Source: http://www.google.com/patents/US20020029158?dq=5527183
Timestamp: 2015-08-01 15:07:39
Document Index: 206047924

Matched Legal Cases: ['arty 110', 'arty 110', 'arty 110', 'arty 110', 'arty 110', 'arty 110', 'arty 110']

Patent US20020029158 - Method and system for the life insurance industry - Google PatentsSearch Images Maps Play YouTube News Gmail Drive More »Sign inAdvanced Patent SearchPatentsA method for the life insurance industry in which an insurance policy request initiator initiates the creation of an Insurability Documentation File that contains the information needed by underwriters or insurers to evaluate the insurability rating of the prospective insured party. The Insurability...http://www.google.com/patents/US20020029158?utm_source=gb-gplus-sharePatent US20020029158 - Method and system for the life insurance industryAdvanced Patent SearchPublication numberUS20020029158 A1Publication typeApplicationApplication numberUS 09/746,080Publication dateMar 7, 2002Filing dateDec 22, 2000Priority dateDec 23, 1999Also published asWO2001046888A2, WO2001046888A8Publication number09746080, 746080, US 2002/0029158 A1, US 2002/029158 A1, US 20020029158 A1, US 20020029158A1, US 2002029158 A1, US 2002029158A1, US-A1-20020029158, US-A1-2002029158, US2002/0029158A1, US2002/029158A1, US20020029158 A1, US20020029158A1, US2002029158 A1, US2002029158A1InventorsStephen Wolff, Ken Leisher, Allan Lubitz, Michelle Sullivan, Robert Gottesman, Bruce HoffmanOriginal AssigneeWolff Stephen C., Ken Leisher, Lubitz Allan E., Sullivan Michelle L., Gottesman Robert G., Hoffman Bruce A.Export CitationBiBTeX, EndNote, RefManPatent Citations (5), Referenced by (46), Classifications (12), Legal Events (3) External Links: USPTO, USPTO Assignment, EspacenetMethod and system for the life insurance industry
BRIEF DESCRIPTION 0F THE DRAWINGS [0022] These and other features will now be described with reference to the drawings summarized below. These drawings and the associated description are provided to illustrate a preferred embodiment of the invention, and not to limit the scope of the invention. [0023]FIG. 1 illustrates the interactions that would be required between participants in securing multiple life insurance ratings in a system utilizing the prior art. [0024]FIG. 2 illustrates the interactions that would be required between participants in soliciting first insurability ratings in one embodiment of the invention. [0025]FIG. 3 illustrates the flow of information between participants for the solicitation of insurability rating bids in one embodiment of the invention. [0026]FIG. 4 illustrates the basic steps in creation of the insurability documentation file in one embodiment of the invention. [0027]FIG. 5 illustrates the flow of information between participants in the creation of an insurability documentation file in one embodiment of the invention. [0028]FIG. 6 illustrates an exemplary customer background information sheet to be filled out by the customer used in the creation of a Universal Bid Request. [0029]FIG. 7 illustrates an exemplary Assignable Authorization to Obtain Medical Information release form to be filled out by the prospective insured party to facilitate the creation of a Universal Bid Request. [0030]FIG. 8 illustrates an exemplary Medical History Questionnaire to be filled out by the life insurance customer or their agent for use in the generation of the Universal Bid Request. [0031]FIG. 9 illustrates the exchange of information between participants in the solicitation of initial insurability rating bids, a second bidding round, and the preparation of the life insurance policy application in one embodiment of the invention. [0032]FIG. 10 illustrates the exchange of information between participants in the process of soliciting bids for reinsurance. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT [0033] The preferred embodiment of the invention provides a substantially improved method for obtaining a life insurance underwriting decision by reaching multiple insurance carriers. This is achieved by the introduction of an Insurance File Assembly System and the use of Universal Bid Requests. The need for less coordination between multiple insurers 160 and the service providers 150 of insurability documentation 250 concerning the prospective insured party 110 is illustrated in FIG. 2. As shown in FIG. 2, a common Insurability Documentation File and Universal Bid Request 260 at a centralized Insurance File Assembly System 140 eliminates the need of each insurer to coordinate with multiple providers of insurability documentation. So as a result, the preferred embodiment requires less coordination of information transfer between multiple participants than in prior systems illustrated in FIG. 1 [0034] The process of initiating and receiving the initial bids is illustrated in FIGS. 3 and 9. The process is initiated when the prospective insured party 110 requests an insurance quotation 210 from an insurance agent 120. The agent requests an insurance rating quote 220 from a wholesaler 230. The wholesaler then issues a request for insurance ratings from multiple insurers 230 by utilizing the Insurance File Assembly System 140. In the preferred embodiment the insurance wholesaler initiates the creation of an Insurability Documentation File, however in alternatives the process is initiated by an insurance agent 120 or the prospective insured party 110. Service providers 150, such as record copy services, medical exam services, and other information providers transmit Insurability Documentation 250 to the Insurance File Assembly System 140. From the multiple instances of Insurability Documentation 250, the Insurance File Assembly System 140 creates the Insurability Documentation File and the Universal Bid Request 260, that is created by the Agent and submitted to allow entities to obtain medical and other information, which are transmitted to the insurers 160. The Insurability Documentation File and the Universal Bid Request 260 provide sufficient information for the insurers 160 or their designated evaluators to rate the insurability of the prospective insured party 110. These ratings bids 270, 280, 290 are returned to the initiator of the request for insurance quotation. These ratings determine the quotation amount associated with the possible insurance policy. The product and pricing recommendations are given to the prospective insured party 110. At this point the prospective insured party may accept one of the quotations and apply for an insurance policy with the associated insurance provider. Alternatively, the prospective insured party 110, or an authorized agent 120, or wholesaler 130 may solicit an additional round of insurability ratings bids as shown in FIG. 9. This is performed by requesting a second round of bids 310. The second bid requests 330 are sent to various participating insurers 160, optionally information concerning the ratings bids provided by bidders in previous rounds may be provided to the prospective bidders in subsequent rounds, in some embodiments of the invention. Just as in the first round of bidding, ratings bids received from the insurance providers are transmitted to the initiator of the bid request. Additional subsequent rounds of bidding may be initiated. [0035] When the prospective insured party 110, or their authorized agent 120, or wholesaler 130 selects an insurer 160, a request for an insurance application will be issued 380, received 390, and filed 400, resulting in the issuance of a life insurance policy 410. [0036]FIGS. 4 and 5 illustrate the steps involved in developing the Insurability Documentation File and the Universal Bid Request that is used to support the underwriting process used in soliciting ratings bids from insurers. The steps include gathering data from service providers and others to produce the Insurability Documentation File and Background Information, FIG. 6, an Assignable Medical Information Release Authorization, FIG. 7, and Medical History Questionnaire, FIG. 8, from the prospective insured party to produce the Universal Bid Request. Documentation may be received electronically, as a digital document or via facsimile transmission, or may be received via mail or other form of physical delivery of hard copy. In the preferred embodiment, a digital document is received via a secure computer network connection. As required documentation is received, the status of the needed documentation is updated in the system so that authorized parties may monitor the status of the documentation gathering via a secure status web page on the Internet. As data is received if it is not in the desired PDF format, such as TIFF or other digital format, the documentation will be converted into the PDF format. This may include the necessity of digitizing the documentation, if it has been received as a hard copy, or it may merely require a format conversion to PDF format. If the document was not received with the required cover sheets for separating and identifying the various sections of the document, these must be added. The insurability documentation is assembled into a single complete Insurability Documentation File. This file is then transferred in digital form to the Insurance Providers or their designated underwriters via a secure computer network. [0037] An embodiment of the system allows Primary Insurers to make their interactions with Reinsurers more efficient and streamlined as shown in FIG. 10. A Primary Insurer 610 will initiate the creation of a Reinsurance Documentation File 710 for a single policy or portfolio of insurance policies from an Insurance File Assembly System 630. This can include some combination of pre-existing Insurability Documentation Files 720 with Insurability Documents in other forms 730. In the preferred embodiment this is performed by converting the Insurability Documents 730 into a new set of Insurability Documentation Files 740, which are combined with the pre-existing Insurability Documentation Files to create a Reinsurance Documentation File 750. The Reinsurance Documentation File is transmitted to the Reinsurers 630, for evaluation accompanied by a request for a reinsurance offer 760 via a secure network connection. The reinsurer 630 now assesses the insurability information of the policies making up the submitted portfolio. Based on this they make a Reinsurance Offer 710 to the Primary Insurer 610. In this manner the Primary Insurer and the Reinsurers increase the efficiency and decrease the time required to evaluate the submitted insurance policy portfolio and to make an offer for reinsurance. 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