AU2018200122A1 - Insurance Tendering Platform - Google Patents
Insurance Tendering Platform Download PDFInfo
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- AU2018200122A1 AU2018200122A1 AU2018200122A AU2018200122A AU2018200122A1 AU 2018200122 A1 AU2018200122 A1 AU 2018200122A1 AU 2018200122 A AU2018200122 A AU 2018200122A AU 2018200122 A AU2018200122 A AU 2018200122A AU 2018200122 A1 AU2018200122 A1 AU 2018200122A1
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Abstract
INSURANCE TENDERING PLATFORM Consumers often obtain their insurance policies in one of three ways: 1. By simply sticking to one insurer without any shopping around, which lacks any competitiveness; 2. By seeking quotations from various insurers then selecting accordingly, which is time consuming and very demanding, as for a single policy alone, it requires an endless number of repetitive tasks: repeatedly contacting different insurers, repeatedly applying for quotes, repeatedly communicating personal details and insurance requirements, repeatedly reviewing and comparing polices, with various providers, on separate websites, with various layouts and different formats...etc, then repeating the same, for every policy, with every insurer, at every renewal; 3. By using the services of an insurance broker, which eliminates the said repetition off the consumer but involves ongoing commissions and lacks real competitiveness, as most brokers deal with certain insurers not others. This invention provides a new online platform that addresses those issues by centralizing all insurance deals and being equally open to all insurers and consumers alike. It removes repetition while improving competitiveness and eliminating the necessity to shop around by operating with a tender like concept that requires placing consumers insurance needs on the platform first then calling for insurers to tender for them accordingly. This platform guarantees true competitiveness, allows for all types of insurance operations, is not necessarily commission based, comprises a one and only application form to all insurers, automates all quotation notifications, reminders, comparisons and summaries, automatically appends consumer information to new applications, reduces repeated data entry and communication, centralizes insurance dealings in one place, and benefits all. This platform provides the best possible transparency, with the highest possible market exposure, at the lowest possible cost and smallest possible shopping effort. Ref: GBechara / ItpClaims Page 1 of 1 08.01.18
Description
INSURANCE TENDERING PLATFORM
ABSTRACT
Consumers often obtain their insurance policies in one of three ways:
1. By simply sticking to one insurer without any shopping around, which lacks any competitiveness;
2. By seeking quotations from various insurers then selecting accordingly, which is time consuming and very demanding, as for a single policy alone, it requires an endless number of repetitive tasks: repeatedly contacting different insurers, repeatedly applying for quotes, repeatedly communicating personal details and insurance requirements, repeatedly reviewing and comparing polices, with various providers, on separate websites, with various layouts and different formats...etc, then repeating the same, for every policy, with every insurer, at every renewal;
3. By using the services of an insurance broker, which eliminates the said repetition off the consumer but involves ongoing commissions and lacks real competitiveness, as most brokers deal with certain insurers not others.
This invention provides a new online platform that addresses those issues by centralizing all insurance deals and being equally open to all insurers and consumers alike. It removes repetition while improving competitiveness and eliminating the necessity to shop around by operating with a tender like concept that requires placing consumers insurance needs on the platform first then calling for insurers to tender for them accordingly.
This platform guarantees true competitiveness, allows for all types of insurance operations, is not necessarily commission based, comprises a one and only application form to all insurers, automates all quotation notifications, reminders, comparisons and summaries, automatically appends consumer information to new applications, reduces repeated data entry and communication, centralizes insurance dealings in one place, and benefits all.
This platform provides the best possible transparency, with the highest possible market exposure, at the lowest possible cost and smallest possible shopping effort.
Ref: GBechara / ItpClaims
Page 1 of 1
08.01.18
2018200122 08 Jan 2018
INSURANCE TENDERING PLATFORM
DESCRIPTION
1-BACKGROUND
Insurance policies are currently obtainable by having the average consumer contact either a single insurer of choice to simply arrange for new policies or renew existing ones, or several insurers, to obtain multiple quotes then compare all and select.
The first method, while simple, obviously lacks any competition, and the second, while a little smarter, is however time consuming and very demanding.
Whether it is face to face, by phone, or online, shopping around alone presently consumes a minimum initial real time of half an hour per policy, per insurer, not including reading PDSs and reviewing various policy terms and conditions. In other words, it takes hours of market research to actually find, analyze, negotiate, select and finalize purchasing a single policy.
Renewals come and the same repeats over and over again: Repeatedly contacting various insurers and communicating the same information, or repeatedly visiting different websites and therein subjecting oneself to an endless variety of confusing requirements, formats, layouts and processes, then repeatedly negotiating, documenting, analyzing, comparing and dealing with a large amount of identical but different policies, not to mention reviewing a collection of different and even frequently varying terms and conditions, exclusions, definitions and fine prints.
When the above involves having multiple policies, and with an ever-increasing number of insurers, policies and market options, the time and effort required for shopping around and purchasing or renewing policies magnify exponentially.
While the above currently constitutes the most common and unavoidable method of shopping for insurance policies, it is unfortunately and unnecessarily a boring, tiring and challenging experience to both consumers and insurers alike.
One may opt to use an Insurance broker and possibly save on some time and effort, but also inevitably face pointless ongoing commissions and limited market options, as most brokers only deal with certain insurers not others.
The same applies to recent online comparison websites where one would not only be subject to commissions and narrow market options, but would also have to enter pages and pages of information so to make an initial comparison, then re-enter the same when a particular insurer is selected, and repeat that for every policy, then repeat all at every renewal, to end up after all with the misconception that this was the best deal in the market, while it is clearly not.
Ref: GBechara / ItpDescription
Page 1 of 7
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Even worse, some comparison sites promise that it costs the consumer nothing more to buy through them, yet the same policy costs less when insurers are contacted directly, proving otherwise.
An average family of two adults and three children own the house they live in as well as another property and four cars. Insurance policies they have are: one health insurance, one home insurance, one landlord insurance, two life insurances, four different car insurances and one pet insurance, a total of Ten policies.
The likely time, communication, documentation, complexity, confusion, stress, misunderstandings, errors, readings and record keeping involved in initially purchasing the ten policies, let alone repeatedly renewing them following the abovementioned traditional methods, is unnecessarily enormous, and unavoidably terrible, specially when few happen to be due at the same time.
Traditional methods, described above, while they do work, are very demanding and involve a lot of repetitive tasks, unnecessary consumer running around and are not truly competitive. That obviously calls for a change, especially that this industry can nowadays be surely made much smarter, simpler, effortless, better organized and more competitive and transparent, for all.
Hence this invention and the new process that comes with it. It introduces major improvements to existing practices, elevates applicable standards to new heights and benefits all, as described below.
Ref: GBechara / ItpDescription
Page 2 of 7
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2-NEW PROCESS
This platform initially requires developing a central online insurance platform or virtual marketplace. This is where all consumer-insurer dealings might take place, a kind of one stop shop, with the major difference that deals are processed in a tender-like concept: Consumers place their insurance needs on the platform first then it is up to any one or more insurance provider to quote accordingly, though online too, and within a well defined set of guidelines, procedures and timeframes.
It is like assembling all suburban retail shops (i.e. insurers) into a single shopping center (i.e. platform) and making the retailers, not the consumers, do the running around in order to provide for the consumers’ retail (i.e. insurance) needs.
The result is that, as explained below, millions of consumers are freed up of most of the above-mentioned repetitive, boring and demanding tasks which would now be rather performed by insurers comparatively much smaller teams, 24 hours a day, 7 days a week, with all the assistance, automation and facilitation of the said platform, in a very simple but advanced, secure, objective and competitive way.
This platform also features the following:
1. This platform is virtual and online, using a website, an app, a social media component or anything else of this type, with dedicated servers which are able to technically, physically and literally accommodate and facilitate all insurer-consumer operations and transactions and associated services and processes such as policy administration, quotation, analysis and comparison, as well as policy purchasing, claiming, record keeping and updating.
2. This platform is able to systematically automate most insurance processes and procedures as well as handle, administer and maintain the associated large amounts of public data and traffic.
3. This platform provides membership accounts to all consumers and insurers, and is open to all members. It provides all associated logins, verifications, data entry, storage, backups, uploads, downloads, validatiions, reviews, chats, surveys, announcements, advertisements, marketing, news and communication or interaction functions, as well as its own terms and conditions, all in the one place.
4. Most importantly this platform offers consumers the option of saving and retaining personal and insurance data online, as well as the ability to retrieve and transfer the said data from one insurance period to another or from one insurer to another, and keeping it up to date, as required.
Ref: GBechara / ItpDescription
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5. This platform allows for partly revealing insurance profiles of multi policyholders to insurers so to highlight possible consumer loyalties, increase competition and improve consumer buying power.
6. This platform automatically alerts users of deadlines, set timeframes and transactions and allows for data synching to users mobiles, emails and social media accounts, as required.
7. This platform might be commission based where fees are dependent on the services or transactions performed thereon or even better it might feature predetermined insurer and consumer membership fees.
8. This platform might be established, owned and operated by a single individual, a commercial entity, a community based entity, an existing insurance company or a newly established shareholding venture of any type, as long as it features most or all of the features described herein.
9. This platform may not necessarily be the only one in the market. A certain state, region or country market might deploy as many of the said platforms as required, and those may also be classified or specific to certain industries or communities, such as one for the health industry with others for pensioners, or teachers, or country residents, or rental properties, or tourists...etc, as long as it features the methodology described herein and open to all the corresponding consumers and insurers alike.
10. This platform features a single standard online application form for each insurance field, usable with all insurers at once, and operates as follows:
10.1 The consumer joins and opens an account on the platform then logs in and lodges an application for a certain type of insurance, while having consumer account details automatically populated into this form.
10.2 The platform validates and saves the application under the consumer's account then notifies all corresponding insurer members of the new application, and sets a deadline for quotation.
10.3 Insurers, either one or more or all of them, respond at will and upload quotations onto the platform, together with a specified summary of features, benefits, options, exclusions and prices, by the set date.
10.4 The platform validates received quotations and appends them into the consumer’s account, then automatically generates a simple comparison table of all insurers, in a sortable order, and alerts the consumer.
Ref: GBechara / ItpDescription
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10.5 The platform also discloses to the consumer any notified but nonresponding insurers, if applicable, so to ensure business and process transparency therein.
10.6 The consumer logs in again and reviews the information then, after contacting insurers through online chat or other ways for any further enquiries if required, selects the insurer of choice and pays accordingly.
10.7 The platform keeps timely records of the transaction and appends correspondent data to both consumer and insurer accounts.
10.8 The consumer may, at any time during the insurance period, make enquiries, lodge claims or make changes and updates to own profile or policies, as required.
10.9 Before the expiry date by a set time the platform notifies stakeholders of the upcoming renewal date.
10.10 The consumer may, after updating stored records, if required, either accept a simple renewal offer with the same insurer or initiate a fresh quotation course through the same process, and the cycle restarts, all on the one platform, with time stamped accurate records of all users activities, actions, interactions and transactions.
10.11 A member might at any time leave reviews and feedbacks or access the ones left by others concerning a certain product, and participate in related online statistics and surveys, if applicable.
10.12 The platform constantly alerts its users of any applicable platform fees, commissions or charges, if any, before processing any of those charges or any related transaction, and discloses the same to all involved.
Ref: GBechara / ItpDescription
Page 5 of 7
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3-ADVANTAGES
This platform rearranges the entire insurance market, introduces major improvements to existing processes, and offers the following provisions and benefits to insurers and consumers alike:
1. Insurance dealings are all collated and made under the one roof and on a single framework within a well secured and protected platform;
2. This platform reduces stakeholders ongoing documentation, bookkeeping, filing, archiving, record keeping and other administrative requirements, as well as the man power required for all that;
3. This platform is transparent and objective: It only facilitates insurance activities and interfaces between consumers and insurers while playing no role in matching one to another or vice versa;
4. This platform is equally open to all consumers and all insurance providers, not only some selected few;
5. This platform is broad, fair and impartial as it uniformly and automatically exposes every consumer to every insurer or vice versa, and might independently fund itself through set membership fees, not necessarily commissions;
6. This platform guarantees competitiveness, as insurers would have no option but to strive to offer their best in meeting consumers business needs;
7. Consumer's personal account details are entered once and automatically duplicated into all types of future insurance applications or renewals;
8. Consumer's insurance requirements are entered once too, and only updated as required. Beside minor ongoing updates, only one consumer application per policy is ever required for all insurers;
9. Consumer's data entry, usually the most boring and time consuming action, is minimized, while market exposure is maximized;
10. Timekeeping is simplified for insurers and consumers alike due to the automated built-in system alerts to both, at every due date or deadline;
11. The platform chat feature changes the current practice of insurer only recorded phone conversations, and instead, provides and guarantees instant and accurate conversation records for both parties;
12. Ongoing service, policy and claims feedback together with live and up to date reviews and customer satisfaction surveys improve insurers exposure and performance as well as consumer awareness of the same;
13. This platform highlights multi policy holders, indicates possible consumer loyalty to insurers and improves consumer buying power;
14. This platform does not necessitate the consumers previous knowledge and awareness of all available or newly formed insurers in the market;
15. This platform provides round the clock access to insurance services and eliminates the need to keep insurers particulars or contact details;
16. This platform simplifies policy quotation and comparison methods and provides a plain english summary of sortable prices, features and exclusions;
17. This platform greatly reduces the amount of time and effort required in handling and purchasing of multiple policies when due at the same time;
18. This platform links insurers not only to their own client base but also to the entire consumer market;
Ref: GBechara / ItpDescription
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19. This platform offers insurers the ability to save on time and personnel currently dedicated to quotes, claims and customer service phone enquiries;
20. This platform would also simplify sorting out, studying and analyzing consumer market data at once so to tailor insurance products accordingly;
21. This platform is a one stop shop that caters for all types of domestic, business and professional insurance services for all individuals and organizations;
22. This platform is green in that it reduces all forms of paper filing, printing, posting and handling;
23. This platform is sustainable as it covers all insurance types, provides to both parties equally and is able to support itself through reasonable fees;
24. This platform, being where typical clients are, enables large savings for insurers, knowing where, when and howto market products and advertise;
25. This platform eliminates the inconvenience and confusion experienced in having to continually use various insurance websites with different forms, layouts, formats, requirements and processes;
26. This platform will improve identifying and addressing insurance fraud and online spam activities by focusing efforts on a single location.
Ref: GBechara / ItpDescription
Claims (6)
1. A process that involves developing and / or providing and / or administering and I or operating an open-to-all online insurance tendering platform, or platforms as in Claim 2, be it a website, an app, a social media facility or anything else of this type, or all of those together, forming a central virtual insurance market and a one stop online retail shop that shall facilitate insurance services and / or operations between insurers and consumers, including all insurance entities, types and dealings, or parts thereof if required, while forming a one stop hub that is capable of starting, implementing and finalizing all phases of marketing, selling, purchasing, issuing, administering and using insurance policies, all in the one place, and functioning with a tender like concept whereby insurers shall be able to freely tender or quote for consumer insurance applications or needs placed thereon, in accordance with most or all of the features and / or methods and I or concepts specified in Claims 2 to 6.
2. A platform, as claimed in Claim 1 and in addition to it, that might be either general in nature, covering the entire insurance market in a certain region, state or country, anywhere, or specific to certain communities and divisions therein, allowing for the coexistence of several dedicated platforms instead of just a single major general one, while always having each of those platforms equally open to all consumers and providers covering the types of insurance included in that platform, and operating within the same concepts and methodologies claimed herein.
3. A platform, as claimed in Claim 2 and in addition to it, that shall feature secured insurer and consumer user accounts and feature for each type of insurance, such as health or home, for instance, a single consumer insurance application form which shall be used to apply to all insurers at once, and which once submitted and placed on the platform, shall be automatically populated through a secured blanket notification to all corresponding insurers, while calling those insurers to tender for the same by replying with both a quotation and a comprehensive summary of that quotation, within set guidelines and timeframes, and while revealing possible multi-policy holder applicants, as applicable, and asking for discounts, if possible.
4. A platform, as claimed in Claim 3 and in addition to it, that shall upon receiving quotations and summaries from each responding insurer within a set timeframe, compose a single comprehensive summary of features, options and exclusions from all received summaries, in a sortable and comparable order, alert applicants of the same, including a mention of nonresponding insurers, if any, and proceed to allow the consumer to eventually finalize its purchase and later administer and use the policy and its associated services and amenities, in the one location, together with the selected insurer, and on the one platform.
Ref: GBechara / ItpClaims
Page 1 of 2
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2018200122 08 Jan 2018
5. A platform, as claimed in Claim 4 and in addition to it, that shall allow for ongoing retaining and saving of consumer particulars and insurance requirements and appending the same to future applications, if required, or transferring the same from one insurance period to another and from one insurer to another, as well as time stamping all user online activities and constantly appending accurate records and history of the same to corresponding insurer and consumer user accounts and profiles.
6. A platform, as claimed in Claim 5 and in addition to it, that shall regularly and actively look, find and offer to add newly formed insurers, constantly monitor users applicable due dates by issuing timely alerts and reminders and offering the option of synching the same to users mobile devices, emails and social media accounts or the like, as required, as well as constantly monitoring members activities and integrity therein.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2018200122A AU2018200122A1 (en) | 2018-01-08 | 2018-01-08 | Insurance Tendering Platform |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2018200122A AU2018200122A1 (en) | 2018-01-08 | 2018-01-08 | Insurance Tendering Platform |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| AU2018200122A1 true AU2018200122A1 (en) | 2019-07-25 |
Family
ID=67297692
Family Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| AU2018200122A Abandoned AU2018200122A1 (en) | 2018-01-08 | 2018-01-08 | Insurance Tendering Platform |
Country Status (1)
| Country | Link |
|---|---|
| AU (1) | AU2018200122A1 (en) |
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US20220351318A1 (en) * | 2021-04-30 | 2022-11-03 | Way Inc. | User behavior-based risk profile rating system |
-
2018
- 2018-01-08 AU AU2018200122A patent/AU2018200122A1/en not_active Abandoned
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US20220351318A1 (en) * | 2021-04-30 | 2022-11-03 | Way Inc. | User behavior-based risk profile rating system |
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Legal Events
| Date | Code | Title | Description |
|---|---|---|---|
| MK4 | Application lapsed section 142(2)(d) - no continuation fee paid for the application |