copies in the peer-to-peer network.

“19. (canceled)

“20. The non-transitory computer-readable medium of claim 18, the operations further comprising ranking the plurality of offers by the plurality of insurance providers in comparison to the expected bid and conveying, for display on the display device, the ranking to the customer.

“21. The system of claim 1, wherein the instructions further cause the processor to invoke the predictive model to evaluate the plurality of offers and generate a counter offer.

“22. The system of claim 1, wherein the expected bid is a range of prices.

“23. The method of claim 11, further comprising generating a counter offer based on the expected bid.

“24. The non-transitory computer-readable medium of claim 18, wherein the operations further comprise generating a counter offer based on the expected bid.”

For additional information on this patent application, see: Kumar, Mushnuri Veera Venkata Kiran. Insurance Bidding Platform. Filed March 30, 2020 and posted November 17, 2022.

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