Researchers Submit Patent Application, “Insurance Data Management Platform”, for Approval (USPTO 20170212996)
By a
No assignee for this patent application has been made.
News editors obtained the following quote from the background information supplied by the inventors: "Currently, there are various insurance products available to persons, corporations, governmental authorities, and others to provide coverage for a myriad of different types of risk and exposure that can be experienced by the party (parties) seeking such coverage. The scope, coverage, and costs for such products are defined by the insurance carrier underwriting the level of risk associated with each of these products. Generally, insurance carriers focus their product offerings on a specific line of business to either take direct primary risk and/or excess risk for a particular risk type. For example, an insurance carrier may choose to underwrite primary risk for parties who seek coverage specifically for adverse events that could occur to their property or them personally (e.g., casualty). Such line of business is generally referred to as a Property & Casualty (P&C) line of business. Other insurance carriers may choose to underwrite risk as it relates to a person's health (e.g., Accident & Health line of business).
"In the context of P&C products, such products generally offer coverage for various types of injury to person or property sustained as a result of the covered parties' conduct. Included in such coverage are personal injuries to third parties arising from an auto accident wherein such auto is owned/operated by the covered party, injuries sustained by a product/service sold by the covered party, injuries sustained on the covered party's property, etc. Unfortunately, at times the scope of the injuries can reach to a catastrophic level wherein the medical care of the injured party is required for the remaining life of the injured party. In this context, the P&C carrier often is required (voluntarily or involuntarily) to provide funds to the injured party over a time range (e.g., for the life of the party in catastrophic personal injury suit, or for a period of time for a surgically implanted product that has found to be defective, or other time periods for time dependent injury). Specific to personal injury, the injured party can develop a future medical care plan which delineates the projected costs of future medical care for the injured party. Such plan can act as basis for the P&C carrier which would have to treat the costs of such future care plan as a contingent liability (e.g., requires the P&C carrier to set aside valuable capital reserve or state incurred but not recorded capital reserved--IBNR--to their balance sheet) which can reduce the P&C carrier's ability to underwrite new policies (i.e., since they would require a capital reserve set aside as well). Similarly, in the context of self-funded insured parties, the cost to fully fund, manage, and oversee the future care plan is substantially onerous and costly.
"The complexities of insurance have led to the development of various systems and methods for the creation, management, storage, communication, and display of insurance data. However, current systems do not avail for the creation of a customizable future care insurance plans based on an agreed to future medical care plan through the cooperation of various cooperating third party providers (i.e., self-selected and/or selected based on defined criteria) specifically containing at a minimum at least one excess coverage above a primary health plan providing band coverage to ensure the that the agreed to future medical care plan is deployed throughout the life-term of the intended covered party. Thus, systems exist for the insurance data management methods and systems. However, Applicants have noted that there is a need for an insurance data management platform that employ new paradigms that allow for the creation of customizable future care insurance plans."
As a supplement to the background information on this patent application, VerticalNews correspondents also obtained the inventors' summary information for this patent application: "This Summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. This Summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
"The herein described systems and methods provide a computer-implemented interactive system and methods allowing for the creation, management, storage, retrieval, and communication of data representative of at least one customizable future care insurance plan. In an illustrative implementation, the insurance data management environment comprises an insurance data processing engine operable to process data representative of one or more components of a customizable future care insurance plan to create based on a set of selected criteria representative of an exemplary future care plan, and an instruction set comprising at least one instruction to instruct the insurance data processing engine to process the selected criteria data from one or more requesting parties to select from one or more cooperating computing environments data representative of one or more components that would be one or more portions of a future care insurance plan.
"In an illustrative operation, the exemplary insurance data processing engine can receive data of one or more requests for the creation of a customized future care insurance plan. Inclusive in the received data can be one or more selection criteria representative of one or more portions of a future care plan (e.g., future medical care plan for an injured party). Responsive to such request, the exemplary insurance data processing engine can cooperate with other computing environments using the one or more selection criteria to request data representative of one or more components of a future care insurance plan. In the illustrative implementation, the selection criteria can comprise data representative of at least one excess coverage component above and beyond a requested primary coverage component, the limits of the excess and primary coverage operatively defined in the selected criteria data. In the illustrative operation, the exemplary insurance data management processing engine can assemble the received data to generate data representative of a future care insurance plan having the requested components as represented by the selection criteria. Illustratively operatively, the exemplary insurance data processing engine can communicate the data generated of the future care insurance plan to one or more cooperating computing environments for subsequent processing (i.e., so that the future care insurance plan can be tracked under the definition of coverage that may be included in the future care insurance plan).
"The following description and the annexed drawings set forth in detail certain illustrative aspects of the subject matter. These aspects are indicative, however, of but a few of the various ways in which the subject matter can be employed and the claimed subject matter is intended to include all such aspects and their equivalents."
For additional information on this patent application, see: Stauber, Charles E.; Cavalier, Robert M.; Awad, George J. Insurance Data Management Platform. Filed
Keywords for this news article include: Patents, Information Technology, Information and Data Management, Information and Data Processing.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC
Ameritas Life Insurance Corp Separate Account Llvl Files SEC Form 497, Definitive Materials: (Aug. 1, 2017)
Value Group Direct Receives Top Honors at 2017 PIMA Marketing Methods Competition Awards
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News