SYSTEM AND METHOD FOR GENERATING LEGITIMACY REPORTS AND CUSTOMIZING POLICIES

A computer verification system for generating legitimacy reports and customizing policies includes at least one processor coupled to a memory. The memory is configured to store instructions that, when executed by the at least one processor, cause the at least one processor to receive a user-defined life insurance search request, generate search results from a plurality of providers based on the search request, generate a legitimacy report for each provider, display the policy search results and associated legitimacy reports, generate a menu of options for each policy, and process a user-selected option from the menu of options. The menu includes at least one of viewing the policy, modifying at least one parameter of the policy, and generating a claim for benefits from the policy.

BACKGROUND

The field of the disclosure relates generally to systems for generating legitimacy reports and customizing policies, and, more specifically, to a computer system including a searchable database of policies that provides reports on providers of the policies and enables users to retrieve and customize the policies.

Known systems often require information such as a life insurance policy number or the specific name of a particular insurance carrier to conduct a search for life insurance policies. However, such information may not be available to the searcher. For example, the searcher may not have access to or even knowledge of information pertaining to a relevant life insurance policy. In addition, the systems may include information about the insurance policies that is inaccurate, illegitimate, and/or not validated. Accordingly, a searcher may be unable to locate relevant life insurance policies using known systems.

Therefore, a system is needed that includes a database of life insurance policies and allows for a search of the life insurance policies using readily available information.

BRIEF DESCRIPTION

In one aspect, a system for managing life insurance policies includes a database including a plurality of life insurance policies. The life insurance policies are provided by a plurality of life insurance providers. The system also includes a user interface configured to receive a user-defined search request. The system further includes a processor configured to generate search results from the database based on the search request, and generate a legitimacy report for at least one of the life insurance providers. The system also includes a display device configured to display the search results and the legitimacy report. The legitimacy report is associated with the search results.

In another aspect, a method for managing life insurance policies includes providing a database including a plurality of life insurance policies. The life insurance policies are provided by a plurality of life insurance providers. The method also includes receiving, by a computer system, a user-defined search request and generating search results from the database based on the search request. The method further includes generating, by the computer system, a legitimacy report for at least one of the life insurance providers. The method also includes displaying, at a display device, the search results and the legitimacy report. The legitimacy report is associated with the search results.

In yet another aspect, an article of manufacture including a non-transitory, tangible, computer readable storage medium having instructions stored thereon is provided. Execution of the instructions by at least one processor causes the at least one processor to receive a user-defined search request for a plurality of life insurance policies stored on a database. The life insurance policies are provided by a plurality of life insurance providers. The instructions also cause the at least one processor to generate search results from the database based on the search request. The search results are displayed on a display device. The instructions also cause the at least one processor to generate a legitimacy report for at least one of the life insurance providers. The legitimacy report is associated with the search results.

DETAILED DESCRIPTION

As used herein, an element or step recited in the singular and preceded with the word “a” or “an” should be understood as not excluding plural elements or steps, unless such exclusion is explicitly recited. Furthermore, references to “example implementation” or “one implementation” of the present disclosure are not intended to be interpreted as excluding the existence of additional implementations that also incorporate the recited features.

The present disclosure provides systems and methods including a searchable database of insurance policies and legitimacy reports for providers of the insurance policies. The system allows for users to request a search for life insurance policies by using basic information of the policyholder. Accordingly, the database may be simpler to use because basic information of policyholders may be more readily available than life insurance policy numbers or the name of a particular insurance carrier.

For example, beneficiaries or other users may be able to search the database by using information such as name, social security number, death certificate number, and date of birth. Accordingly, the users may be able to locate policies of individuals that died within a period of time, such as over the past ten years. Based on the information, all relevant policies will be included in the search results. In addition, the user would be provided with a menu that would allow the user to perform functions such as notifying the insurance provider of the individual's death and initiate a claim(s) for life insurance benefits.

Further, embodiments of the present disclosure provide a system that presents a legitimacy report associated with verified insurance companies and their policies. As a result, a user of the present system may view a life insurance policy from a verified insurance provider and know that the policy they are viewing is legitimate.

Additionally, embodiments provide an incentive for insurance companies to accurately publish their life insurance policies. For example, an insurance provider must complete requirements such as providing a thorough list of their life insurance policies for the insurance provider to be labeled as legitimate within the computer system. In addition, the requirements may include allowing an examination of a company's licensing record. Companies who receive the legitimate status may be promoted to users of the system. Additionally, users may be able to see which searchable policies are from companies who have obtained legitimate status. As a result, users may have confidence that the policies they view from companies labeled as legitimate are thorough and accurate.

FIG.1is a block diagram of an exemplary computer system100. Computer system100includes a controller102, a memory104, a processor106, a display device108, an input device, broadly a user interface,110, and a database112. Processor106is coupled to memory104. In some embodiments, memory104is configured to store at least a portion of database112. Database112includes a plurality of life insurance policies provided by a plurality of life insurance providers. In some embodiments, database112is at least partially stored on a remote computing system. In alternative embodiments, computer system100has any configuration that enables computer system100to operate as described.

For example, database112may include categories of insurance policies. Database112may include active insurance policies that have been assigned to people. The active insurance policies may be at least partially paid and/or may have at least some payments due. In addition, database112may include expired insurance policies. Also, database112may include standard and custom insurance policies that are offered by the providers and are available for purchase and/or viewing. The database112may include insurance policies for a period of time and allow users to search historical data. For example, database112may include insurance policies, such as unclaimed insurance policies, for a time period of up to ten years. In alternative embodiments, database112includes any insurance policies that enable computer system100to operate as described.

Computer system100is configured to allow a user to search life insurance policies using readily available information. In addition, computer system100allows a user to view and/or modify the relevant life insurance policies. For example, memory104is configured to store instructions for processor106. When the instructions are executed, processor106receives a user-defined life insurance request from input device110. Further, processor106is configured to generate search results from database112that includes policies from a plurality of life insurance providers. In addition, computer system100may be configured to associate the search results with a legitimacy report for each insurance carrier. The search results and associated legitimacy reports are displayed on display device108. Display device108may include a screen and/or any other suitable display device.

In some embodiments, input device110includes a keyboard, a computer pointer device, a touch screen, a microphone, a camera, and/or any other suitable input device. Input device110may be incorporated into a computing device including controller102and/or display device108. In other embodiments, input device110may be located remotely from controller102and/or incorporated into a computing device that communicates with controller102using a computer network. For example, in some embodiments, input device110is included on a mobile computing device.

FIGS.2A and2Bshow a flow diagram of an exemplary method200of operating computer system100, shown inFIG.1. Method200comprises receiving202, using processor106, a user-defined life insurance search request from input device110. Processor106generates204search results. The search results are generated by processor106from database of policies112. The search results are based on the search request received202from the user. Additionally, processor106generates206a legitimacy report for each insurance carrier in database of policies112. Computer system100then displays208the search results and one or more legitimacy reports on display device108.

Processor106generates210a menu of options for each life insurance policy in the search results. The menu includes, for example, at least one of the following: viewing, at display device108, at least one life insurance policy of the plurality of life insurance policies, modifying at least one parameter of the life insurance policy, and generating a claim for benefits from the life insurance policy. For example, modifying at least one parameter may include changing a date, a term, a payment schedule, a payout schedule, a payout amount, a beneficiary, a policyholder, and any other suitable parameter. In addition, modifying at least one parameter may occur when a user purchases a life insurance policy. In other embodiments, the menu may include any suitable options.

The method includes processor106receiving212,214, and216at least one user selected option. Receiving212includes receiving a user request from input device110to view the selected life insurance policy on display device108. Receiving214includes receiving a user request from input device110to modify at least one parameter of the selected life insurance policy. Receiving216comprises receiving a user request from input device110to generate a claim for benefits from the selected life insurance policy. After receiving at least one request212,214,216, processor106processes218the user-selected option from the menu of options generated in210. For instance, if processor106receives212a user request to view a life insurance policy, processor106displays220said life insurance policy on display device108. Similarly, if processor106receives214a request to modify an insurance policy, processor106is configured to modify222the life insurance policy. Additionally, if processor106receives216a request to generate a claim, processor106is configured to generate224a claim for benefits from the life insurance policy. As a result, the life insurance policy may be modified and/or viewed. In addition, computer system100may allow the user to perform an action relating to the life insurance policy such as filing a claim for benefits.

In some embodiments, method200includes receiving verification information from the user. The verification information may be used to determine that a user should be authorized to view the life insurance policies. For example, the information may include biographical data such as birthdate, age, gender, marital status, name, and/or a legal status of the policyholder and/or user. The user may be identified as a spouse, a heir, guardian, a beneficiary, and/or any other authorized person. The information may allow computer system100to determine if the user has a legal relationship to the policyholder and if the user should be authorized to view the policy.

In some embodiments, a legitimacy report is generated204for each insurance provider based on the accessibility of the life insurance policies provided by the insurance providers. For example, an insurance provider may obtain legitimate status by providing insurance policies to database112. In addition, the legitimacy report may be based on factors such as ability to modify the life insurance policies, available options for the life insurance policy, the financial standing of the insurance provider, an accreditation of the insurance provider, a customer rating of the insurance provider, and/or the information provided by the insurance provider for each life insurance policy. In some embodiments, the legitimacy status may be a binary characterization in which each insurance provider is labeled as legitimate or illegitimate. In further embodiments, the legitimacy report may include information such as rankings, grades, descriptive information, opinions, and any other characterizing information.

Computer system100may allow a computer to sort the search results. For example, input device110may receive a user request to sort the search results based on the legitimacy status of the insurance providers, the payout status of the insurance policies, biographical data of the policyholder, a date related to the insurance policy, and/or any other suitable characteristic. Computer system100may include a filter to sort the search results based on the user request and/or based on an algorithm. For example, computer system100may position policies provided by insurance providers having a legitimate status in a priority position in the search results to highlight legitimate insurance providers. In addition, computer system100may highlight insurances providers such as those insurance providers that have obtained legitimate status. The insurance providers may be highlighted by priority positioning in the search results, by providing an advertisement for the insurance provider, and/or by modifying the display of the search results on display device108.

Accordingly, embodiments of the present disclosure allow a user to search for insurance policies with readily available information and generate a request based on the search results. For example, a user may search for insurance policies of a deceased/incapacitated person related to the user. The system may verify the identity of the user and allow the user to search after the verification. The user then may identify, make modifications to, and/or file claims on insurance policies that the user may not have had previous knowledge of As a result, the number of unclaimed insurance policies may be reduced and the time and cost required to payout and/or maintain insurance policies may be reduced.

In addition, embodiments of the present disclosure provide a database including life insurance policies and legitimacy reports for the insurance providers related to the search results. As a result, the system may encourage users to purchase insurance policies from the insurance providers that are rated as legitimate because the users may be confident that the insurance policies will be accessible to retrieve and/or modify from the database even if the sensitive information about the purchaser is unavailable. Moreover, insurance providers will be encouraged to provide accurate insurance policy information for the database and obtain legitimate status.

As various changes could be made in the above constructions without departing from the scope of the invention, it is intended that all matter contained in the above description and shown in the accompanying drawings shall be interpreted as illustrative and not in a limiting sense. Although specific features of various embodiments of the invention may be shown in some drawings and not in others, this is for convenience only. In accordance with the principles of the invention, any feature of a drawing may be referenced and/or claimed in combination with any feature of any other drawing.