Systems and methods for comprehensive insurance loss management and loss minimization

Abstract

Embodiments of the present invention are generally related to a system and method for comprehensive management and minimization of insurance loss. In particular, insurance perils and insured assets are monitored, potential perils to insured assets are assessed, possible actions are determined, and selected actions are executed involving actors such as the policyholder, insurance agent, mitigation responder, and insurance appraiser. Particular embodiments address damage mitigation during peril and incident management after peril, to the policyholder and/or insured assets. Particular embodiments address the interaction between re-insurance companies and the aforementioned actors and/or insurance companies or cedants to integrate the information and resources of each respective party to provide more comprehensive and economically efficient loss mitigation.

What is claimed is: 
     
         1 . A system for mitigating loss of insured assets and insurance incident management, comprising:
 a storage device storing a database identifying: i) a plurality of policyholders, each policyholder comprising at least one insured asset; ii) a means of contacting each of the plurality of policyholders; iii) insurance policy terms of a plurality of policyholders, the terms comprising level of coverage of at least one insured asset and policyholder membership status in a preferred membership category;   a monitoring module configured to: i) accept potential peril data indicating potential peril to the at least one insured asset of each policyholder; ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data; iii) accept policyholder responsiveness data of each policyholder, the policyholder responsiveness data comprising policyholder response to one or more potential peril notices; and iv) correlate the policyholder responsiveness data with the policyholder membership status in a preferred membership program;   an action assessment module configured to: i) accept the correlated potential peril data and determine a degree of peril to the at least one insured asset of each policyholder; ii) assign a degree of peril measure to the at least one insured asset of each policyholder; iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder; iv) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; v) accept the correlated policyholder responsiveness data and determine a degree of policyholder conformance for each policyholder; vi) based on the degree of policyholder conformance for each policyholder and the policyholder membership status in a preferred membership program, determine the status of an insurance claim for the at least one insured asset of each policyholder as at least one of a) approved, b) conditionally approved, and c) denied; vii) based on the status of the insurance claim determine if an action is required for each respective policyholder; and viii) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; and   an action execution module configured to: i) accept action execution data assigned to each respective policyholder; and ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message.   
     
     
         2 . The system of  claim 1 , wherein the at least one insured asset comprises a residential home and a vehicle. 
     
     
         3 . The system of  claim 1 , wherein the means of contacting each of the plurality of policyholders comprises wireless communication. 
     
     
         4 . The system of  claim 1 , wherein the action message comprises an instruction to relocate an insured asset, secure insured assets in a safe off-site, place insured assets into a fireproof safe, and reinforce the structure of an insured asset. 
     
     
         5 . The system of  claim 1 , wherein the potential peril data comprises weather data. 
     
     
         6 . The system of  claim 5 , wherein the weather data is selected from the group consisting of hurricanes, ice storms, thunderstorms, high winds, tornadoes, storm surges, floods, tsunamis, earth quakes, hail storms, volcanic eruptions, fires, dust storms, and snow storms. 
     
     
         7 . The system of  claim 1 , wherein the at least one insured asset comprises a residential home and a vehicle, the means of contacting each of the plurality of policyholders is by wireless communication, and the potential peril data comprises weather data. 
     
     
         8 . The system of  claim 7 , wherein the action execution data requires each respective policyholder to affirmatively acknowledge receipt of the respective action message within 60 minutes to 120 minutes of dispatch of the respective action message. 
     
     
         9 . The system of  claim 7 , wherein the insured asset is at least one vehicle and the respective action message requires the at least one vehicle to be positioned in a covered location. 
     
     
         10 . The system of  claim 1 , wherein the action assessment module is further configured to: v) communicate the action execution data assigned to each respective policyholder to an insurance entity and a re-insurance entity. 
     
     
         11 . The system of  claim 10 , wherein the at least one insured asset comprises a residential home and a vehicle, the means of contacting each of the plurality of policyholders is by wireless communication, and the potential peril data comprises weather data. 
     
     
         12 . The system of  claim 1 , wherein the action assessment module is further configured to: vi) communicate the action execution data assigned to each respective policyholder to a plurality of repair contractors and a plurality of insurance adjusters. 
     
     
         13 . The system of  claim 12 , wherein the action execution data requires each respective repair contractor and each respective insurance adjustor to affirmatively acknowledge receipt of the respective action message. 
     
     
         14 . The system of  claim 13 , wherein the respective repair contractor is required to affirmatively acknowledge receipt of respective action message within 60 minutes to 120 minutes of dispatch. 
     
     
         15 . The system of  claim 13 , wherein a respective action message is sent to the repair contractors and the insurance adjusters after peril has occurred. 
     
     
         16 . A method for mitigating loss of insured assets, comprising:
 maintaining a database stored in a storage device identifying: i) a plurality of policyholders, each policyholder comprising at least one insured asset; and ii) a means of contacting each of the plurality of policyholders;   providing a data processing system comprising a computer readable medium having stored thereon computer-executable instructions, the computer executable instructions causing a processor of the data processing system to execute a method for mitigating loss of insured assets, the system comprising a plurality of functional modules comprising:   a monitoring module which functions to: i) accept potential peril data indicating potential peril to the at least one insured asset of each policyholder; and ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;   an action assessment module which functions to: i) accept the correlated data and determine a degree of peril to the at least one insured asset of each policyholder; ii) assign a degree of peril measure to the at least one insured asset of each policyholder; iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder; and iv) if an action is required for a particular policyholder, identify terms and means to execute the required action to create action execution data assigned to each respective policyholder; and   an action execution module which functions to: i) accept action execution data assigned to each respective policyholder; and ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message,   wherein loss of insured assets is mitigated.   
     
     
         17 . The method of  claim 16 , wherein the at least one insured asset comprises a residential home and a vehicle. 
     
     
         18 . The method of  claim 16 , wherein the means of contacting each of the plurality of policyholders comprises wireless communication. 
     
     
         19 . The method of  claim 16 , wherein the at least one insured asset comprises a residential home and a vehicle, the means of contacting each of the plurality of policyholders is by wireless communication, and the potential peril data comprises weather data. 
     
     
         20 . The method of  claim 19 , wherein the action execution data requires each respective policyholder to affirmatively acknowledge receipt of the respective action message. 
     
     
         21 . The method of  claim 19 , wherein the insured asset is at least one vehicle and the respective action message requires the at least one vehicle to be positioned in a covered location. 
     
     
         22 . The method of  claim 16 , wherein the action assessment module is further configured to v) communicate the action execution data assigned to each respective policyholder to an insurance entity and a re-insurance entity. 
     
     
         23 . The method of  claim 16 , wherein the at least one insured asset comprises a residential home and a vehicle, the means of contacting each of the plurality of policyholders is by wireless communication, and the potential peril data comprises weather data. 
     
     
         24 . A system for mitigating loss of insured assets, comprising:
 a storage device storing a database identifying: i) a plurality of policyholders, each policyholder comprising at least one insured asset comprising a residential home and a vehicle; and ii) contacting by wireless means each of the plurality of policyholders;   a monitoring module configured to: i) accept potential peril data comprising weather data indicating potential peril to the at least one insured asset of each policyholder; and ii) correlate the potential peril data with the at least one insured asset of each policyholder to create correlated data;   an action assessment module configured to: i) accept the correlated data and determine a degree of peril to the at least one insured asset of each policyholder; ii) assign a degree of peril measure to the at least one insured asset of each policyholder; iii) based on the degree of peril measure for each of the at least one insured asset of each policyholder, determine if an action is required for each respective policyholder; iv) if an action is required for a particular policyholder, identifying terms and means to execute the required action to create action execution data assigned to each respective policyholder; and v) communicate the action execution data assigned to each respective policyholder to an insurance entity and a re-insurance entity; and   an action execution module configured to: i) accept action execution data assigned to each respective policyholder; and ii) execute the action execution data assigned to each respective policyholder by the identified terms and means, to comprise contacting each respective policyholder with a respective action message.   
     
     
         25 . The system of  claim 24 , wherein the action execution data requires each respective policyholder to affirmatively acknowledge receipt of the respective action message. 
     
     
         26 . The system of  claim 24 , wherein the insured asset is at least one vehicle and the respective action message requires the at least one vehicle to be positioned in a covered location.