Difference between revisions of "Project scope"

Revision as of 01:07, 10 October 2006

Rationale

• Financial markets are a part of the changing business paradigms, across the globe - G. N. Bajpai
• Today, globalization of competencies, thinking and perspectives has been the part of Strategic Action Plan of all the major players in the financial markets, globally - G. N. Bajpai
• "The focus over the last year has been around proving the value of IT as a key contributor to business success," - David Holtzman
• Real-time documents provide faster time to market with a personal touch - Penn National Insurance

Search Strategy

Search date: 14 Sept, 2006

Database: Micropatent (PatSearch Fulltext)

Search Strings, Hits & Scope:

• Search I
  • Query: (Life) AND (Insurance OR Reinsurance OR Polic* OR Annuit*) - 532 hits
  • Search scope – Title, Abstract & Claims, Date - 2000 till date
  • Databases: US, EP, WO, JP, DE, GB and FR (common for all)
• Search II
  • Query: (computer) and (Insurance OR Reinsurance) and (Polic* OR Annuit*) – 511 hits
  • Search scope – Title, Abstract & Claims, Date 1991 till date
• Search III
  • Query: (Insurance OR Reinsurance OR polic* or Annuit*) limited by assignee (Insurance OR Bank) – 345 hits
  • Search scope – Title, Abstract & Claims, Date – 1991 till date – 345 hits
• Total # of records - Search I + Search II + Search III = 1239 (excluding duplicates and family members but includes off-target)

Note: All search hits exclude family members and duplicate patent records

Market data - Insurance sector

• Insurance and risk management is an immense global industry. In America alone, the insurance business employs about 2.5 million people
  
• Life and health insurance in the United States will be about a $725 billion in gross revenues business in 2006, compared to only about $500 billion in 2002
  
• U.S. life insurance firms hold about $3.8 trillion in assets
  
• Personal lines comprise another vast sector of insurance. For example, private passenger automobile insurance will be about a $172 billion annual premium market in the U.S. for 2006
  
• Homeowners insurance is about a $50 billion market
  
• Property and Casualty insurance premiums will total about $450 billion in the U.S. for 2006

Year wise IP activity

• Graph depicts IP activity based on publication year
• 866 patents filed in a span of 16 years (1991 - 15th Sept, 2006). Out of which 792 patents in last 7 years
• Trend indicates high IP activity during 2002 followed by sudden fall during 2003, since then recovering gradually

Assignee wise IP activity

Assignee wise IP activity

• Graph depicts assignee and number of patents to their credit
• Assignees having single or double patent record is depicted in table

Assignee wise IP activity

Country wise IP activity

• Graph indicates IP activity based on priority country
• Maximum number of patent records filed in United States (506) followed by Japan (314) and Australia (9)
• Country code

Assignee wise IP activity

Distribution of patents - Based on insurance type

• 95 patents have been analyzed and categorized based on type of insurance
• For definitions follow the link
• Number in () indicates # of patents
• Trend - Top insurance filing sectors
  • Maximum number of patents file under life insurance category (39) followed by
  • Automobile insurance (26) and
  • Property insurance (7)

Distribution of patents - Level-I Analysis

Distribution of patents - Based on activity

• Above 95 patents further analyzed for more granularity to project various patterns involved
• Trend based on various activities under insurance:
  • Maximum patent filed on insurance information management system (23) followed by
  • Insurance payment process (21) and on
  • Insurance selling system and various selling parameters (15)

Distribution of patents - Level-II Analysis

Overall Trend - Based on insurance sector and respective activities

Automobile Insurance

• Customize insurance policy and customized insurance premium for different cars and people
• Keeping uninsured from driving

Casualty insurance

• Automatic accident reporting system of an insured person

Health insurance

• Pharmacy benefits calculator – selects a cost effective insurance plan form the group of plans

General Insurance

• Capability modeling – Computerized, customized and flexible insurance accepting, declining and design system
• Contract management –
  • Converting current insurance contract to newly launch insurance terms
  • System for decreasing insurance – Computer program calculates point based on the transaction data
  • Reducing insurance policy issuing time by automating assessment processing - Application contents are automatically assessed after checking predefined conditions on applicant terminal
• Real-time insurance coverage verification system
• Online policy and insurance portfolio analysis for greater value and low risk – Analyzing data of present and proposed insurance policies and provides user comparative output for different policies
• Automated insurance processing – processes (mainly verifies) current status of insurance policies
• Risk assessment system – evaluates history of natural/man made disasters in a particular geographical area and sets insurance premium
• Insurance selling system – online auction for life settlement and vertical transactions
• Straight through processing – Insurance policy issuance and management system

Life Insurance

• Annuity – Automated benefit scheme administration apparatus
• Package – Selling other services (funeral plan) along with life insurance
• Retirement – Computer based retirement planning and income arrangement system

Property insurance

• GPS Mobile insurance system – Monitoring current location and condition