Insurance on Demand Transaction Management System (IODTMS)
Patents 7,395,219 & 8,005,734 Priority Date 2001General Overview:
The IODTMS patents claim a method of using the internet to provide insurance on an intermittent as needed basis and, more particularly, to manage and facilitate the transactions that will be required between insurance companies and their customers to provide insurance on demand.
One embodiment of the method claimed will enable consumers instantaneous access to auto, truck or equipment insurance “on demand” to completely satisfy rental agency requirements at more economical rates. The process will further accommodate the need to insure seldom used private or commercial vehicles and equipment, recreational vehicles and equipment or unusually hazardous undertakings. In short, this process is designed to facilitate the providing of intermittent insurance coverage, regardless of how the risk is generated, on demand. A mobile device application to demonstrate the method is available for review.
The patents further enable polices to be configured to allow variable premium rates within one transaction based on changes in risk exposure as a function of time within one overall transaction. This feature will be particularly applicable to insuring equipment that has a variable risk exposure within the period of its usage.
The patents also claim a method of establishing a Risk Worthiness Profile Score, of amending this score and a method of providing insurance coverage based on this score. The use of GPS and wireless technology in conjunction with the method are also claimed..
An additional continuation application for the patent subject matter has been filed with many additional claims supported by the specification and may be made available during a due diligence period under an NDA.
Value Assessment:
With regard to intellectual property, patents specifically, insurance is a crowded field in which few are allowed. Because of this, a patent which expands the product line in this lucrative field has high value potential. The method disclosed in the patent has potential for wide application in the field thus its value is substantially enhanced. This fact is especially evident when it is considered in the context of the general “on demand” market climate that now exists and the explosion in the use of internet enabled wireless mobile devices.
Insurance companies have a strong interest in increasing their competitive advantage. They can do this by broadening their intellectual property portfolio with the IODTMS patents, implementing the method and enjoying the competitive advantage and revenue stream they create. They also have a strong motivation to prevent advantage from accruing to other companies. Owning the IODTMS patents can prevent this eventuality as well.
Business software development firms can develop operational software based on the IODTMS patents for license to the insurance industry. This can establish a substantial income stream indeed because the introduction of this method will force a major segment of the industry to offer it as a standard option.
Car, truck and equipment rental firms derive a significant portion of their income from selling insurance and therefore, may deem it in their enlightened self interest to own the IODTMS patents.
Because of the foregoing, a patent aggregation and/or development entity would be well served by acquiring these patents.
The profit derived from owning the IODTMS patents will be very substantial indeed.
Contact: Ray Strech
e-mail: rays@iodtms.com or Direct Line (951) 750-2279 |