Systems and methods for comprehensive insurance loss management and loss minimization

Abstract

Embodiments of the present invention are generally related to a system and method for comprehensive management and minimization of insurance loss. In particular, insurance perils and insured assets are monitored, potential perils to insured assets are assessed, possible actions are determined, and selected actions are executed involving actors such as the policyholder, insurance agent, mitigation responder, and insurance appraiser. Particular embodiments address damage mitigation during peril and incident management after peril, to the policyholder and / or insured assets. Particular embodiments address the interaction between re-insurance companies and the aforementioned actors and / or insurance companies or cedants to integrate the information and resources of each respective party to provide more comprehensive and economically efficient loss mitigation.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Patent Application No. 61 / 602,893, entitled “SYSTEMS AND METHODS FOR COMPREHENSIVE INSURANCE LOSS MANAGEMENT AND LOSS MINIMIZATION,” filed on Feb. 24, 2012, the entire contents of which are incorporated herein by reference in its entirety for all purposes.FIELD OF THE INVENTION[0002]Embodiments of the present invention are generally related to a system and method for comprehensive management and minimization of insurance loss. In particular, insurance perils and insured assets are monitored, potential perils to insured assets are assessed, possible actions are determined, and selected actions are executed involving actors such as the policyholder, insurance agent, mitigation responder, and insurance appraiser. Particular embodiments address damage mitigation during peril and incident management after peril, to the policyholder and / or insured assets. Particular embodiments address the...

AI Technical Summary

Benefits of technology

The present invention offers a new way of managing insurance that can save money and improve efficiency. By proactively warning policyholders and providing them with specific actions to take, insurers can prevent insured losses and reduce pay outs. Additionally, insurers can also negotiate better deals with third-party suppliers of goods and services due to more timely notice of significant weather events. The software management architecture and means described in this patent offers an intuitive relational database system that allows for centralized storage and automated communication of a user's information for various purposes such as receiving notifications of the lowest service provider quotes and sending notifications of emergency response. The system also allows for acceptance of such quotes automatically and relevant documentation to be shared with the user for later review.

Problems solved by technology

The management of events and actors involved in insurance loss are traditionally handled through disparate, inefficient client-burdened systems with misaligned interests.

Further, typical outcomes create dissatisfaction among the participants, in particular the insured policyholder, and routinely breed opportunities for insurance fraud.

There is also a lack of a comprehensive solution to address appropriate and commercially reasonable responses to peril between all stakeholders.

Tracy does not provide proactive or real-time management of insurance loss minimization.

Peak provides no comprehensive real-time solution for the management and minimization of insurance loss.

A common challenge with implementing CCM has been to apply it only within limited units or functional areas of a business (e.g. solely in marketing, distribution or claims) rather than comprehensively across all areas of an insurance business enterprise.

As such, resulting improvements have been limited.

Thus, the prior art does not provide a comprehensive management and minimization of insurance loss system in which insurance perils and insured assets are monitored, potential perils to insured assets are assessed, possible actions are determined, and selected actions are executed involving actors such as the policyholder, insurance agent, mitigation responder, and insurance appraiser.

The prior art does not align stakeholder interests, remove or reduce the role of the insured policyholder as the manager of the insurance loss process, and enable efficiencies that reduce costs and fraud.

Further, the prior art does not address damage mitigation during peril, and incident management after peril, to the policyholder and / or insured assets.

Other similar problems can be found not only in other insurance industry fields, e.g. health care, etc., but are also present in other industries, such as the construction industry.

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