System and method using third-party data to provide risk relationship adjustment recommendation based on upcoming life event

Patent metadata

Field	Value
Publication number	US-2021192632-A1
Application number	US-201916722998-A
Country	US
Kind code	A1
Filing date	Dec 20, 2019
Priority date	Dec 20, 2019
Publication date	Jun 24, 2021
Grant date	—

Abstract

A system to provide a risk relationship life event analytical modeling platform via a back-end application computer server of an enterprise. The system may include a risk relationship data store that contains electronic records representing potential risk relationships between the enterprise and a plurality of entities. Each record may include an electronic record identifier, at least one third-party indication associated with an upcoming life event, and a communication address. The server may determine a selected potential risk relationship and retrieve, from the risk relationship data store, the electronic record associated with the selected potential risk relationship. An analytical model may be executed based on the upcoming life event to generate a risk relationship adjustment recommendation for the selected potential risk relationship. The server may then automatically transmit information about the risk relationship adjustment recommendation to the communication address.

First claim

What is claimed:

1 . A system to provide a risk relationship life event analytical modeling platform via a back-end application computer server of an enterprise, comprising:
(a) a risk relationship data store containing electronic records that represent a plurality of potential risk relationships between the enterprise and a plurality of entities, wherein each electronic record includes an electronic record identifier, at least one third-party indication associated with an upcoming life event, and a communication address; (b) the back-end application computer server, coupled to the risk relationship data store, programmed to:
(i) determine a selected potential risk relationship between the enterprise and an entity,
(ii) retrieve, from the risk relationship data store, the electronic record associated with the selected potential risk relationship, including the at least one third-party indication associated with an upcoming life event and a communication address,
(iii) execute an analytical model based on the upcoming life event to generate a risk relationship adjustment recommendation for the selected potential risk relationship, and
(iv) automatically transmit information about the risk relationship adjustment recommendation to the communication address; and
(c) a communication port coupled to the back-end application computer server to facilitate a transmission of data with a remote device to support a graphical interactive user interface display via a distributed communication network, the interactive user interface display providing potential resource allocation data including the risk relationship adjustment recommendation.

2 . The system of claim 1 , wherein the analytical model further executes based on internal data of the enterprise.

3 . The system of claim 2 , wherein the analytical model is associated with at least one of: (i) employee segmentation, (ii) a product mixture based on employee segmentation, (iii) a cross-product sales offer, (iv) an up-sell product offer, (v) educational material.

4 . The system of claim 2 , wherein the analytical model is associated with at least one of: (i) a machine learning model created based on historical risk relationship information, (ii) a predictive model, (iii) supervised learning, (iv) unsupervised learning, (v) reinforcement learning, (vi) self-learning, (vii) feature learning, (viii) sparse dictionary learning, (ix) anomaly detection, (x) association rules, (xi) an artificial neural network, (xii) a decision tree, (xiii) a support vector machine, (xiv) a Bayesian network, (xv) a genetic algorithm, and (xvi) federated learning.

5 . The system of claim 1 , wherein the upcoming life event is associated with at least one of: (i) a birth, (ii) a change in marital status, (iii) an address change, (iv) a change in employment, and (v) an age change.

6 . The system of claim 5 , wherein the third-party data is associated with at least one of: (i) employer data, (ii) government records, (iii) insurance data, and (iv) a credit score provider.

7 . The system of claim 1 , wherein the risk relationship adjustment recommendation is associated with at least one of: (i) an optimum coverage selection, (ii) a cross-sell opportunity, (iii) a deductible change, (iv) a coverage change, and (v) a premium change.

8 . The system of claim 1 , wherein the communication address is associated with at least one of: (i) a postal address, (ii) an email address, (iii) a telephone number, (iv) a text message, (v) a chat interface, and (vi) a video communication link.

9 . The system of claim 1 , wherein the potential risk relationship is associated with at least one of: (i) an insurance group benefit offered by an employer, (ii) supplemental life insurance, (iii) short term disability insurance, (iv) long term disability insurance, (v) purchased time off, (vi) voluntary accident insurance, (vii) critical illness insurance, (viii) hospital indemnity insurance, (ix) a value added service, (x) legal services, and (xi) financial counseling services.

10 . A computerized method to provide a risk relationship life event analytical modeling platform via a back-end application computer server of an enterprise, comprising:
determining, at the back-end application computer server, a selected potential risk relationship between the enterprise and an entity; retrieving, from a risk relationship data store, an electronic record associated with the selected potential risk relationship, including at least one third-party indication associated with an upcoming life event and a communication address, wherein the risk relationship data store contains electronic records that represent a plurality of potential risk relationships between the enterprise and a plurality of entities, each electronic record including an electronic record identifier, the at least one third-party indication associated with an upcoming life event, and a communication address; executing an analytical model based on the upcoming life event to generate a risk relationship adjustment recommendation for the selected potential risk relationship; and automatically transmitting information about the risk relationship adjustment recommendation to the communication address.

11 . The method of claim 10 , wherein the analytical model further executes based on internal data of the enterprise.

12 . The method of claim 11 , wherein the analytical model is associated with at least one of: (i) employee segmentation, (ii) a product mixture based on employee segmentation, (iii) a cross-product sales offer, (iv) an up-sell product offer, and (v) educational material.

13 . The method of claim 11 , wherein the analytical model is associated with at least one of: (i) a machine learning model created based on historical risk relationship information, (ii) a predictive model, (iii) supervised learning, (iv) unsupervised learning, (v) reinforcement learning, (vi) self-learning, (vii) feature learning, (viii) sparse dictionary learning, (ix) anomaly detection, (x) association rules, (xi) an artificial neural network, (xii) a decision tree, (xiii) a support vector machine, (xiv) a Bayesian network, (xv) a genetic algorithm, and (xvi) federated learning.

14 . The method of claim 10 , wherein the upcoming life event is associated with at least one of: (i) a birth, (ii) a change in marital status, (iii) an address change, (iv) a change in employment, and (v) an age change.

15 . The method of claim 14 , wherein the third-party data is associated with at least one of: (i) employer data, (ii) government records, (iii) insurance data, and (iv) a credit score provider.

16 . A non-tangible, computer-readable medium storing instructions, that, when executed by a processor, cause the processor to perform a method to provide a risk relationship life event analytical modeling platform via a back-end application computer server of an enterprise, the method comprising:
determining, at the back-end application computer server, a selected potential risk relationship between the enterprise and an entity; retrieving, from a risk relationship data store, an electronic record associated with the selected potential risk relationship, including the at least one third-party indication associated with an upcoming life event and a communication address, wherein the risk relationship data store contains electronic records that represent a plurality of potential risk relationships between the enterprise and a plurality of entities, each electronic record including an electronic record identifier, at least one third-party indication associated with an

Assignees

• Hartford Fire Insurance Comp

Inventors

• Amaral Jennifer Maia
• Brown Matthew
• Gimpl Christopher J

Classifications

• G06Q10/0635 Primary

  Risk analysis of enterprise or organisation activities · CPC title

• G06Q40/08 Primary

  Insurance · CPC title