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LATEST PRIOR ART

Date	Title	Reviewer

03/28/09	System of charging for automobile insurance	Chirag Tanna

03/27/09	System for automated insurance underwriting	Chirag Tanna

03/27/09	Crump Launches Policy Application Summarization and Underwriting Services Through New Risk	Megan Elizabeth

03/26/09	BUSINESS TRACKING AND COMMUNICATION SYSTEM	Chirag Tanna

03/26/09	System and method for enabling real time underwriting of insurance policies	Chirag Tanna

DISCUSSION

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Ben Wolzenski (almost 4 years ago)

These are my comments after reviewing the description of the invention and the listed claims. General observations As noted in the description, certain elements or building blocks of the invention are not new. There are a number of companies that offer comprehensive online personal health records; see www.ihealthrecord.com, www.google.com/health, www.myphr.com, www.recordsforliving.com and www.personalmd.com, as examples. Both automated underwriting systems and third party underwriting services have been available to the life insurance industry for a number of years. On a case by case basis, insurers have agreed to share underwriting information with respect to an individual application. What may be new is the provision of underwriting quality health information in a data base together with evaluative information (personal life expectancy and underwriting classification) available to multiple carriers from a single source. It may be difficult to express in the required language of the application, but I think the application is most worthy of consideration when all these elements (the combination of RAC plus RPDB plus personal life expectancy and underwriting classification as output available to multiple users) are present. It does not seem to me that you are making claims for merely storing underwriting information in a data base, or for merely providing an automated method of evaluating underwriting data, or for merely using online personal health records (such as those listed above) as one source of underwriting information. Some practical considerations It may be beyond the scope of what needs to be covered in detail in the patent application, but assuring that the health information is of underwriting quality (sufficiently current, complete and accurate) will be a significant practical challenge. It is one thing to rely on applicants to respond truthfully to questions in an application; another entirely to have them or their providers put test results or attending physician statements into a data base reliably and in a form that can be used in underwriting.

Group Man (about 4 years ago)

Prospects and Shortcomings The Risk Assessment Company may be able to benefit from the various strengths: a reduced insurance risk can result in additional premium discounts while the risk reduction effects are in place; insurance companies could more effectively determine insurability by relying on a risk assessment data base, while reducing subscriber costs and offering immediate insurability through the internet; and a subscriber can receive immediate or near immediate insurance quotes from a large number of interested insurance companies. On the other hand that patent has several potential shortcomings might include; if a subscriber’s personal health information is obtained by an unauthorized 3rd party. Moreover, the RAC would have to address questions such as: what are the costs savings?; what about geographic location; where some people are susceptible to different health risks at different ages than the majority of people as a whole; and does the 10yr assumption plan take into consideration inflation, variable expenses, etc? Business Prospects The Risk Assessment Data Base (RADB), would enable insurance companies to formulate specific plans/policies for individuals which fall into various life/health categories. In addition, the life/health expectancy report would also enable individuals to acquire an analysis of their life/health projections and what is needed to extent/improve their biological clock. This invention, further, makes business sense because it stands to provide a more efficient and effective method to underwrite and offer insurance. Accomplishing this task would be likely through the invention’s process of unbundling the risk evaluation and selection function of the insurance sales process and services to have those functions established as a separate and independent process. Recommendation According to our study about Risk Assessment Company and its operating model, we think that RAC can be potentially applied as a patent because of several reasons: Firstly, the most realizable feasibility of RAC model is that it provides an independent risk evaluation and selection service and helps to eliminate underwriting process from insurance sales process. Individuals who desire an insurance plan, they can foresee the cost of and premiums they have to pay for their interested insurance service without participating in a long, redundant underwriting process to be completed. For insurance companies, they can reduce the underwriting process expense as well as the cost of no selection due to not taken policy. Secondly, since RAC plays a role as an independent middle service provider, it is stands to provide reliable, truth-worthy information, and the risk profile data in particular to all parties using its services. This allows all subscribers to have more accurate analysis and evaluation processes and better decisions while using these data for their specific purposes. Finally, the RAC model has high potential to apply in not only insurance aspects but other fields of life such as financial and credit risks. It would be helpful for individuals and enterprises to better identify any potential risks such as personal economic risk (financial investment, home purchases), casualty risk (food, accident, travel, weather) or enterprise risks (quality control, business failure).

Mark Nowotarski (about 4 years ago)

Chriag, Can you get any more information about sehatINDIA? We need something with a reliable date.

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