News Column

Patent Issued for System and Method for Providing Global Information on Risks and Related Hedging Strategies

July 8, 2014



By a News Reporter-Staff News Editor at Information Technology Newsweekly -- A patent by the inventors Ruggieri, Tom (New York, NY); Forer, Edward (New York, NY), filed on December 23, 2004, was published online on June 24, 2014, according to news reporting originating from Alexandria, Virginia, by VerticalNews correspondents.

Patent number 8762178 is assigned to Advisen, Ltd. (New York, NY).

The following quote was obtained by the news editors from the background information supplied by the inventors: "Although, the technology underlying information gathering has drastically advanced within the past decade, there are many industries that have not benefited from such advances. In the fields of insurance and risk management, and in the related fields of information gathering for insurance and risk management, there are currently no systems in place today that provide all of the necessary information, services and tools necessary for the insurance industry. There are many sources of information available to members of the insurance industry, however, these sources are not well integrated, nor are they organized so as to provide a comprehensive tool risk management officers. Furthermore, there are also many sources of invaluable information that up to now have not been available to the members of the insurance industry.

"Survey data confirms that clients are dissatisfied with the current level of service and information that they receive from agents, brokers, and underwriters. Various publications have also documented client's desire for new services.

"The current products available to the industry suffer from low service quality, low client workspace enhancements, no standardization and no automation. Furthermore, these systems also suffer from lack of standardization, and high costs. Recently, some on-line products have become available. However, they also suffer for failure to support complex insurance products, and lack of capability to intelligently gather relevant information and process it in accordance with clients' needs.

"Various members of the industry including but not limited to risk managers, benefits managers, brokers, insurers and other insurance professionals require information resources, knowledge management tools, and analytical models to increase their value and productivity. Advisory services via the world-wide-web are needed to inform customers of current industry trends, events and financial alternatives. Additionally, up-to-date portfolio evaluations, greater exposures details and wider access to the risk environment permits more exactly priced and newer products for insurance companies to provide to their clients. Thus, there is a need for an improved system that provides comprehensive information and analytical and administrative tools to professionals, specifically those involved in the insurance industry."

In addition to the background information obtained for this patent, VerticalNews journalists also obtained the inventors' summary information for this patent: "The present invention looks to provide advantages over the currently available services by integrating into a single system, the ability to access all of the available information on risk management in any given field by providing a data-base which stores and analyzes risk management data from a large quantity of sources.

"The present invention provides a system and method for information and data aggregation and analysis which provides risk managers, benefits managers, brokers, insurers and other insurance professional to have access to information resources, knowledge management tools, and powerful analytical models needed to increase their value and productivity. The system provides a means for insurance industry professionals, to access current industry trends, financial alternatives and advisory services. The system also provides a means for accessing up-to-date portfolio valuations, exposure details and access to the risk environments. This system and method provides users with a novel full spectrum of administrative, information, and knowledge tools.

"In accordance with one embodiment of the invention, the system and method provided is designed for information and data aggregation that allows for the compilation of data for mining and categorization by a knowledge management system, which stores all retrieved information in accordance with categories provided by a categorization engine referred to as a Taxonomy module.

"In accordance with another embodiment of the invention, the process of gathering information extends beyond, traditional on-line sources. Thus, the system is configured to access private and semi-private databases to gather relevant information from various organizational resources.

"The stored information can be retrieved in accordance with various embodiments of the invention. Therefore, in accordance with one embodiment of the invention, a contextualization module is configured to retrieve relevant information, based on various factors, among other things, including the user's profile, and the user's particular task at any time the system is employed. As such, the system dynamically provides relevant information as the user interacts and conducts various tasks.

"The stored information is also analyzed by a concept clustering module, so that various concepts relating to a particular topic can be uncovered and stored. The concept clustering module is configured to analyze specific word patterns to uncover concepts that originally were not known to have a relationship with the underlying user's search. These uncovered concepts can be employed to enhance the taxonomy module as the system continues to adapt by increased usage.

"In accordance with another embodiment of the invention, the system provides for various analytical tools that allow users to carry on with highly complex analysis of insurance related topics. The range of available analytical tool dynamically varies based on the user's needs and research topics.

"In accordance with yet another embodiment of the invention, the system provides for a unique interactive workspace that combines the features explained above in a logical manner. To this end, the system interface provides for various job templates, so as to enable the user's to carry various projects by a template driven task assignments. As the user navigates through the workspace, the range of available information to the user changes, based on the user's profile and navigation pattern."

URL and more information on this patent, see: Ruggieri, Tom; Forer, Edward. System and Method for Providing Global Information on Risks and Related Hedging Strategies. U.S. Patent Number 8762178, filed December 23, 2004, and published online on June 24, 2014. 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=8762178.PN.&OS=PN/8762178RS=PN/8762178

Keywords for this news article include: Advisen Ltd., Information Technology, Information and Data Aggregation, Information and Knowledge Management.

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Source: Information Technology Newsweekly


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