Patent ID: 7567938

Claim:
An insurance loss ledger management system, wherein the insurance loss ledger management system communicates with third party administrators (TPAs) and banks via a network, and wherein the system comprises: (a) a memory storing an instruction set and data related to a plurality of insurance policy holders; and (b) a processor for running the instruction set, the processor being in communication with the memory and the network, wherein the processor is operative to facilitate processing insurance third party administrator (TPA) fund requests by an insurance carrier on a periodic basis by: (i) maintaining an escrow account with a balance at a first bank to provide payments to an insurance TPA; (ii) receiving a plurality of insurance TPA fund requests from the insurance TPA, each insurance TPA fund request being for a daily total related to a plurality of payees based on insurance policies between the plurality of insurance policy holders and the insurance carrier; (iii) approving the insurance TPA fund requests based upon certain criteria, wherein the criteria is data associated with a claim payment check issued by the insurance TPA, wherein the data includes a check number, amount, date and claim number; (iv) providing daily instructions to a second bank to transfer funds to the escrow account to minimize the balance based on approval of the insurance TPA fund requests, the funds being equal to the approved insurance TPA fund request total and transferred daily; and (v) monitoring payment and clearance of the amounts associated with the approved insurance TPA fund requests from the escrow account to insure the balance is sufficient.