Automated continuous insurance policy tracking and endorsement management process and system
View Patent ↗An automated computer-implemented insurance tracking process comprising allowing an insured to select insurance-related information that can be shared with a particular requestor, automatically saving the selected insurance-related information in a computer memory, and automatically providing, to the particular requestor, digital access to the saved information.
1. A computer-implemented method for real-time digital insurance policy verification of an insured by a requestor using a least one of an insurance agency data management system and an insurance company policy administration system, the method comprising one or more computer processors performing:
creating an integrated network by directly interconnecting at least the insurance agency data management system and the insurance company policy administration system such that these two systems are configured to directly and automatically communicate without user input;
continuously and automatically, without human intervention or input, providing the insured's policy information from the insurance company policy administration system to the network, to develop and maintain up to date policy information;
receiving over the integrated network a request for a certificate of insurance for the insured directly from a requesting party or from a third-party system that is configured to communicate with the integrated network, the request including insurance policy requirements for the insured;
automatically, without human intervention or input, comparing the policy requirements of the request to the insured's up to date policy information;
if there are any discrepancies between the policy requirements of the request and the insured's up to date policy information, automatically and without human intervention or input notifying over the integrated network an insurance agent, the insured, and the requestor of the discrepancies;
if there are no discrepancies between the policy requirements of the request and the insured's up to date policy information, automatically, without human intervention or input, generating a certificate of insurance (COI) based on the comparison; and then
automatically, without human intervention or input, transmitting the up to date policy information and the COI to the requestor over the integrated network.
2. The method of claim 1 , wherein the discrepancies comprise types of insurance being requested, required limits, and requested endorsements.
3. The method of claim 1 , further comprising allowing an insured to have any requests and outstanding issues sent directly to an agent who represents the insured.
4. The method of claim 3 , further comprising allowing the insured to grant to the agent the right to directly act on behalf of the insured via the system.
5. The method of claim 1 , further comprising allowing an insurance carrier to directly and automatically interface with the integrated network.
6. The method of claim 5 , wherein the insurance carrier provides policy details and endorsement documents.
7. The method of claim 1 , further comprising allowing an insurance carrier rating organization to directly and automatically interface with the integrated network.
8. The method of claim 7 , wherein the insurance carrier rating organization provides insurance carrier identification and rating information.