System for maintaining an escrow account for reimbursing administrators of payments

a payment administrator and escrow account technology, applied in the field of managing claims payment transactions, can solve the problems of time-consuming and difficult process, and achieve the effect of reducing escrow accounts and efficient and accurate methods

US20090254381A1Inactive Publication Date: 2009-10-08ARCH CAPITAL GRP U S
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Patent Information

Authority / Receiving Office
US · United States
Patent Type
Applications(United States)
Current Assignee / Owner
Publication Date
2009-10-08
Estimated Expiration
Not applicable · inactive patent

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Abstract

A loss ledger system to process third party fund requests on a daily basis, track historical requests, process validation on each request, maintain suspense / escrow and loss ledgers, and provide reconciliation assistance for accounting and claims processing departments. Additionally, the loss ledger system provides management reports, interfaces, security, audit and control and data conversion to facilitate minimizing escrowed resources, fraudulent activity and clerical errors.
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Description

CROSS-REFERENCE TO RELATED APPLICATION

[0001] This application claims priority to U.S. Provisional Patent Application No. 60 / 693,272, filed Jun. 22, 2005, which is incorporated herein by reference in its entirety.BACKGROUND OF THE INVENTION

[0002] 1. Field of Invention

[0003] The subject technology relates to managing claims payment transactions involving a third party administrator and a method for gathering, processing, disseminating, reconciling and controlling information relating to these payment transactions as utilized by a company such as a property and casualty insurance company.

[0004] 2. Background of the Related Art

[0005] Most insurance companies pay some of their claims by utilizing outside third party adjusting or administration firms (individually, a “TPA” and collectively, “TPAs”). Typically, the insurance companies must give large escrow or suspense deposits to the TPAs, which are used for paying losses. Historically, TPAs make payment requests in one month and then the loss...

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Embodiment Construction

[0021]The present invention overcomes many of the prior art problems associated with reconciling ledger accounts administrated by TPAs. The advantages, and other features of the system disclosed herein, will become more readily apparent to those having ordinary skill in the art from the following detailed description of certain preferred embodiments taken in conjunction with the drawings which set forth representative embodiments of the present invention.

[0022]Referring now to FIG. 1, there is shown a block diagram of an environment 10 with a loss ledger system embodying and implementing the methodology of the present disclosure. The environment 10 interconnects a company 12 with a plurality of TPAs 14, banks 16, managing general agencies / brokers (individually, an “MGA” or collectively, “MGAs”) 20 and the like via a network 18. In one embodiment, the company 12 is an insurance company that uses TPAs to make payments to qualified subscribers. The company 12 and TPAs 14 work with MGAs...