Systems and methods of inventory management and valuation

Abstract

There is proposed a system and method of inventory management and valuation for an insurance policy holder. The steps of the method are at least partly undertaken by application software for a portable computing device, which provides or at least suggests accurate descriptions, values, and categories of insurable items, while highlighting items with specific limits to ensure full insurance coverage. The system and method may also notify the user of a product recall or maintenance requirement on an identified item.

Description

[0001] SYSTEMS AND METHODS OF INVENTORY MANAGEMENT AND VALUATION

[0002] FIELD OF THE INVENTION

[0003] The present invention relates to systems and methods of inventory management and valuation, and in one aspect relates to providing a software program that utilises artificial intelligence / machine learning to improve the documentation and valuation of insured assets relating to an insurance policy.

[0004] BACKGROUND OF THE INVENTION

[0005] Home and contents insurance accounts for over 25% of the non-life insurance market in Australia. Homeowners with detailed home inventories are more likely to receive higher payouts from the insurers, however many policyholders do not maintain complete or accurate records of their insurable property, which may therefore affect their payout when a claim in made.

[0006] A significant and widespread issue with home and contents policies is underinsurance, which can be due to policyholder ignorance, the number of items insured, and limited insurer resources. One of the major contributors to underinsurance for policyholders is the challenge of establishing and maintaining accurate valuations on their contents. Furthermore, there is the issue with home & contents policies placing limitations or a sublimit on the maximum insurable value for an item and / or category of items. Inaccuracy in the correct valuation and documentation of personal property can have a significant impact on the policyholder when they need to make a claim. These errors occur not only at the time the policy is established, but also throughout the life of the policy, with some policies spanning many years without consistent and regular review.

[0007] Often there is a lack of information provided by the policyholder, wherein they do not provide an up-to-date list of home contents at the time of establishing the policy or forget to update their policy as more items for the home are acquired. Insurers typically require visual evidence of the contents items being insured in a Home & Contents policy, The challenge with this however, is not just photographing everything, but time and date stamping and cataloguing this information properly. Current policy establishment workflows and policy update workflows do not properly allow for these actions. Due to the high prevalence of fraudulent claims, proof of ownership is a consistent challenge in the valuation process. Where an insured item has appreciated in value, policyholders may not want to use a receipt in the valuation process but rather a valuation certificate. This can lead to issues down the track when a claim is being made. If the proper documentation and sequencing of events haven’t taken place, the claim may be deemed fraudulent. This imbalance of information between policyholders and insurers frequently leads to disputes that could otherwise be avoided.

[0008] There are a number of ways that people calculate the value of the contents, including simply making a list of items, taking photos and keeping receipts. However, these methods can be haphazard and inconsistent. There are currently available home and contents insurance calculators, however these suffer from the issues of incomplete information, inaccuracy, lack of visual evidence, proof of ownership, and standard policy limitations. Currently available calculators might not account for the true replacement cost of items, and often use general estimates, which can be lower than the actual cost to replace or repair insured items. The calculators might not include unique or valuable items like antiques, art, or collections, which could be undervalued. Furthermore, the calculators may not account for the impact of inflation on replacement costs over time and might not reflect the local market conditions or the cost of services in a policyholder’s area. Finally, the contents of the home may change over time and the current calculator are not configured to be updated over time. This requires a policyholder to undertake the whole process again if they want an up-to-date valuation.

[0009] The reader should appreciate that although the invention will be descripted with particular reference to home and contents insurance policies, the invention can be used in relation to inventory management and valuation for business assets, sporting clubs, vehicles or other insurable items.

[0010] It should be appreciated that any discussion of the prior art throughout the specification is included solely for the purpose of providing a context for the present invention and should in no way be considered as an admission that such prior art was widely known or formed part of the common general knowledge in the field as it existed before the priority date of the application. SUMMARY OF THE INVENTION

[0011] It is an object of the present invention, to provide systems and methods that addresses one or more of the problems outlined above associated with the inventory management and valuation systems, or at least provide the public with a useful alternative. The foregoing objects should not necessarily be considered as cumulative and various aspects of the invention may fulfil one or more of the above objects.

[0012] In one aspect there is provided a software solution that guides a policyholder through the home to value and document home contents, and prompting them intermittently to update their home inventory.

[0013] The invention could broadly be considered to relate to an application software for a portable computing device that provides or at least suggests accurate descriptions, values, and categories of insurable items, while highlighting items with specific limits to ensure full insurance coverage.

[0014] The portable computing device may be a mobile phone, tablet or other form of computing device. Preferably, the portable computing device includes a camera or image input. An app or mobile application is downloaded onto the portable computing device for use by the user. The reader will appreciate that the terms ‘app’, ‘mobile application’, ‘application software’, ‘software’ may be used interchangeably throughout the specification. The term ‘user’ and ‘policyholder’ and their plural, can also be used interchangeably throughout the specification.

[0015] In one aspect of the invention, but not necessarily the broadest or only aspect, there is proposed a system and method of inventory management and valuation, including: providing an application software for a portable computing device of a user; interrogating an image on or available to the portable computing device to identify an item or items therein; categorizing the item or items; suggesting name, details and value of each item identified in the image; verifying details, wherein the user is able to modify or accept the suggested name, details and value; providing a rating, wherein the more information provided about each item the higher the rating that that item; notifying user of policy limitations and where the item exceeds or may exceed a policy limitation; and storing the data relating to the item, wherein a user is able to access and / or update the details when required.

[0016] In one form artificial intelligence is utilised by the application software to interrogating the image.

[0017] The system may include the step of notifying the user of a recall relating to an identified item. The recall notification may include safety or risk information relating to the item.

[0018] The system may include the step of notifying the user of a maintenance requirement or alert for an identified item.

[0019] The system uses an artificial intelligence (Al) model that values consumer assets for insurance purposes. The Al model is designed to value consumer assets accurately to ensure insurance coverage. The artificial intelligence software is used to scan images of the items captured by a camera or a digital image, to thereby suggest names, values, descriptions, and categories, while flagging potential policy limitations.

[0020] The application software records the user’s geographical location and other household information to determine an average household content value for the location, which is compared to the documented value for accuracy.

[0021] The user can add items by photographing or scanning, with the Al identifying and confirming the items before adding them to a user dashboard. The dashboard displays an inventory, total value, number of items, and main categories. The app highlights items exceeding category limits, set by the insurance company, for user action or acknowledgment. The user can add product details, such as but not limited to, product name, brand, year of manufacture, model number. The user can also scan item barcodes to accurately identify the item.

[0022] The system therefore provides enhanced consumer protection and satisfaction by accurately documenting and recording home contents using advanced image recognition Al models. The inventory management personal dataset of the system can be accessed by a user at any time for review or so that it can be updated when items are disposed of or acquired.

[0023] In one form, the system assists in the storage and categorisation of documents relating to each item of value. This may include storage of receipts, authentication documentation, valuation documents and proof of purchase.

[0024] The system preferably highlights insurance limitations and when a particular limit has been exceeded or may be exceeded. The reader will appreciate that standard insurance policies have limitation for items, and these can be uploaded by the system to determine user relevant claim limits. Accordingly, the system can notify the user as to items in each category that may be valued too high to be fully covered by standard insurance policies, so that they can take appropriate action.

[0025] In one form, the insurance limitations of the system may be preset wherein an industry average is used for relevant items. For instance, a jewellery limitation of $1 ,500 may be set per item, wherein if the value exceeds this limit for a single jewellery item the user is notified. The insurance limitations may also be determined or defined by a specific insurance policy which is held by the user. In this way, the insurance limitations may be tailored to the user’s specific insurance policy and relevant limitations. The system may also include the function of updating or modifying the insurance limitations over time, if the insurance limitations of the insurer changes or the circumstances of the policyholder changes.

[0026] The rating of items helps to ensure a smoother and faster claims process. In one form a 1-to-5-star scheme is used wherein a higher star rating will assist in expediting the claims process, since more information and documentation are available to the insurer’s assessor.

[0027] In one example, to obtain ONE star the app only requires a picture of item. To obtain TWO stars a user would input the item’s price and / or item description. For the full FIVE stars the user could enter the serial number of the product, authentication documentation, valuation documents proof of purchase, at least three photos highlighting the item, item’s condition and / or any other specific features. The system assists insurers and policyholders (user) to quickly establish the insurable value of the policy upfront and also maintain accurate valuations over the lifetime of the policy.

[0028] In one form, the system is configured to send out reminders regarding policy terms, updating of records and any policy changes. Multi-channel communication may be used to send out the reminders and to keep policyholders (user) informed, such as but not limited to, email, SMS, phone call, app notification, and online portals.

[0029] The system may include various security and compliance features, including but not limited to data verification, encryption and access control. The encryption of all data may be undertaken using industry-standard protocols, such as, but not limited to, AES, SHA, RSA. Access controls are implemented to ensure that only authorized personnel can access sensitive information.

[0030] The system may include mobile and web components. The app may offer a secure, user-friendly interface for inventory management and valuation. The system may allow offline access to data, with data synchronization when online.

[0031] Artificial intelligence (Al), machine learning (ML) and / or large language models (LLM) may be utilised by the system to interrogate the image of an item.

[0032] The present invention may also use algorithms to translate in real time speech to text.

[0033] The management inventory system may comprise the automatic population of predetermined fields, with verification of the data by a user or insurer.

[0034] The system and method of the present invention may include pre-loss documentation. In this way the platforms of the present invention can be used by households to log, categorise, and value their possessions before loss occurs.

[0035] The system and method of the present invention may include policy health check capability, wherein the system and method of the present invention compare a household's documented digital assets against their policy product disclosure statement (PDS), highlighting cover gaps and underinsurance in real time. The system and method of the present invention may include consumer communication records, which comprise all communication with the insurer from the consumer's perspective recording data transfers, responses, and outcomes in one place giving policyholders a complete record in the event of a dispute.

[0036] The system and method of the present invention may provide a digital record of ownership, wherein accurate, verifiable, timestamped records are linked directly to policy limits.

[0037] The item or items may include a vehicle, or parts thereof, or any other insurable item. The system and method of the present invention may also be used to identify items to be conveyed by a user and covered by a travel insurance policy.

[0038] The system and method of the present invention may include a recall function that notifies a user of a product recall which has issued with respect to a particular identified item. This assists in reducing personal and property risk in relation to faulty goods. The system and method of the present invention may utilise the records of government agencies, manufactures or other organisations relating to relevant product recall details.

[0039] The system and method of the present invention may include a maintenance function that notifies a user of a product maintenance requirement in relation to a particular identified item. This may include, for instance, replacement of flexible hoses for washing machines, replacement of batteries for emergency systems, etc.

[0040] In another aspect of the invention there is proposed a method of inventory management and valuation, including the steps of: providing an app that can be installed on an user’s device; accessing the user’s location and work premises / household information, using a sum insured calculator to quickly determine an average work premises / household content value for work premises / household in the area, which is then compared to the documented value in the app for accuracy; directing a user to the personalised home dashboard, which displays an inventory of items, total value, number of items added, and main categories; the user adds items by photographing or scanning them. Items are identified, confirmed by the user, and added to the dashboard along with documentation such as receipts and additional photos; and if an item’s value exceeds a category limit set by the insurance company, the app highlights the item or category for user to action or acknowledgment.

[0041] In one form, the method steps are contained within a software program and more preferably a mobile software or app, which utilises artificial intelligence / machine learning / LLM. In another aspect of the invention there is proposed multiple software program for implementing the various steps of the above method and systems.

[0042] The software program may be implemented as one or more modules for undertaking the steps of the present invention on a computer system.

[0043] Communication between the components or modules used in relation to the system or method may be by way of long-range or short-range networks, such as but not limited to low power radio network, microwave data links, 4G / 5G telecommunications networks, BLUETOOTH®, BLUETOOTH® Low Energy (BLE), Wi-Fi, LoRa™, NB-IOT, Ethernet, Fibre channel (FC), other types of wired or wireless network, or be connectable to a device that utilises such network / s.

[0044] Some of the components of the system may be connected by way of a communication device such as, but not limited to, a modem communication path, a computer network such as a local area network (LAN), Internet (WAN), or fixed cables.

[0045] Some aspects of the system may communicate in real time via aforementioned systems for processing of one or more modules at one or more physical location / s while user is interacting with one or more module / s at other physical location / s. The apparatus may utilise cloud servers and may include embedded software or firmware with corresponding hardware that is designed to perform one or more dedicated functions of the present invention.

[0046] The designated software program may be stored in a computer readable medium such as electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, system, device, propagation medium, or computer memory. The relevant application software may be stored on a storage device such as a hard drive, solid state drive, a magneto-optical disk drive, CD-ROM, integrated circuit, a radio or infra-red transmission channel between the computer and another device, a computer readable card such as a PCMCIA card, a flash drive or any other of the number of non-volatile storage devices as either standalone devices or as part of a dedicated storage network such as storage area network (SAN).

[0047] The system described herein may include hardware coupled to a microprocessor, microcontroller, System on Chip ("SoC"), or any other programmable device. The foregoing is merely exemplary of relevant computer readable mediums and other computer readable mediums may be practiced without departing from the scope of the invention.

[0048] BRIEF DESCRIPTION OF THE DRAWINGS

[0049] The accompanying drawings, which are incorporated in and constitute a part of this specification, illustrate an implementation of the invention and, together with the description and claims, serve to explain the advantages and principles of the invention. In the drawings,

[0050] Figure 1 is a schematic of one embodiment of the inventory management and valuation system of the present invention;

[0051] Figure 2 is a flow chart illustrating some of the steps of the inventory management and valuation system of Figure 1 ;

[0052] Figure 3 is a screenshot of a display of a mobile phone illustrating one embodiment of the Personal Dataset with Contents of the inventory management and valuation system;

[0053] Figure 4 is a screenshot of the display of a mobile phone illustrating the capturing of an image of an item;

[0054] Figure 5 is a screenshot of the display of a mobile phone illustrating the data set relating to the item of Figure 4;

[0055] Figure 6 is a screenshot of the display of a mobile phone illustrating the preset categories;

[0056] Figure 7 is a screenshot of the display of a mobile phone illustrating an alert where the value of an item exceeds an insurance policy limitation;

[0057] Figure 8 is a screenshot of the display of a mobile phone illustrating one embodiment of the rating system; and

[0058] Figure 9 is a flow chart illustrating some of the steps of the inventory management and valuation system of the present invention, wherein a user is notified of a maintenance recommendation or alert / recall relating to the item identified. DETAILED DESCRIPTION OF THE ILLUSTRATED AND EXEMPLIFIED

[0059] EMBODIMENTS

[0060] Similar reference characters indicate corresponding parts throughout the drawings. Dimensions of certain parts shown in the drawings may have been modified and / or exaggerated for the purposes of clarity or illustration.

[0061] Referring to the drawings for a more detailed description, there is illustrated a systems and methods of inventory management and valuation 10, demonstrating by way of examples, arrangements in which the principles of the present invention may be employed.

[0062] Turning to Figure 1 , there is illustrated a system of inventory management and valuation comprising application software 12 that is installed on a portable computing device, in the present embodiment being a mobile phone 14. The user 16 utilising the camera of the mobile phone 14 to take images (being either a photographs or video / s) of personal property which is covered by a user’s insurance policy. The personal property, may be personal electronic devices, such as a smart watch 18, jewellery 20, household electronic equipment such as a TV 22, furniture 24, or other insurable items. The reader will appreciate that although the invention is discussed with respect to household contents, the system could be used in relation to vehicles or business premises or stock inventory.

[0063] The application software 12 then utilises artificial intelligence to interrogate each image to identify the item, categorise the item and suggest a name, details and value of the item identified in the image. The user can then utilise the interface Ul of the mobile phone 14 in verifying the details, make changes and / or input additional information.

[0064] The data is stored on the memory of the mobile phone 14 and in remote storage 26 accessible by way of conventional communication means 28 (such as a telecommunication or other wireless network). The system 10 allows for offline access to the data, with data synchronization when online.

[0065] Figure 2 illustrates a generalised flowchart showing the steps of one embodiment of the invention. The reader should appreciate that the flowchart is for illustration purposes only and the system is not limited to the specific steps, and the system may include additional or alternate steps. Once a user 16 has installed the application software 12 on their mobile phone 14, they use the Ul to create a profile 30. The details of the property are then entered 32, wherein the system estimates the property value 34. The user 16 then utilises 36 the application software 12 on the mobile phone 14 by taking photos of items 38 and / or manually entering data. The application software 12 utilises Al to interrogate the photos of items 38 or input data to categories the items, suggest name / details and a value 42. The Ul can then be used to verify data and / or enter additional information 40.

[0066] The application software 12 alters the user 16 to situations where an insurance limitation has been reached 44. Furthermore, the application software 12 provides a rating for each item 46, wherein the user 16 is prompted to take additional photos 38 or add additional information 40 to improve the rating.

[0067] The data is stored 48 on the memory of the mobile phone 14 and in remote storage 26, wherein the data can be accessed when a claim is made 50. This enhances claim processing, by streamlining the process and providing documentation for the insurer to assess the claim.

[0068] Figure 3, illustrates the personal dataset with contents 52 displayed on a mobile phone 14 of a user in the present example being the Furniture category 54. Each item includes a title 56, a photo 58, an estimated value 60, and a star rating 62. Where the listed item has sufficient evidence, for instance receipts, authentication documentation, valuation documents or proof of purchase, a full 5-star rating is given and the item data is verified 64. Where an item has insufficient details, the record can be edited 66, to add the required information or evidence of ownership / value.

[0069] In use, as illustrated in Figures 4 and 5, the user utilises the camera of the mobile phone 14 to capture the image 58 of an article, in the present example being a coffee machine 68. The application software 12 utilises Al to interrogate the image and categorises 70 the item, in the present case into the category Appliances. The application software 12 then suggests an appropriate name 72, value 74, description 76 and purchase date 78. Each of the fields are accepted by the user and then populated into the item card or record, as illustrated in Figure 5.

[0070] Figure 6 illustrates the preset categories 80 to 90 of the present embodiment, along with a total value of household contents 92. The reader will appreciate that other categories could be used and / or the categorise may be modified by the user. As illustrated in Figure 7, the system 10 includes an alert function 94 which is activated when the value of an item exceeds an insurance policy limitation.

[0071] The system 10 also includes an item specific rating 96, as illustrated in Figure 8 wherein a higher star rating will allow for a smoother and faster insurance claim processing, since more information and documentation are available to the insurer. In one example, as illustrated in Figure 8, the inclusion of a photo of the item will result in a single star 98. To obtain two stars 100, item price and / or item description would need to be included. For the full five stars 102, additional information would be required, such as but not limited to, serial number of the product, authentication documentation, valuation documents, proof of purchase, at least three photos highlighting the item, item’s condition and / or any other specific features. Once a 5- star rating is reached for a specific item the data is marked as verified 64, since all the necessary documentation that an insurer would require to make a determination on an insurance claim has been included.

[0072] Figure 9 illustrates one embodiment of the steps of the present invention relating to a user being notified of an alert / recall or maintenance recommendation with respect to the identified item. As previously discussed, the user takes a photo of the item 38, and the item is then identified 110, which may include the step of identifying product unique identifiers (barcode or product number). The system 10 then utilises a maintenance database 112 and / or an alert / recall database 114 to determine notifications to be presented to the user 116, in relation to an identified item.

[0073] The maintenance database 112 may comprise typical maintenance suggestions for relevant products, for instance replacement of flexible hoses on washing machines or dishwashes after a predetermined period of time. As the skilled addressee will appreciate, the failure to undertake such maintenance is often a root cause of insurance claims and such automatic reminders will assist a user in avoiding the occurrence of such accidents. This will also benefit the insurance company due to a reduction in the number of such claims.

[0074] The alert / recall database 114 may include officially recorded product recalls, for instance from the past 10 years, that are used to identified products which may be faulty or pose a risk, such as a fire hazard. The product recall details may be obtained for a range of country specific government databases, company recall databases, and non-government / consumer support agencies.

[0075] A product specific notification is then presented to the user 116 to make them aware of a maintenance action that is recommended to be taken or a recall / alert that has issued with respect to the item. The user can then take necessary action 118 or choose to ignore the action notification 120.

[0076] In the present embodiment, the insurance company is notified of the action taken by the user 122, which can be used to modify the user’s insurance policy 124. For instance, if a recommended maintenance step is taken, i.e. a flexible hose is replaced, or a product that is the subject of a recall is removed from the home, i.e. a faulty product that may pose a fire risk, the user’s policy premiums many be reduced, since the risk of water damage or fire have been decreased by the actions of the user. It should however be appreciated that the step of notifying the insurance company is not essential and a user may choose to keep such information confidential.

[0077] The present invention in one aspect could be considered to integrate a set of functionalities that form a method-based system, focused on aligning digital asset documentation with insurance coverage and insurance claim preparedness.

[0078] The system of the present invention may include the following features:

[0079] Digital Asset Records Linked to Insurance Structure

[0080] In one embodiment the Digital Asset Records Linked to Insurance Structure, comprises:

[0081] • Creates structured item records where each asset is: o Categorised according to insurance terminology. o Assigned a description, value estimate, and visual documentation. o Associated with uploaded receipts or certificates where available.

[0082] • The system automatically compares each item’s value against: o The applicable category limit. o Any per-item limitation in the policy.

[0083] • Items that exceed limits are clearly flagged for users to: o Update the item as a specified item in their insurance policy. o Recognise items that cannot be insured under their current policy. In another embodiment the Digital Asset Records Linked to Insurance

[0084] Structure, comprises:

[0085] Creates structured item records where each asset is:

[0086] • Categorised according to insurance terminology.

[0087] • Assigned a description, value estimate, and visual documentation.

[0088] • Associated with uploaded receipts or certificates where available.

[0089] The system automatically compares each item’s value against:

[0090] • The applicable category limit.

[0091] • Any per-item limitation in the policy.

[0092] • Items that exceed limits are clearly flagged for users to: o Update the item as a specified item in their insurance policy. o Recognise items that cannot be insured under their current policy.

[0093] Star Rating System for Documentation Quality

[0094] • Each digital asset record is assigned a star rating based on the strength of its supporting evidence.

[0095] • One star may be awarded for basic photo capture of the item.

[0096] • Additional stars are earned for item description and / or price details, verified identifiers (serial number, authentication, proof of purchase), and multiple supporting photos.

[0097] • A higher star rating signifies stronger evidence, enabling smoother and faster claims processing.

[0098] • Ratings update dynamically as users add new documentation or supporting files.

[0099] Smart Insurance Health Check

[0100] • Analyses the customer’s Product Disclosure Statement (PDS) and Certificate of Insurance to extract: o Policy-wide sum insured limits. o Category-specific sublimits (such as jewellery, electronics, artworks). o Per-item limits. o Requirements for specified items or exclusions.

[0101] Identification of Documentation Gaps

[0102] • Highlights high-value items that lack sufficient supporting documentation, such as: o Purchase receipts. o Valuation certificates. o Images or serial numbers. • Prompts users to: o Add supporting files. o Take additional photos or videos. o Consider specifying the item with their insurer.

[0103] Ongoing Policy Fit Assessment

[0104] • Whenever the user updates their insurance policy, adds new assets, or changes existing records, the system: o Reassesses risk exposure and coverage gaps. o Notifies the user of newly arising underinsurance or documentation risks. o Flags items as not insured, needing to be specified, or fully covered.

[0105] The system of the present invention may include Policy Health Check

[0106] Features, which may comprise:

[0107] Manual Data Upload

[0108] • Users select a PDS from a list.

[0109] • Backend: Data entry interface for policy limits, sublimits, per-item limits, exclusions.

[0110] • Users upload insurance certificates.

[0111] Category Limit - Per Item Limit Engine

[0112] • Compares recorded assets and their values against: o Policy sum insured. o Category-specific sublimits. o Per-item limits.

[0113] • Flags breaches for: o “Item must be specified with insurer.” o “This item is not insurable under current policy.”

[0114] Ongoing Policy Fit & Alerts

[0115] • Change detection triggers initiated when: o Assets are added / deleted. Uploaded policy changes.

[0116] • Immediate underinsurance flagging.

[0117] • Ongoing tracking of asset coverage status: Fully insured, needs specification, not covered.

[0118] Policy Health Check Feature

[0119] In another embodiment the Policy Health Check Feature may comprise:

[0120] Analyses the customer’s Product Disclosure Statement (PDS) and Certificate of

[0121] Insurance to extract:

[0122] • Policy-wide sum insured limits. • Category-specific sublimits (such as jewellery, electronics, artworks).

[0123] • Per-item limits.

[0124] • Requirements for specified items or exclusion

[0125] Identification of Documentation Gaps

[0126] • Highlights high-value items that lack sufficient supporting documentation, such as purchase receipts, valuation certificates, images, or serial numbers.

[0127] • Prompts users to add supporting files, take additional photos or videos, or consider specifying the item with their insurer

[0128] Ongoing Policy Fit Assessment

[0129] • Whenever the user updates their insurance policy, adds new assets, or changes existing records, the system reassesses risk exposure and coverage gaps.

[0130] • Notifies the user of newly arising underinsurance or documentation risks.

[0131] • Flags items as not insured, needing to be specified, or fully covered.

[0132] Policy Summary Dashboard

[0133] • Displays insurer details, policyholder information, and coverage period.

[0134] • Provides a quick overview of total coverage amounts.

[0135] • Summarises inclusions such as fire, flood, accidental damage, and theft.

[0136] Inventory vs Coverage Analysis

[0137] • Allows users to upload or input their total home inventory.

[0138] • Compares inventory values to total policy coverage.

[0139] • Identifies underinsurance, overinsurance, or exact match coverage.

[0140] Gap and High-Risk Item Detection

[0141] • Flags excluded items such as aircraft, animals, drones, or uncut gems.

[0142] • Highlights categories nearing sublimits.

[0143] • Alerts for high-value items requiring specification or add-ons.

[0144] Category Mapping Engine

[0145] • Maps user’s item categories (e.g., electronics, furniture, tools) against insurer’s policy categories.

[0146] • Cross-references the categories of the system with PDS-defined categories.

[0147] • Surfaces per-category rules for niche areas like collections, firearms, carpets, or digital media.

[0148] Insurer-Specific Policy Integration

[0149] • Supports ingestion of PDS / KFS from multiple insurers (e.g., NRMA, Qantas, Honey Insurance, QBE).

[0150] • Normalises insurer-specific structures for comparison. Portable & Location-Aware Coverage Checks

[0151] • Detects whether portable valuables coverage is included.

[0152] • Flag items often carried outside the home if not covered.

[0153] • Cross-checks shed / outdoor item storage against “in the open air” caps. Proof-of-Ownership Kit

[0154] • Prompts users to upload receipts, serial numbers, or valuations.

[0155] • Generates a claim-ready evidence pack for each item or category. Renter and Host Flows

[0156] • Provides renter-specific guidance that landlord insurance does not cover personal contents.

[0157] • Flags exclusions for short-stay or host scenarios, recommending specialist cover.

[0158] Flood, Storm, and Accidental Damage Language Checks

[0159] • Detects if flood is excluded or ambiguous in policy wording.

[0160] • Differentiates between flood, storm, and storm-surge coverage.

[0161] • Identifies when accidental damage is an optional add-on.

[0162] System Features

[0163] • Manual Data Upload o Users select a PDS from a list. o Backend: Data entry interface for policy limits, sublimits, per-item limits, exclusions. o Users upload insurance certificates.

[0164] • Category Limit - Per Item Limit Engine o Compares recorded assets and their values against policy sum insured, category-specific sublimits, and per-item limits. o Flags breaches for: “Item must be specified with insurer” and “This item is not insurable under current policy.”

[0165] • Ongoing Policy Fit & Alerts o Change detection triggers initiated when assets are added / deleted or uploaded policy changes occur. o Provides immediate underinsurance flagging. o Ongoing tracking of asset coverage status: Fully insured, needs specification, not covered.

[0166] Success Metrics & Behaviour Tracking

[0167] • Logs breach rates, specified item counts, and updated sum insured values.

[0168] • Tracks proof-of-ownership uploads and user follow-up actions. The system of the present invention may include Insurance Claims Process

[0169] System Functions, comprising:

[0170] Claim Record Creation

[0171] • Initiates a new claim record in the database with a unique claim ID.

[0172] • Drafts saved with full retention.

[0173] Asset Selection

[0174] • Displays asset records for user to select claim items.

[0175] • Retrieves metadata, valuation, and documents.

[0176] Multi-Asset Selection & Claim Linking

[0177] • Multiple assets linked to a single claim ID.

[0178] • Associations stored in relational tables.

[0179] Claim Validation Engine

[0180] • Runs rule-based checks on selected assets against: o Uploaded insurance certificate and PDS. o Policy-wide sum insured. o Category / item-specific limits. o Documentation requirements.

[0181] • Flags assets that fail requirements.

[0182] Metadata Compilation

[0183] • Bundles all asset-related metadata into insurer-ready packages: o Images + EXIF / LiDAR metadata. o OCR serial numbers or identifiers. o Receipts, certificates, valuations.

[0184] Audit Logging

[0185] • Immutable logs of all actions, timestamps, and user IDs for disputes / compliance.

[0186] Insurer Select & Integration

[0187] • User selects insurer to proceed with API handoff or manual export.

[0188] Proof of Event Loss

[0189] • Requires photographic evidence + event description.

[0190] • Upload of police event number required for theft / loss cases.

[0191] • Enables insurer cross-referencing with law enforcement.

[0192] Submission Processing

[0193] • Denial / approval reasons provided.

[0194] • Claim locked after submission.

[0195] • Stored for future reference. In another embodiment the Claim and Replacement System of the present invention, may comprise:

[0196] Claim Record Creation

[0197] • Initiates a new claim record in the database with a unique claim ID.

[0198] • Drafts saved with full retention for continuity.

[0199] Asset Selection & Linking

[0200] • Displays documented asset records for user to select claim items.

[0201] • Retrieves metadata, valuations, and documents.

[0202] • Allows multiple assets to be linked to a single claim ID.

[0203] • Associations stored in relational tables.

[0204] Claim Fit Assist (Pre-Check Engine)

[0205] • Tests selected claim items against insurer-specific limits, exclusions, and the uploaded certificate of insurance.

[0206] • Flags coverage gaps before filing to prevent avoidable rejections.

[0207] • Uses feedback loops to refine Fit Scores over time based on past claim outcomes.

[0208] • Operates on consent-based principles with minimal data sharing.

[0209] Claim Validation Engine

[0210] • Runs rule-based checks on selected assets against: o Insurance certificate and PDS. o Policy-wide sum insured. o Category / item-specific limits. o Documentation requirements.

[0211] • Flags assets that fail requirements

[0212] Claims Evidence Helper

[0213] • Provides event-specific capture flows for theft, fire, water, and other perils.

[0214] • Prompts users on what to photograph and what not to disturb.

[0215] • Records timelines of capture, with user ability to select affected items at the time of event.

[0216] • Validates photo evidence for geotag and time consistency.

[0217] • Warns if evidence quality is weak

[0218] Metadata Compilation

[0219] • Bundles all asset-related metadata into insurer-ready packages including: o Images with EXIF / LiDAR metadata. o OCR-extracted serial numbers or identifiers. o Receipts, certificates, valuations. • Auto-builds insurer-specific evidence packs, referenced by claim ID and asset ID.

[0220] Proof of Event Loss

[0221] • Requires photographic evidence and event description.

[0222] • Enables upload of police event numbers for theft / loss cases.

[0223] • Supports insurer cross-referencing with law enforcement.

[0224] Data Quality Score

[0225] • Per item and per uploaded certificate: rates completeness (photos, receipts, serials, valuations).

[0226] • Provides an evidentiary strength score.

[0227] • Drives targeted prompts to improve claim-readiness.

[0228] Audit Logging

[0229] • Immutable logs of all user actions, timestamps, and user IDs.

[0230] • Records all exchanges across claims, insurer approvals, and fulfilments.

[0231] • Provides a defensible trail for disputes and compliance

[0232] Insurer Select & Integration

[0233] • User selects insurer to proceed with API handoff or manual export.

[0234] • Optional read-only share links (with expiry) for brokers / insurers to view inventory and documents.

[0235] • Optional API payloads aligned with insurer / broker data systems to reduce manual processing.

[0236] Submission Processing

[0237] • Claim submission produces approval or denial reasons.

[0238] • Claim records locked after submission.

[0239] • Stored for future reference and dispute resolution.

[0240] Claim Status & Notification Engine

[0241] • Provides API-driven updates: submitted, in review, approved, declined, in process.

[0242] • Notifies users of claim progress, approvals, fulfilments, and payouts.

[0243] Claim Approval Data Handling

[0244] • Receives structured approval data from insurers including claim ID, asset IDs, and settlement options.

[0245] • Links approvals back to claim records and asset IDs.

[0246] User Settlement Interface

[0247] • Captures user choice of cash vs replacement settlement.

[0248] • Linked back to insurer authorization. Retail Fulfilment & Cash Payout

[0249] • For replacement: validated order sent to partner retail APIs.

[0250] • For cash: payout request transmitted to insurer.

[0251] • Linked to insurer authorization workflows.

[0252] Post-Claim Data Sync

[0253] • Finalised claim data synced back into insurer systems.

[0254] • Updates asset statuses within the user’s inventory (e.g., replaced, written off, paid out).

[0255] The Replacement Process Functions of the present invention may include:

[0256] Claim Status

[0257] • API updates user with statuses: submitted, in process, approved.

[0258] Claim Approval Data Handling

[0259] • Receives structured approval data including: claim ID, asset IDs, settlement options.

[0260] User Settlement Interface

[0261] • Captures user choice of cash / replacement.

[0262] • Linked back to insurer approval and asset ID.

[0263] Retail Fulfilment

[0264] • Replacement: validated order sent to partner API.

[0265] • Cash: payout request sent to insurer.

[0266] • Linked to insurer authorization.

[0267] Notification Engine

[0268] • Status updates sent: claim progress, approval, fulfilment, payout.

[0269] Audit Logging

[0270] • Records all exchanges for compliance.

[0271] • Links claims, insurer approvals, and fulfilments.

[0272] Post-Claim Data Sync

[0273] • Finalised claim data synced to insurer system.

[0274] The system and method of the present invention may include the additional features:

[0275] Theft Database Integration

[0276] Once a user has documented their valuables, each item becomes a timestamped, verified, and geolocated asset. In the event of theft, these records extend beyond insurance claims: • Stolen items can be instantly flagged and transmitted to police databases with validated event numbers and full item history.

[0277] • Insurers gain assurance that theft events are legitimate and reported, with metadata packaged for smoother claims processing.

[0278] In another embodiment the Theft Database Integration may comprise:

[0279] Item Registration and Verification

[0280] • Once a user has documented their valuables, each item becomes a timestamped, verified, and geolocated asset.

[0281] • Supports any item with unique identifiers (e.g., IMEIs / serials for electronics, engravings for jewellery, hallmarks for watches, certification numbers for art).

[0282] Stolen Item Reporting Flow

[0283] • Enables one-tap registration of stolen items when a user marks an item as stolen.

[0284] • Entire flow occurs in-app; the user consents, selects the item, and MyVal transmits identifiers and metadata to the theft database system.

[0285] • Does not require a police event number for initial submission, but can incorporate validated event numbers if provided.

[0286] Integration with Recipero Network (Immobilise, NMPR, CheckMEND)

[0287] • NMPR: Police see the stolen flag during checks.

[0288] • CheckMEND: Traders and second-hand stores receive warnings on attempted buy / resell.

[0289] • Immobilise: Public and owner-facing registration hub for stolen goods.

[0290] Metadata Propagation and Audit Trail

[0291] • Stolen item details propagate across connected databases for visibility by law enforcement, insurers, and traders.

[0292] • Preserves an audit trail with timestamps, identifiers, and Recipero references stored in-app.

[0293] • Can be extended to receive event notifications such as police recovery or trader queries.

[0294] Claims Integration

[0295] • Automatically bundles theft-database registration (timestamp + reference) into the insurer-ready claim package.

[0296] • Provides evidence of good faith reporting to accelerate claim acceptance.

[0297] • Insurers gain assurance that theft events are legitimate and reported, with full metadata packaged for smoother processing. Law Enforcement Connectivity

[0298] • Stolen items can be flagged and transmitted to police databases where validated event numbers exist.

[0299] • Provides a bridge between consumer reporting and formal police records. Consumer and Market Protection

[0300] • Prevents resale of stolen goods by warning second-hand markets.

[0301] • Strengthens trust between insurers, law enforcement, and consumers by ensuring accurate theft records extend beyond claims.

[0302] Chain of Custody

[0303] The present invention tracks provenance and ownership changes of valuables, enabling secure record transfers when users sell, gift, or bequeath items. Some applications include:

[0304] • Estate management and wills.

[0305] • Art, jewellery, and collectible provenance tracking.

[0306] • Audit trails for luxury resales.

[0307] • Proof of uninterrupted ownership in long-term insurance policies.

[0308] Chain of Custody & Shared Ownership

[0309] • Tracks provenance and ownership changes of valuables, enabling secure record transfers when users sell, gift, or bequeath items.

[0310] • Applications include estate management, wills, art and jewellery provenance, luxury resale audit trails, and proof of uninterrupted ownership for long-term insurance policies.

[0311] • Supports multiple owners / roles (e.g., family members, housemates, business partners) with per-item permissions and transfer logs.

[0312] • Distinguishes who documented which items, ensuring accountability and traceability.

[0313] • Links to related modules such as travel documentation, commercial integration, and chain of custody.

[0314] Business I Commercial Integration

[0315] • Extends coverage to small businesses insuring tools, equipment, or stock.

[0316] • Tracks equipment usage, geolocation, and employee assignments.

[0317] • Integrates invoices and receipts with asset records.

[0318] • Simplifies property and business interruption claims by linking commercial asset data with policies. Proactive Region Warning & Maintenance Alerts

[0319] • Uses postcode data combined with hazard overlays (e.g., flood zones, crime rates) to warn users of uncovered risks.

[0320] • Sources data from Geoscience Australia, SES, Bureau of Meteorology, and insurer PDS databases.

[0321] • Educates users and nudges them toward risk-matched policies.

[0322] • Escalates into maintenance alerts during active hazards: o Storm warnings — > secure outdoor items, clear gutters. o Bushfire warnings — > smoke-alarm checks.

[0323] • Provides prevention-first household maintenance nudges: o Fire: test smoke alarms monthly, vacuum every 6 months, replace batteries annually, replace alarms every 10 years. o Water: inspect and replace flexi hoses every 5-10 years.

[0324] • Notes that burst flexi hoses account for -1 / 10 of water-damage claims (e.g., Suncorp data).

[0325] Documentation Coach & Guided Photo Capture

[0326] • Highlights documentation gaps, formatting them into short guided checklists (e.g., exact photo angles, serial-number locations, hallmarks).

[0327] • Provides in-app camera flows that enforce sharpness, framing, and macro capture. o Prompts users: “step further away,” “zoom in,” “capture the serial number.”

[0328] • Stores EXIF and optional depth metadata for verification.

[0329] • Links captured evidence directly to digital asset records and claim evidence packs.

[0330] Automated Documentation Integration

[0331] • Opt-in Email / lnbox Sweep: o Optional scan of user-provided inbox (e.g., Gmail). o Auto-links invoices / receipts to items with strict consent and scope controls. o Auto-fills receipt metadata to corresponding digital asset records.

[0332] • Theft Deterrence Toolkit: o Suggests deterrents per asset category (e.g., UV pen bikes, engrave jewellery, upload serials). o Integrates identifiers with theft databases such as Recipero, informing authorities upon theft events. Insurer & Broker Collaboration Hooks

[0333] • Provides read-only share links with expiry for brokers and insurers to view a user’s inventory and uploaded documents.

[0334] • Optional API payloads aligned with insurer / broker data systems to reduce manual labour and streamline processing.

[0335] Insurance Fit & Marketplace Functions

[0336] • Insurer Fit Profiles: o Fit-first marketplace ranks policies by coverage adequacy (sum insured, sublimits, exclusions) rather than price. o Normalises PDS into a common schema, generating a transparent Fit Score with plain-English explanations. o Insurer console allows insurers to publish / update parameters and risk appetite, with instant effect in rankings. o Privacy by design: shares only minimal user attributes with insurers (with consent). o One-tap handoff: user selects a fit, insurers receive referral and export quote pack; coverage auto-synced back into app.

[0337] • Claims Fit Assist: o Pre-checks selected claim items against insurer limits and exclusions before filing. o Auto-builds insurer-specific evidence packs. o Syncs statuses (submitted / in review / approved / declined) and uses outcomes to refine future Fit Scores. o Consent-based with minimal data sharing.

[0338] • Health Check Fit Overlay: o Maps current inventory against active policy. o Ranks alternative policies by coverage strength rather than price. o Provides a fit-focused marketplace for switching or adjusting cover.

[0339] • Underinsurance Index: o Generates a single adequacy score across sum insured, category sublimits, and per-item caps. o Surfaces top drivers of underinsurance and fastest remedies (e.g., specify items, adjust limits, switch policies). o Integrates into Ongoing Policy Fit Assessment. Recall Feature

[0340] • Maintains a structured database of all officially recorded Australian product recalls from the past 10 years where the product’s official record value exceeds ADD $500.

[0341] • Updated manually each month; designed to support automated API integration for higher-frequency and multi-jurisdictional coverage.

[0342] • Automatically matches documented items (brand, model, serials, engravings, etc.) against the recall database and issues a mandatory in-app notification on match.

[0343] • Notifications include the recall notice, hazard summary (e.g., “risk of fire”), and a link to the regulator’s official record.

[0344] • Educates users on safety and claim impacts; surfaces issues early to reduce disputes and improve insurer risk selection.

[0345] The Backend & Data Systems of the present invention may include:

[0346] • Database links each asset to policy clauses, subcategories, and supporting documents.

[0347] • Stores historical valuations and metadata, including: o EXIF (timestamp, geolocation, user data), o LiDAR depth scans for 3D authentication. o OCR text for serial / model numbers.

[0348] • Supports offline mode via a local, encrypted cache of receipts and key items. o Allows users to add items and view their vault offline. o Syncs data to the central database once online. o Offline entries require manual addition of name, value, and description.

[0349] The present invention may include the following security and compliance features:

[0350] • Adheres to the OWASP (Open Web Application Security Project) methodology for cybersecurity testing.

[0351] • Encrypts all data transfers both in transit and at rest (e.g., 256-bit encryption).

[0352] • Database access is IP-restricted to servers within a Virtual Private Cloud (VPC).

[0353] • Servers may be geographically restricted to designated jurisdictions.

[0354] • Configured for compliance with local Data Protection laws, prioritizing user privacy and regulatory standards. The Security Framework of the present invention may comprise:

[0355] The method and systems of the present may include security and onboarding framework, in accordance with industry standards. The Security Framework sets out structured controls across access, data use, systems security, and governance; providing assurance for both insurers and consumers that sensitive information is handled appropriately and purposefully.

[0356] Security Framework

[0357] In one embodiment the security framework comprises:

[0358] • Authorised access and trusted personnel.

[0359] Access to sensitive functions within the system is limited to authorised personnel who have undergone background checks, privacy training, and signed confidentiality agreements. Where data support is involved, only vetted personnel can handle user data. Strict internal policies and audit trails are maintained to ensure accountability.

[0360] • Data is only used for the purpose you intend.

[0361] The system does not sell, share, or repurpose user data. The user’s records are used solely to provide valuation documentation, insurance preparedness, and asset tracking, nothing more. All new uses of data within the platform (e.g. system improvements or analytics) are anonymised and reviewed to ensure they align with user expectations and privacy principles.

[0362] • Secure environments and trusted infrastructure.

[0363] The system operates in secure cloud environments with end-to-end encryption, overall system has routine penetration testing, and compliance with Australian and international cybersecurity standards (e.g. ISO 27001 , ASD Essential Eight alignment). User access will soon be protected by two- factor authentication and device-level restrictions.

[0364] • Minimised, anonymised, and stored with care.

[0365] Where personal or sensitive data is required, the principles of data minimisation and separation are followed. Identifying data is stored separately from digital asset records. All image analysis and Al processes are designed to operate without retaining personal information unless you explicitly choose to include it (e.g. purchase receipts, certificates). Valuation data is structured to remove unnecessary risk, ensuring that even in the event of a breach, reidentification would be inhibited. User controls what’s shared.

[0366] All reports and exports from the platform of the present invention are generated by the user. Formatting and redaction tools are used to control the level of detail shared with insurers, brokers, or advisers. Output tools have been built with non-disclosure in mind, allowing for the preparation of meaningful, professional documents without revealing private or identifying information unless the user choose to include it.

[0367] The steps of the present invention in one embodiment, may be considered to reside in: Technical parsing and structuring of PDS documents; Matching engine linking asset data to insurance clauses; Logic for identifying risk / documentation gaps; Automated metadata packaging for insurers; LiDAR-based authentication; Theftdatabase integration with validated event metadata; Provenance-tracking chain-of- custody transfers and / or Region-aware policy risk alerts.

[0368] The skilled addressee will now appreciate the advantages of the illustrated invention over the prior art. In one form the illustrated invention provides a comprehensive digital solution for recording and documenting their household contents by utilising artificial intelligence to quickly establish and maintain accurate records. The invention also allows for enhanced insurance claim processing, which streamlines the insurance claim process by developing more efficient verification methods. The invention can be used to more correctly ascertain the value of the policyholder’s personal property.

[0369] Various features of the invention have been particularly shown and described in connection with the exemplified embodiments of the invention, however it must be understood that these particular arrangements merely illustrate the invention, and it is not limited thereto. Accordingly, the invention can include various modifications, which fall within the scope of the invention.

[0370] In the claims which follow and in the preceding description of the invention, except where the context requires otherwise due to express language or necessary implication, the word "comprise" or variations such as "comprises" or "comprising" is used in an inclusive sense, i.e. to specify the presence of the stated features but not to preclude the presence or addition of further features in various embodiments of the invention.

Claims

CLAIMS1 . A method of inventory management and valuation, including: providing an application software for a portable computing device of a user; interrogating an image on or available to the portable computing device to identify an item or items therein; categorizing the item or items; suggesting name, details and value of each item identified in the image; verifying details, wherein the user is able to modify or accept the suggested name, details and value; providing a rating, wherein the more information provided about each item the higher the rating that that item; notifying user of policy limitations and where the item exceeds or may exceed a policy limitation; and storing the data relating to the item, wherein a user is able to access and / or update the details when required.

2. The method in accordance with claim 1 , wherein the application software utilises an artificial intelligence model, machine learning model or a large language model is used to interrogate the image of an item, identify the item, and provide a value of the item for insurance purposes.

3. The method in accordance with claim 1 , wherein a user’s insurance policy details including the product disclosure statement are used to determine limitation and categories for the items, to thereby provide tailored inventory management.

4. The method in accordance with claim 1 , wherein a product recall notification is presented to the user relating to an identified item.

5. The method in accordance with claim 4, wherein the product recall notification may include safety or risk information relating to the item.

6. The method in accordance with claim 1 , wherein a maintenance requirement or alert notification is presented to the user relating to an identified item.

7. The method in accordance with claim 1 , wherein the inventory management and valuation relate to household contents, business premises contents, vehicle, fleet of vehicles, stock inventory or another insurable items.

8. The method in accordance with claim 7, wherein a geographical location of the user is utilised to determine an average household content value for the location, which is compared to the documented value for accuracy.

9. The method in accordance with claim 1 , wherein the details relating to a specific product can be approved, amended or added to.

10. The method in accordance with claim 1 , wherein a dataset for the user can be accessed for future review or to update the dataset when an item has been disposed of or acquired.11 . The method in accordance with claim 1 , wherein documents relating to each item of value can be stored and categorised, the documents including receipts, authentication documentation, valuation documents and / or proof of purchase.

12. The method in accordance with claim 1 , wherein reminders are sent regarding policy terms, updating of records and any policy changes.

13. The method in accordance with claim 1 , wherein all data is encrypted, and authentication of the user is required.

14. A method of inventory management and valuation, including the steps of: providing an app that can be installed on an user’s mobile device; accessing the user’s location and work premises / household information, using a sum insured calculator to quickly determine an average work premises / household content value for work premises / household in the area, which is then compared to the documented value in the app for accuracy; directing a user to the personalised home dashboard, which displays an inventory of items, total value, number of items added, and main categories; the user adds items by photographing or scanning them. Items are identified, confirmed by the user, and added to the dashboard along with documentation such as receipts and additional photos; and if an item’s value exceeds a category limit set by the insurance company, the app highlights the item or category for user to action or acknowledgment.

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