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US 7,974,858 B1Granted
Systems and methods for bridging coverage
AssigneeUsaa
InventorsAdam Grant Sharp, Michael Roger Baublit
Life of this patent
Estimating the term…
Abstract
Systems and methods to provide bridging insurance coverage are described. The apparatus may comprise, a receiver module to receive a request for a financial service from a requestor and an underwriter module to underwrite a bridging financial service. The method may comprise, receiving from a requestor a request for a financial service, underwriting a bridge financial service at the time of the request, and initiating the external processes required for the approval of a final insurance policy. The method may additionally include, completing the external processes, underwriting a final financial service based on the external processes and terminating the bridge financial service.
Claims27
A financial service bridging processor-implemented method comprising:
- receiving, through a computing device having a processor and a storage device containing instructions that are executable by the processor, a request from a customer for a final financial service, wherein approval of the request requires completion of an external process;
- determining if the customer meets eligibility requirements for a bridge financial service, wherein the determination of whether the customer meets the eligibility requirements is based on:
- whether the customer is a pre-existing member of an organization associated with the final financial service;
- and
- whether the customer provided a commitment to complete steps to issue the final financial service;
- obtaining financial information on the customer's previous relationships with the organization associated with the final financial service, if it is determined that the customer meets eligibility requirements for the bridge financial service;
- determining a coverage amount and terms of the bridge financial service based on the financial information on the customer's previous relationships with the organization associated with the final financial service;
- issuing the bridge financial service according to the determined coverage amount and terms of the bridge financial service upon receiving the request and determining that the customer meets the eligibility requirements for the bridge financial service using the computing device;
- wherein the bridge financial service is a non-final financial service that terminates based upon issuance of the final financial service;
- initiating the external process required for the approval of the final financial service using the computing device;
- issuing the final financial service upon completion of the external process using the computing device;
- and
- terminating the bridge financial service based upon issuance of the final financial service using the computing device.
10 more elements
A financial service bridging system, the system comprising:
- a processor;
- and
- a storage device containing instructions that are executable by the processor, which when executed perform the following operations:
- receiving, from a customer, a request for a final financial service, wherein approval of the request requires completion of an external process;
- determining if the customer meets eligibility requirements for a bridge financial service, wherein the determination of whether the customer meets the eligibility requirements is based on:
- whether the customer is a pre-existing member of an organization associated with the final financial service;
- and
- whether the customer provided a commitment to complete steps to issue the final financial service;
- obtaining financial information on the customer's previous relationships with the organization associated with the final financial service, if it is determined that the customer meets eligibility requirements for the bridge financial service;
- determining a coverage amount and terms of the bridge financial service based on the financial information on the customer's previous relationships with the organization associated with the final financial service;
- issuing the bridge financial service according to the determined coverage amount and terms of the bridge financial service upon receiving the request and determining that the customer meets the eligibility requirements for the bridge financial service;
- wherein the bridge financial service is a non-final financial service that terminates based upon issuance of the final financial service;
- initiating the external process required for the approval of the final financial service;
- issuing the final financial service upon completion of the external process;
- and
- terminating the bridge financial service based upon issuance of the final financial service.
13 more elements
A computer readable medium having computer executable code tangibly embodied thereon for processing a customer for a financial service contained therein, the computer executable code performing the following operations:
- receiving, from a customer, a request for a final financial service, wherein approval of the request requires completion of an external process;
- determining if the customer meets eligibility requirements for a bridge financial service, wherein the determination of whether the customer meets the eligibility requirements is based on:
- whether the customer is a pre-existing member of an organization associated with the final financial service;
- and
- whether the customer provided a commitment to complete steps to issue the final financial service;
- obtaining financial information on the customer's previous relationships with the organization associated with the final financial service, if it is determined that the customer meets eligibility requirements for the bridge financial service;
- determining a coverage amount and terms of the bridge financial service based on the financial information on the customer's previous relationships with the organization associated with the final financial service;
- issuing the bridge financial service according to the determined coverage amount and terms of the bridge financial service upon receiving the request and determining that the customer meets the eligibility requirements for the bridge financial service;
- wherein the bridge financial service is a non-final financial service that terminates based upon issuance of the final financial service;
- initiating the external process required for the approval of the final financial service;
- issuing the final financial service upon completion of the external process;
- and
- terminating the bridge financial service based upon issuance of the final financial service.
10 more elements
Dependencies are inferred from the claim text.