“System And Method For Managing Risks And Reducing Costs For Insurance Companies” in Patent Application Approval Process (USPTO 20190188799)

2019 JUL 10 (NewsRx) -- By a News Reporter-Staff News Editor at Technology Business Daily -- A patent application by the inventors Kumar, Yogeshwar (Deoghar, IN); Viswanathan, Arvind (Vadodara, IN); Sriram, Prem Srinivas (Chennai, IN), filed on February 13, 2018, was made available online on June 20, 2019, according to news reporting originating from Washington, D.C., by NewsRx correspondents.

This patent application is assigned to Cognizant Technology Solutions India Pvt. Ltd. (Chennai, India).

The following quote was obtained by the news editors from the background information supplied by the inventors: “Over the years, insurance industry has grown manifolds which has led to emergence of many new insurance companies. Emergence of so many insurance providers has led to an increase in customer acquisition, sales and marketing costs incurred by the insurance providers. Also nowadays, insurance providers are exposed to higher risks and frauds.

“Conventionally, insurance providers employ various systems and methods for managing risks and costs. For example, insurance providers employ insurance agents that sell insurance policies to the customers. Also, the insurance providers conduct various checks and examinations such as background checks, medical examination, surveying and physical examination before issuing insurance policies. However, the existing systems and methods used by the insurance companies suffer from various disadvantages. The costs for customer acquisition, sales and marketing are still quite high. The existing systems and methods are incapable of efficiently reducing risks and risk distribution. Further, the existing systems and methods are unable to easily and seamlessly acquire new customers. Also, the existing systems and methods do not utilize analytics, risk-reward models along with peer-to-peer referrals, gamification and social media profiles for managing risk and reducing costs.

“In light of the above-mentioned disadvantages, there is a need for a system and method for managing risks and reducing costs by grouping trusted insurance customers. Further, there is a need for s system and method that provides an omni-channel platform for customers and insurance providers to collaborate. Furthermore, there is a need for a system and method that leverages social media profiles of existing customers and analytics to identify and acquire new customers and target advertising for focus groups. In addition, there is a need for a system and method that is capable of creating groups of trusted members that inculcates moral binding by using risk-reward model.”

In addition to the background information obtained for this patent application, NewsRx journalists also obtained the inventors’ summary information for this patent application: “A system, computer-implemented method and computer program product for managing risks and reducing costs for insurance companies is provided. The system comprises a customer portal configured to create a profile corresponding to each of one or more customers of one or more insurance companies. The system further comprises a member management module configured to compute an individual score corresponding to each of the one or more customers, associate each of the one or more customers with one or more pre-defined groups of customers, monitor activities of each of the one or more customers and update the computed individual score of each of the one or more customers based on the monitored activities. Furthermore, the system comprises a group management module configured to update a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group. The system also comprises an analytical engine configured to communicate with one or more existing systems to facilitate computing insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.

“In an embodiment of the present invention, the profile corresponding to each of the one or more customers is created by the one or more customers using existing accounts on one or more social media websites. In an embodiment of the present invention, the profile corresponding to each of the one or more customers is created by the one or more customers by providing details comprising primary email address, secondary email address, new password, name, phone number, policy number, address and date of birth. In an embodiment of the present invention, the individual score corresponding to each of the one or more customers is computed based on the created customer profile and one or more parameters. Further, the one or more parameters for computing individual score comprise number of referrals in low, medium and high risk categories, total number of referrals, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments by a customer.

“In an embodiment of the present invention, the one or more customers are associated with one or more pre-defined groups based on one or more criteria comprising demographic factors, type of insurance product and risk profile of customer. In an embodiment of the present invention, the monitored activities of each of the one or more customers comprise number of referrals in low, medium and high risk categories, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments. In an embodiment of the present invention, the system further comprises a social media interface module configured to facilitate the one or more customers to view one or more profiles of possible connections present on one or more social media websites and create one or more trusted groups. The system further comprises a risk profiling module configured to generate a risk score for the one or more profiles of the possible connections present on the one or more social media websites.

“The computer-implemented method for managing risks and reducing costs for insurance companies, via program instructions stored in a memory and executed by a processor, comprises creating a profile corresponding to each of one or more customers of one or more insurance companies. The computer-implemented method further comprises computing an individual score corresponding to each of the one or more customers. Furthermore, the computer-implemented method comprises associating each of the one or more customers with one or more pre-defined groups of customers. The computer-implemented method also comprises monitoring activities of each of the one or more customers. The computer-implemented method further comprises updating the computed individual score of each of the one or more customers based on the monitored activities. Furthermore, the computer-implemented method comprises updating a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group. The computer-implemented method also comprises facilitating one or more existing systems to compute insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.

“The computer program product for managing risks and reducing costs for insurance companies comprising a non-transitory computer-readable medium having computer-readable program code stored thereon, the computer-readable program code comprising instructions that when executed by a processor, cause the processor to create a profile corresponding to each of one or more customers of one or more insurance companies. The processor further configured to compute an individual score corresponding to each of the one or more customers. Furthermore, the processor configured to associate each of the one or more customers with one or more pre-defined groups of customers. The processor also configured to monitor activities of each of the one or more customers. The processor further configured to update the computed individual score of each of the one or more customers based on the monitored activities. Furthermore, the processor configured to update a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group. The processor also configured to facilitate one or more existing systems to compute insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.”

The claims supplied by the inventors are:

“1. A computer-implemented method for managing risks and reducing costs for insurance companies, via program instructions stored in a memory and executed by a processor, the computer-implemented method comprising: creating a profile corresponding to each of one or more customers of one or more insurance companies; computing an individual score corresponding to each of the one or more customers; associating each of the one or more customers with one or more pre-defined groups of customers; monitoring activities of each of the one or more customers; updating the computed individual score of each of the one or more customers based on the monitored activities; updating a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group; and facilitating one or more existing systems to compute insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.

“2. The computer-implemented method of claim 1, wherein the profile corresponding to each of the one or more customers of the one or more insurance companies is created by the one or more customers using existing accounts on one or more social media websites.

“3. The computer-implemented method of claim 1, wherein the profile corresponding to each of the one or more customers of the one or more insurance companies is created by the one or more customers by providing details comprising primary email address, secondary email address, new password, name, phone number, policy number, address and date of birth.

“4. The computer-implemented method of claim 1, wherein the individual score corresponding to each of the one or more customers is computed based on the created customer profile and one or more parameters.

“5. The computer-implemented method of claim 4, wherein the one or more parameters for computing individual score comprise number of referrals in low, medium and high risk categories, total number of referrals, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments by a customer.

“6. The computer-implemented method of claim 1, wherein the one or more customers are associated with one or more pre-defined groups based on one or more criteria comprising demographic factors, type of insurance product and risk profile of customer.

“7. The computer-implemented method of claim 1, wherein the monitored activities of each of the one or more customers comprise number of referrals in low, medium and high risk categories, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments.

“8. The computer-implemented method of claim 1 further comprising the step of facilitating the one or more customers to view one or more profiles of possible connections present on one or more social media websites and create one or more trusted groups.

“9. The computer-implemented method of claim 8 further comprising generating a risk score for the one or more profiles of the possible connections present on the one or more social media websites.

“10. A system for managing risks and reducing costs for insurance companies, the system comprising: a customer portal configured to create a profile corresponding to each of one or more customers of one or more insurance companies; a member management module configured to: compute an individual score corresponding to each of the one or more customers; associate each of the one or more customers with one or more pre-defined groups of customers; monitor activities of each of the one or more customers; and update the computed individual score of each of the one or more customers based on the monitored activities; a group management module configured to update a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group; and an analytical engine configured to communicate with one or more existing systems to facilitate computing insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.

“11. The system of claim 10, wherein the profile corresponding to each of the one or more customers is created by the one or more customers using existing accounts on one or more social media websites.

“12. The system of claim 10, wherein the profile corresponding to each of the one or more customers is created by the one or more customers by providing details comprising primary email address, secondary email address, new password, name, phone number, policy number, address and date of birth.

“13. The system of claim 10, wherein the individual score corresponding to each of the one or more customers is computed based on the created customer profile and one or more parameters.

“14. The system of claim 13, wherein the one or more parameters for computing individual score comprise number of referrals in low, medium and high risk categories, total number of referrals, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments by a customer.

“15. The system of claim 10, wherein the one or more customers are associated with one or more pre-defined groups based on one or more criteria comprising demographic factors, type of insurance product and risk profile of customer.

“16. The system of claim 10, wherein the monitored activities of each of the one or more customers comprise number of referrals in low, medium and high risk categories, frequency of referrals, referral fitment, number of claims, number of frauds, number of reported fraudulent activities and number of policy enrolments.

“17. The system of claim 10 further comprising a social media interface module configured to facilitate the one or more customers to view one or more profiles of possible connections present on one or more social media websites and create one or more trusted groups.

“18. The system of claim 17 further comprising a risk profiling module configured to generate a risk score for the one or more profiles of the possible connections present on the one or more social media websites.

“19. A computer program product for managing risks and reducing costs for insurance companies, the computer program product comprising: a non-transitory computer-readable medium having computer-readable program code stored thereon, the computer-readable program code comprising instructions that when executed by a processor, cause the processor to: create a profile corresponding to each of one or more customers of one or more insurance companies; compute an individual score corresponding to each of the one or more customers; associate each of the one or more customers with one or more pre-defined groups of customers; monitor activities of each of the one or more customers; update the computed individual score of each of the one or more customers based on the monitored activities; update a pre-defined group score based on the monitored activities and the updated individual score of each of the one or more customers associated with the group; and facilitate one or more existing systems to compute insurance premium of each of the one or more customers based on at least one of: the corresponding updated individual score, the updated score of the one or more groups corresponding to each of the one or more customers and the monitored activities of the one or more customers.”

URL and more information on this patent application, see: Kumar, Yogeshwar; Viswanathan, Arvind; Sriram, Prem Srinivas. System And Method For Managing Risks And Reducing Costs For Insurance Companies. Filed February 13, 2018 and posted June 20, 2019. Patent URL: http://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=%2220190188799%22.PGNR.&OS=DN/20190188799&RS=DN/20190188799

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