Allstate Insurance Company – InsuranceNewsNet

2022 JUN 22 (NewsRx) — By a News Reporter-Staff News Editor at Insurance Daily News — A patent by the inventors Rugel, John (Hawthorn Woods, IL, US), filed on October 22, 2020, was printed on-line on May 31, 2022, based on information reporting originating from Alexandria, Virginia, by NewsRx correspondents.
Patent quantity 11348185 is assigned to Allstate Insurance Company (Northbrook, Illinois, United States).
The following quote was obtained by the information editors from the background info equipped by the inventors: “Life insurance coverage will not be solely an vital monetary device and funding technique for a lot of prospects, but in addition supplies prospects with the safety and peace of thoughts of realizing that they’re defending the monetary futures of their households and loved-ones. Many various kinds of life insurance coverage insurance policies could exist between insurance coverage suppliers (or insurers) and prospects (or insureds), akin to time period life insurance coverage (offering life insurance coverage safety over a selected time frame), complete life insurance coverage (offering everlasting insurance coverage for the lifetime of the insured, typically with mounted phrases), or common life insurance coverage (just like complete life insurance coverage, with extra flexibility to permit prospects to boost or decrease premiums and protection quantities through the lifetime of their insurance policies). Different insurance coverage suppliers could supply numerous various kinds of life insurance coverage merchandise, together with totally different insurance coverage varieties, phrases, premiums, and protection quantities, to fulfill the wants and funding targets of various prospects.
“Insurance suppliers could decide eligibility of various prospects for various life insurance coverage insurance policies and phrases (e.g., varieties, premiums, protection quantities, time period durations, funding flexibility, tax standing, and so on.), and will supply totally different insurance policies and phrases to totally different prospects, based mostly on numerous buyer info, akin to age, gender, earnings, well being, and danger components. In order to pick out applicable life insurance coverage insurance policies and phrases for patrons, and to find out what insurance policies and phrases that totally different prospects could also be eligible for, insurance coverage suppliers could ask prospects to finish insurance coverage functions, and to confirm sure info akin to earnings info and medical standing.”
In addition to the background info obtained for this patent, NewsRx journalists additionally obtained the inventors’ abstract info for this patent: “The following presents a simplified abstract as a way to present a fundamental understanding of some features of the disclosure. The abstract will not be an intensive overview of the disclosure. It is neither meant to establish key or crucial components of the disclosure nor to delineate the scope of the disclosure. The following abstract merely presents some ideas of the disclosure in a simplified kind as a prelude to the outline under.
“Aspects of the disclosure relate to apparatuses, computer-implemented strategies, and computer-readable media for storing and sustaining life insurance coverage knowledge in a life insurance coverage clearinghouse comprising a number of life insurance coverage databases. A life insurance coverage clearinghouse could retailer, for instance, buyer info, coverage varieties and phrases, and protection quantities for all times insurance coverage insurance policies related to a number of totally different life insurance coverage suppliers. In sure examples, a number of databases within the life insurance coverage clearinghouse could also be up to date when a brand new life insurance coverage coverage is obtained by a buyer from an insurance coverage supplier, when the phrases of an current life insurance coverage coverage change, or when an current life insurance coverage coverage is canceled or is now not in-force.
“In accordance with extra features of the disclosure, numerous units and programs, akin to insurance coverage supplier laptop {hardware} reminiscence and processor programs, insurance coverage clearinghouse laptop reminiscence and processor units, and buyer terminals, could retrieve life insurance coverage buyer knowledge and/or coverage knowledge related to a number of totally different life insurance coverage suppliers, from a number of databases of a life insurance coverage clearinghouse. The retrieved life insurance coverage buyer knowledge and/or coverage knowledge could also be analyzed and utilized in numerous life insurance coverage determinations and capabilities. In some examples, a life insurance coverage supplier could retrieve a buyer’s life insurance coverage knowledge from a life insurance coverage clearinghouse to course of a life insurance coverage utility, a requested change to the protection quantity or phrases of an current coverage, or to find out a most mixed protection quantity for a buyer. In extra examples, a life insurance coverage supplier could analyze a buyer’s life insurance coverage knowledge to find out life insurance coverage merchandise for which the shopper is eligible, akin to life insurance coverage coverage varieties, phrases, and protection quantities for the shopper.

“Other options and benefits of the disclosure can be obvious from the extra description offered herein.”
The claims equipped by the inventors are:
“1. A way, comprising: at a life insurance coverage clearinghouse laptop server comprising no less than one processor, reminiscence, and a community interface: receiving, in a plurality of information codecs, by the no less than one processor, through the community interface, and from a plurality of life insurance coverage suppliers, life insurance coverage knowledge related to the plurality of life insurance coverage suppliers; changing the life insurance coverage knowledge from the plurality of information codecs to a uniform knowledge format; receiving, from a life insurance coverage supplier laptop server related to a primary life insurance coverage supplier and by the no less than one processor, coverage knowledge related to a request to authorize a transaction by an current buyer of the primary life insurance coverage supplier to make no less than one change to a primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier; figuring out, by the no less than one processor, based mostly on the life insurance coverage knowledge within the uniform knowledge format related to the prevailing buyer of the primary life insurance coverage supplier, a present quantity of in-force life insurance coverage protection for the prevailing buyer of the primary life insurance coverage supplier, whereby the life insurance coverage knowledge related to the prevailing buyer of the primary life insurance coverage supplier signifies that the prevailing buyer of the primary life insurance coverage supplier has a second life insurance coverage coverage offered by a second life insurance coverage supplier; and inflicting, based mostly the present quantity of in-force life insurance coverage protection and by the no less than one processor, the request to authorize the transaction by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier to be accepted or denied.
“2. The technique of declare 1, additional comprising: sustaining a life insurance coverage clearinghouse database; storing the life insurance coverage knowledge within the uniform knowledge format within the life insurance coverage clearinghouse database; and speaking with a number of distant units through a safety and integration layer configured to regulate entry to the life insurance coverage clearinghouse database.
“3. The technique of declare 1, additional comprising: figuring out, by the no less than one processor, based mostly on demographics of the prevailing buyer, a most mixed life insurance coverage coverage quantity for a bunch comprising the prevailing buyer of the primary life insurance coverage supplier; and inflicting, based mostly the present quantity of in-force life insurance coverage protection and the utmost mixed life insurance coverage coverage quantity for the group and by the no less than one processor, the request to authorize the transaction by the prevailing buyer to be accepted or denied.
“4. The technique of declare 3, whereby the present quantity of in-force life insurance coverage protection for the group comprising the prevailing buyer of the primary life insurance coverage supplier is a sum of a primary quantity of protection related to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier, and a second quantity of protection related to the second life insurance coverage coverage offered by the second life insurance coverage supplier.
“5. The technique of declare 3, additional comprising: figuring out, by the no less than one processor, based mostly on the coverage knowledge related to the request by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier, a further quantity of life insurance coverage protection requested by the prevailing buyer of the primary life insurance coverage supplier related to the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier; and inflicting, by the no less than one processor, based mostly the present quantity of in-force life insurance coverage protection, the utmost mixed life insurance coverage coverage quantity for the group, and the extra quantity of life insurance coverage protection requested by the prevailing buyer of the primary life insurance coverage supplier, the request to authorize the transaction by the prevailing buyer to be accepted or denied.
“6. The technique of declare 5, whereby inflicting the request to authorize the transaction additional includes: if the present quantity of in-force life insurance coverage protection for the group comprising the prevailing buyer of the primary life insurance coverage supplier, mixed with the extra quantity of life insurance coverage protection requested by the prevailing buyer of the primary life insurance coverage supplier, exceeds the utmost mixed life insurance coverage coverage quantity for the group comprising the prevailing buyer of the primary life insurance coverage supplier, inflicting, by the no less than one processor, the request to authorize the transaction by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier to be rejected.
“7. The technique of declare 5, whereby inflicting the request to authorize the transaction additional includes: if the present quantity of in-force life insurance coverage protection for the group comprising the prevailing buyer of the primary life insurance coverage supplier, mixed with the extra quantity of life insurance coverage protection requested by the prevailing buyer of the primary life insurance coverage supplier, doesn’t exceed the utmost mixed life insurance coverage coverage quantity for the group comprising the prevailing buyer of the primary life insurance coverage supplier, inflicting, by the no less than one processor, the request to authorize the transaction by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier to be accepted.
“8. The technique of declare 1, whereby the coverage knowledge related to the request to authorize the transaction by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier includes a number of of a reputation of the prevailing buyer of the primary life insurance coverage supplier, an handle of the prevailing buyer of the primary life insurance coverage supplier, a telephone variety of the prevailing buyer of the primary life insurance coverage supplier, an electronic mail handle of the prevailing buyer of the primary life insurance coverage supplier, a driver’s license variety of the prevailing buyer of the primary life insurance coverage supplier, a social safety variety of the prevailing buyer of the primary life insurance coverage supplier, or a coverage variety of the prevailing buyer of the primary life insurance coverage supplier.
“9. The technique of declare 1, whereby the coverage knowledge related to the request to authorize the transaction by the prevailing buyer of the primary life insurance coverage supplier to make the no less than one change to the primary life insurance coverage coverage offered by the primary life insurance coverage supplier to the prevailing buyer of the primary life insurance coverage supplier is obtained through a web-based insurance coverage utility related to the primary life insurance coverage supplier.
“10. The technique of declare 1, whereby the life insurance coverage knowledge related to the prevailing buyer of the primary life insurance coverage supplier includes quite a few presently in-force life insurance coverage insurance policies related to the prevailing buyer of the primary life insurance coverage supplier, quite a few earlier life insurance coverage insurance policies related to the prevailing buyer of the primary life insurance coverage supplier, a mixed whole coverage worth of the presently in-force life insurance coverage insurance policies related to the prevailing buyer of the primary life insurance coverage supplier, and an inventory of life insurance coverage suppliers related to the presently in-force life insurance coverage insurance policies of the prevailing buyer of the primary life insurance coverage supplier.
“11. The technique of declare 1, whereby the life insurance coverage clearinghouse laptop server additional includes a safety and integration layer comprising a number of devoted internet servers and community {hardware} working at a bodily location at which the life insurance coverage clearinghouse laptop server operates.
“12. The technique of declare 11, whereby the safety and integration layer implements a file-based integration scheme during which a number of knowledge recordsdata are transmitted to and from the life insurance coverage clearinghouse laptop server by the safety and integration layer utilizing a number of community communication protocols.
“13. The technique of declare 11, whereby the safety and integration layer implements a service based mostly integration scheme during which a number of internet providers are accessed by licensed exterior units to assist enter, extraction, and manipulation of information maintained by the life insurance coverage clearinghouse laptop server.
“14. The technique of declare 1, additional comprising: receiving, from the life insurance coverage supplier laptop server, knowledge indicating that an current life insurance coverage coverage has been modified or canceled; figuring out a number of prospects comparable to the prevailing life insurance coverage coverage that has been modified or canceled; and updating a number of life insurance coverage coverage data maintained by the life insurance coverage clearinghouse laptop server in a life insurance coverage clearinghouse database based mostly on the information indicating that the prevailing life insurance coverage coverage has been modified or canceled.”
There are extra claims. Please go to full patent to learn additional.
URL and extra info on this patent, see: Rugel, John. Life insurance coverage clearinghouse. U.S. Patent Number 11348185, filed October 22, 2020, and printed on-line on May 31, 2022. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11348185.PN.&OS=PN/11348185RS=PN/11348185