TECHNICAL FIELD

[0001] The present disclosure relates to the field of insurance, and more particularly to an insurance architecture that is configured based on telecom infrastructure.

BACKGROUND

[0002] Background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.

[0003] Insurance often requires back-office operations and customer interactions to optimize customer relationships and achieve growth. The operations may require collaboration between insurance representatives and customers to capture new business, service existing business, and resolve insurance issues such as claim handling and fulfilment. The process requires regular communication to service customers and attract new business.

[0004] From an insurer's perspective a higher level of communication is required to maintain operational visibility, customer relationships, and support core business processes. Such processes may include the management of distribution channels, commissions, collaboration with insurance agent partners, billing, claim evaluations, payments, and the capture and processing of insurance information. The support needed to generate and deliver insurance products that support these functions and others is not a straight through automated process that may be serviced and sustained by a limited network bandwidth or through one or more general purpose computers.

[0005] Unlike telecom infrastructure including mobile phone subscribers that are widely and well covered across all geographies and strata of people, insurance sector largely covers only a very small segment of the total population with most of the people not even being aware of the types of insurance, different plans available, claim process involved, payment of premium among numerous other challenges that are faced, and hence do not even own any insurance policy.

[0006] There is therefore a need in the art for an insurance architecture that enables strong market penetration by facilitating a large number of people who were previously not even aware of insurance systems to easily understand insurance policies, stakeholders involved, process involved, details of each plan, benefits/disadvantage of each plan and other like details.

[0007] All publications herein are incorporated by reference to the same extent as if each individual publication or patent application were specifically and individually indicated to be incorporated by reference. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided herein, the definition of that term provided herein applies and the definition of that term in the reference does not apply.

[0008] In some embodiments, the numbers expressing quantities of ingredients, properties such as concentration, reaction conditions, and so forth, used to describe and claim certain embodiments of the invention are to be understood as being modified in some instances by the term "about." Accordingly, in some embodiments, the numerical parameters set forth in the written description and attached claims are approximations that can vary depending upon the desired properties sought to be obtained by a particular embodiment. In some embodiments, the numerical parameters should be construed in light of the number of reported significant digits and by applying ordinary rounding techniques. Notwithstanding that the numerical ranges and parameters setting forth the broad scope of some embodiments of the invention are approximations, the numerical values set forth in the specific examples are reported as precisely as practicable. The numerical values presented in some embodiments of the invention may contain certain errors necessarily resulting from the standard deviation found in their respective testing measurements.

[0009] As used in the description herein and throughout the claims that follow, the meaning of "a," "an," and "the" includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein, the meaning of "in" includes "in" and "on" unless the context clearly dictates otherwise.

[0010] The recitation of ranges of values herein is merely intended to serve as a shorthand method of referring individually to each separate value falling within the range. Unless otherwise indicated herein, each individual value is incorporated into the specification as if it were individually recited herein. All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g. "such as") provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention. [0011] Groupings of alternative elements or embodiments of the invention disclosed herein are not to be construed as limitations. Each group member can be referred to and claimed individually or in any combination with other members of the group or other elements found herein. One or more members of a group can be included in, or deleted from, a group for reasons of convenience and/or patentability. When any such inclusion or deletion occurs, the specification is herein deemed to contain the group as modified thus fulfilling the written description of all Markush groups used in the appended claims.

OBJECTS OF THE INVENTION

[0012] An object of the present disclosure is to provide an insurance architecture for strong market penetration by enabling and facilitating collaboration between insurance agency and a large number of people.

[0013] An object of the present disclosure is to provide a system that can enable people who were previously not even aware of insurance systems to easily understand insurance policies, stakeholders involved, process involved, details of each plan, benefits/disadvantage of each plan, and other like details.

[0014] An object of the present disclosure is provide a system that can enable transparent viewing of various transactions during purchasing, life time, and claim settlement of insurance/ other financial instruments (such as SIP, ULIP etc).

SUMMARY

[0015] Aspects of the present disclosure relate to use of telecom infrastructure to enable configuration/functioning of an insurance system. An aspect of the present disclosure provides an insurance system that includes a policy purchase module, a policy number assignment module and a policy management module. The policy purchase module can be configured to enable a user to purchase an insurance policy through an insurance engine operatively coupled to a telecom service provider server. In an exemplary implementation, the policy number assignment module can be configured to, upon the purchase of the insurance policy, enable the insurance engine to assign a policy number to the insurance policy, wherein the policy number is assigned based on any or a combination of an unique identifier of the client retrieved from and confirmed by the telecom provider server and the policy type code. In an exemplary implementation the policy management module can be configured to enable the insurance engine to send different reminders associated with the insurance policy to the client and enable management of the insurance policy, by the client, until the insurance policy expires.

[0016] In an exemplary implementation, the insurance engine can allow a user to purchase the insurance policy by entering one or a combination of user credentials, insurance type, purpose thereof, period of insurance, term of insurance, amount of insurance, premium of insurance, and other like parameters. The insurance engine can be accessed by the client either by any or a combination a personal computing device of the client, computing device of representative of an insurance agency, computing device of representative of the telecom service provide and a telecom service kiosk. In an exemplary implementation, the management of the insurance policy can be enabled by entering the policy number and on successful authentication of the client. The policy engine, upon the successful authentication can enable the client to view account details associated with the insurance policy, premiums paid till now for the associated the insurance policy, and enable the client to modify the insurance policy.

[0017] In an aspect, the unique identifier of the client can be retrieved from and confirmed by the telecom provider server based on a user credential provided during the purchase of the insurance policy.

[0018] An aspect of the present disclosure provides a method for insurance purchase and management. The method include steps of, enabling a user to purchase an insurance policy through an insurance engine operatively coupled to a telecom service provider server, enabling the insurance engine to assign a policy number to the insurance policy, upon the purchase of the insurance policy, wherein the policy number is assigned based on any or a combination of an unique identifier of the client retrieved from and confirmed by the telecom provider server, and a policy type code, enabling the insurance engine to send different reminders associated with the insurance policy to the client, and enabling management of the insurance policy, by the client, until the insurance policy expires.

BRIEF DESCRIPTION OF THE DRAWINGS

[0019] FIG. 1 illustrates an exemplary network architecture of the proposed insurance system in accordance with an embodiment of the present disclosure.

[0020] FIG. 2 illustrates exemplary functional modules of the proposed insurance system in accordance with an embodiment of the present disclosure.

[0021] FIG. 3 illustrates an exemplary representation showing insurance policy registration of a subscriber in accordance with an embodiment of the present disclosure. [0022] FIG. 4 illustrates an exemplary flow chart of method for enabling purchase and management of insurance policy through a telecom service provider in accordance with an embodiment of the present disclosure.

DETAILED DESCRIPTION

[0023] The following is a detailed description of embodiments of the disclosure depicted in the accompanying drawings. The embodiments are in such detail as to clearly communicate the disclosure. However, the amount of detail offered is not intended to limit the anticipated variations of embodiments; on the contrary, the intention is to cover all modifications, equivalents, and alternatives falling within the spirit and scope of the present disclosure as defined by the appended claims.

[0024] Each of the appended claims defines a separate invention, which for infringement purposes is recognized as including equivalents to the various elements or limitations specified in the claims. Depending on the context, all references below to the "invention" may in some cases refer to certain specific embodiments only. In other cases it will be recognized that references to the "invention" will refer to subject matter recited in one or more, but not necessarily all, of the claims.

[0025] Various terms as used herein are shown below. To the extent a term used in a claim is not defined below, it should be given the broadest definition persons in the pertinent art have given that term as reflected in printed publications and issued patents at the time of filing.

[0026] Different embodiments of the present disclosure relate to use of telecom infrastructure to enable configuration/functioning of an insurance system. An aspect of the present disclosure provides an insurance system that includes a policy purchase module, a policy number assignment module and a policy management module. The policy purchase module can be configured to enable a user to purchase an insurance policy through an insurance engine operatively coupled to a telecom service provider server. In an exemplary implementation, the policy number assignment module can be configured to, upon the purchase of the insurance policy, enable the insurance engine to assign a policy number to the insurance policy, wherein the policy number is assigned based on any or a combination of an unique identifier of the client retrieved from and confirmed by the telecom provider server and the policy type code. In an exemplary implementation the policy management module can be configured to enable the insurance engine to send different reminders associated with the insurance policy to the client and enable management of the insurance policy, by the client, until the insurance policy expires.

[0027] In an exemplary embodiment, the insurance engine can allow a user to purchase the insurance policy by entering one or a combination of user credentials, insurance type, purpose thereof, period of insurance, term of insurance, amount of insurance, premium of insurance, and other like parameters. The insurance engine can be accessed by the client either by any or a combination a personal computing device of the client, computing device of representative of an insurance agency, computing device of representative of the telecom service provide and a telecom service kiosk. In an exemplary implementation, the management of the insurance policy can be enabled by entering the policy number and on successful authentication of the client. The policy engine, upon the successful authentication can enable the client to view account details associated with the insurance policy, premiums paid till now for the associated the insurance policy, and enable the client to modify the insurance policy.

[0028] In an exemplary embodiment, the unique identifier of the client can be retrieved from and confirmed by the telecom provider server based on a user credential provided during the purchase of the insurance policy.

[0029] An aspect of the present disclosure provides a method for insurance purchase and management. The method include steps of, enabling a user to purchase an insurance policy through an insurance engine operatively coupled to a telecom service provider server, enabling the insurance engine to assign a policy number to the insurance policy, upon the purchase of the insurance policy, wherein the policy number is assigned based on any or a combination of an unique identifier of the client retrieved from and confirmed by the telecom provider server, and a policy type code, enabling the insurance engine to send different reminders associated with the insurance policy to the client, and enabling management of the insurance policy, by the client, until the insurance policy expires.

[0030] Aspects of the present disclosure relate to use of telecom infrastructure to enable configuration/functioning of an insurance system. According to one embodiment, with reference to FIG. 1, system 100 of the present disclosure can include a mobile server cluster 102 configured to physically/logically include one or more mobile servers such as mobile server 102-1, mobile server 102-2, and mobile server 102-n, wherein the mobile server cluster 102 can be operatively coupled with one or more client devices/subscribers, such as subscriber 104-1, subscriber 104-2, subscriber 104-3, subscriber 104-4 and subscriber 104-N, collectively referred to as subscribers/client devices 104. The subscriber 104 or client device 104 can be any mobile device, mobile phones or a landline phone. One should appreciate that in a telecom infrastructure the mobile servers and/or base stations or other elements that form part of the infrastructure can be geographically spread out depending on the purpose and functionality of the element, and therefore mobile server cluster 102 can be a logical representation having multiple servers that store credentials of the one or more subscriber 104, and/or content/configuration pertaining to one or more subscriber 104. One should also appreciate that the subscriber 104 can use any communication device, including but not limiting to mobile device, landline phones and should be interpreted very broadly to include any computing device that has a unique identifier/number associated therewith.

[0031] According to one embodiment, mobile servers 102 can be configured to store credentials of the subscriber, such as username, address, address proof, age proof, phone numbers along with other credentials and/or configuration of one or more mobile phones/subscribers 104. The configuration information can include, for instance, details of the user, date since when the connection is active, payment history/pattern/behaviour, user behaviour, usage details, type of user, user attributes, or any other information that may be configured to be stored in the servers 102.

[0032] According to one embodiment, system 100 of the present disclosure can include an insurance server cluster 106 that can include one or more servers 106-1, server 106-2, and server 106-n, which may be geographically/physically separated or can be located in a single location. According to one embodiment, different insurance servers 106 can either be configured to perform different functions involved in an insurance process or can each be configured to perform the same function and handle different set of subscribers. Any such construction/configuration is completely within the scope of the present disclosure. According to one embodiment, for instance, servers 106 can be distinguished based on the type of insurance they are configured to handle, say vehicle, life, medical, professional practice, among other types of insurance, which are not being listed herein for brevity of the present disclosure, but the present disclosure should clearly be understood to include and be applicable to all types of insurances. In another embodiment, servers 106 can be configured and segregated based on function performed by the server 106, for instance, one server 106 can be configured to issue quotes to customers/subscribers, and another one can be configured to process claims, and yet another one can be configured to provide online services, and yet another one can be configured to provide information about various plans, among any other functions involved in the insurance process, all of which are completely within the scope of the present disclosure. [0033] According to one embodiment of the present disclosure, insurance servers 106 can be operatively coupled through an insurance engine 108 with one or more of the mobile servers 102 to access, for instance, a part of the configured subscriber details stored in the mobile servers 102. In an exemplary implementation, subscriber base for both the mobile service providers/telecom providers as well as the insurance service providers can be same and can include all strata of the population across all geographies and hence integration of the insurance system with the mobile/telecom infrastructure enables the insurance providers to access the subscriber base of the telecom providers and issue them one or more insurance policies.

[0034] According to one embodiment, insurance policy issued by the proposed insurance system can enable the subscriber to easily understand the purpose of the insurance, plan configured therein, and policy number associated with the insurance. For instance, a defined code can be configured and issued as the insurance policy number to the subscribers that can enable the subscribers and even third-parties to understand the purpose/policy/plan details associated with the insurance. In an instance, the proposed insurance system can use mobile number/landline number of a subscriber and use the number to issue a policy number to the subscriber. For instance, a policy number can be L349810833331, which can be decoded as L that can indicate life insurance, 34 that can indicate the plan chosen by the subscriber from amongst the ones that are available, and 9810833331 indicates the mobile phone number of the subscriber, which essentially enables the subscriber to easily remember the policy number. Similarly, V1201203456410 can be configured to interpret V being for vehicle insurance, 12 being the version of vehicle insurance that the subscriber has opted for, and 01203456410 indicates the landline number of the subscriber.

[0035] According to one embodiment, although the present disclosure illustrates only the operative coupling between mobile/telecom servers 102 and insurance servers 106, one should appreciate that the representation is completely exemplary in nature and any other means that enables integration of the insurance system into the telecom infrastructure is completely within the scope of the present disclosure. In an aspect, with mobile phone numbers being integrated into the insurance policy numbers being issued to one or more subscribers, system of the present disclosure can also enable the subscribers to use the same customer support, billing system architecture, know-your-customer (KYC) details, as was being used by them for the telecom services being rendered through the mobile phone servers 102, allowing an architecture where no separate sub-systems for insurance system need to be incorporated and all telecom subsystems can be configured to support the insurance system. [0036] According to another embodiment, payment of premiums for insurance policies can be controlled and/or managed by the insurance servers/sub-systems and can be configured to enable integrated means for subscribers to pay for both mobile phone as well as insurance costs/premiums.

[0037] In yet another aspect, with integration of telecom architecture with insurance system, subscribers can also purchase insurance policies from agents of the telecom service providers and/or their outlets. For instance, for a telecom provider DFRE, their outlets and distributors/agents that provide pre-paid/post-paid cards/services can also enable users/subscribers to view multiple insurance policies, their plan details, their coverage, their benefits/drawbacks, and buy the policies instantaneously from the local store itself and then get them activated online or thorough customer care of the telecom service provider, wherein the telecom servers/systems can store and configure/update the insurance systems/servers accordingly to update new subscribers, their plans, coverage, medical history/background, among other details required in insurance subsystems. Documentation required for initiating a policy purchase can also be executed at the local telecom store itself to enable an efficient policy creation/purchase architecture.

[0038] Aspects of the present disclosure also enable a subscriber to purchase multiple insurance policies, each having different attributes, purposes, values, types, coverage, but can be associated with the same mobile number/phone number of the subscriber. Subscribers can further be enabled to update their policy details, coverage details, or any other attribute as may be desired. For instance, a user can have a vehicle insurance having policy number VA459810723453 (A45 being the policy code), and a life insurance having policy number L75A9810723453 (75A being the policy code). Any other code pattern is completely within the scope of the present disclosure. Details of each policy of a subscriber can be stored in a insurance server 106, wherein a single user interface, for instance, can enable a subscriber to access both phone account as well as the insurance account.

[0039] Aspects of the present disclosure can also enable the proposed insurance system to issue reminders to one or more subscribers at their phone numbers to pay the premium and/or to complete any other formality.

[0040] One should appreciate that although the present disclosure has been explained with reference to association of a mobile number in a policy code issued to a subscriber, association of any other unique code that is specific to the user such as an identity code (Aadhar code), DTH (Direct-to-Home) identifier, vehicle number, is completely within the scope of the present disclosure. For instance, a policy number can be L12UP325678, wherein UP325678 can be the vehicle number of the user. Use of such unique identifiers can also enable enforcement agencies to identify the actual subscriber behind the insurance policy.

[0041] FIG. 2 illustrates exemplary functional modules of the proposed insurance system in accordance with an embodiment of the present disclosure. In an aspect, the proposed system 200 can include a policy purchase module 202, a policy number assignment module 204, and a policy management module 206. In an aspect, policy purchase module 202 can be configured to enable a subscriber/customer/client to log onto an insurance engine that can be operatively coupled with the telecom service provider's network/servers, and can enable a user to use his/her mobile phone/landline number to apply for an insurance policy by selecting the type of insurance, purpose thereof, period of insurance, term of insurance, amount of insurance, premium of insurance, among other like parameters. In an embodiment, the policy purchase module 202 can further be configured to enable a user to go to a local mobile store to review one or more insurance policies and purchase a suitable one either through the mobile device or by means of an insurance card that can be activated based on the customer support or IVR or online or any other means.

[0042] According to one embodiment, policy number assignment module 204 can be configured to, upon purchase of an insurance policy, enable the insurance engine to assign a policy number to the user/subscriber, wherein the policy number/identifier can be based on the mobile number of the subscriber to enable the subscriber and/or third parties to appreciate the policy type, details of policy of any subscriber, and also remember the policy identifier as the same is operatively linked to and/or accessible from the mobile phone/number of the subscriber. In another aspect, details/feedback/complaints relating to the policy can be attended by the customer support of the telecom service provider. According to one embodiment, insurance engine of the present disclosure can also issue an insurance debit card to the respective subscriber to enable the subscriber to use it as a regular debit card and/or for payment of premium amounts for one or more policies of the subscriber.

[0043] According to one embodiment, the policy management module 206 can be configured to enable the insurance engine to remind subscribers of their respective premiums, enable subscribers to view their account details, premiums paid till now, modify their insurance plans, along with taking any other action. In an aspect, payments can either be made online through any computing device including registered mobile phone or can be paid offline through a local store. In another aspect, the insurance agency can be operatively coupled with mobile phone servers and add the monthly/yearly premium amount in the phone bill of the subscriber, or in case of a pre-paid subscriber, deduct the premium amount from the credit available with the telecom service provider itself.

[0044] According to one embodiment, as mentioned above, the policy identifier can be configured in any format and all such formats are completely within the scope of the present disclosure. For instance, the code can be AXXYYYYYYYYYY, wherein A is the insurance scheme code name, XX represents the monthly premium to be paid, YYYYYYYYYY represents the mobile phone/vehicle/DTH/or any other unique identifier of the user. As can be appreciated, the format can very well be kept as XXYYYYYYYYYYA or AYYYYYYYYYYXX, or any other format. In yet another, the code can be mobile phone - scheme code - policy code.

[0045] According to another embodiment, monthly/yearly insurance premium payments can also be made through the registered mobile number of the subscriber. For instance, a subscriber can send the policy number along with the amount to be paid in an SMS to a given number, say 123456, based on which the insurance engine that the mobile phone engine/server is connected to, can validate the insurance policy number and the amount being paid and deduct the amount from any or a combination of registered credit/debit card details, amount pre-paid by the user, cash, or any other means. Subscriber of the present disclosure, in another embodiment, can also enter a billing voucher number along with the policy number to pay for the premium amount. For instance, a subscriber can SMS "Al l 109922809431 4587954258745412" and send it to 12345, wherein 4587954258745412 is the voucher number.

[0046] According to another embodiment, policy number for vehicle can use the vehicle number as the unique identifier to enable quick and efficient determination of the vehicle to which the insurance pertains, owner of the vehicle, registration details, among other like details. For instance, even though life insurance can use the mobile number such as LAXXS9810232345, vehicle insurance can use vehicle number to generate a policy number as A311MH18D4515, wherein the vehicle number can be MH18D4515.

[0047] According to one embodiment, the present examples show creation and use of a landline phone number to generate an insurance policy identifier and use the same to manage the policy, pay premiums, compute the validity, generate reminders, among any other aspect that a customer/subscriber may warrant from the insurance engine of the present disclosure. In an instance, the code numbers can be based on landline or cellular numbers, which enable efficient and integrated billing with the landline billing sub-system. Accordingly, each policy generated by a subscriber having a fixed landline number can have different codes but can be configured to have a common landline number. For instance, codes of insurance policies can be configured as A to indicate the pension/insurance scheme, 211 to indicate the insurance policy code, and 02566261361 to indicate the landline number, giving rise to policy/insurance number as A21102566261361. In an aspect, multiple types of insurances and plans therein can be created using the same landline number. For instance, 211 can indicate the code and can be changed to 100 for a cover of a first amount, to 200 for a cover of a second amount and so on. Similarly, instead of A, B can be used for mediclaim insurance, C for house insurance, D for professional insurance, E for asset insurance, and so on. Therefore, multiple insurance policies can be generated by the proposed insurance engine to indicate numbers as A21102566261361 B22102566261361 C23102566261361 D24102566261361 E25102566261361 F26102566261361 G27102566261361, wherein for instance, A211 can indicate a pension scheme, B221 can indicate an education scheme, C231 can indicate a retirement scheme, D241 can indicate a professional scheme, E251 can indicate a pocket money scheme, F261 can indicate a crop insurance scheme, and G271 can indicate a salary+pension scheme. One should appreciate that these are only illustrative examples and any other configuration/pattern/naming code is completely within the scope of the present disclosure.

[0048] According to one embodiment, in order to pay for an insurance policy, a user can choose the plan, say A211 for pension scheme and type the plan insurance number (A21102566261361) and add voucher number (such as 8345856486974518) to be sent as a message to a given number, say 12345. Any other format can also be configured, wherein, for instance, a user can simply send the landline phone number and/or scheme policy number and/or voucher number in any combination to uniquely identify the policy for which the user intends to be pay. As mentioned above, insurance payment server, being operatively coupled with the mobile network payment gateway, can also automatically deduct the amount whenever due from the mobile phone account of the subscriber to enable smooth premium payment for the one or more insurances.

[0049] According to another embodiment, plans for insurance schemes can be integrated with the plans available for phone plans. For instance, insurance engine of the present disclosure can integrate multiple insurance plans for life, medical or any other type of insurance with mobile phone plans to enable users to easily comprehend each plan, understand the monthly premium amount to be paid for one or more insurance schemes and buy one or more of plans that they wish to purchase. For instance, a post-paid plan can indicate SMS charges being X, Call charges being Y, 4G usage charges being Z, and mediclaim insurance up to a defined amount say A being given for a monthly premium amount of B. The coverage and details of each insurance plan can be associated with each proposal and the subscriber can simply purchase the plan and generate a policy number that is generated based on the unique identifier such as mobile phone number of the subscriber. In an embodiment, the subscriber can also be enabled to customize their mobile phone and insurance plans together based on their affordabihty and preferences. For instance, the user can also be given flexibility to increase their premium amounts for certain months and decrease the amount for certain other months. Furthermore, any other configuration/customization that is intended to be done can be enabled by the proposed insurance system. In an instance, subscribers can be configured to decide the term of their insurance and then buy their mobile plans accordingly to match the term of insurance, mode of payment, frequency of premium payment, condition of coverage and claim, among other parameters. One or more offers/packages can also be given to one or more subscribers to make the architecture more attractive and enable higher market penetration of the insurance policies across the society. Frequency of payments of insurance premiums can be configured to be weekly, fortnightly, monthly, or any other desired/configured frequency interval. Frequencies can also be synchronized with mobile phone bill payments wherein a user can pay a single amount that covers both the mobile phone bill as well as the insurance premium amount.

[0050] FIG. 3 illustrates an exemplary representation showing insurance policy registration of a subscriber in accordance with an embodiment of the present disclosure. As shown, representation 300 shows an insurance policy purchase interface that enables the subscriber to select one or more insurance policies, view their benefits/premium amounts, understand coverage of each plan, and associate their mobile numbers/unique identifiers with the policy to enable generation of an accessible, manageable, and configurable/customizable policy number. The user interface, as also mentioned above, can be the same interface of the mobile service provider to enable the user to access any of the phone number details, current billing plans, user profile, payment details/history, among other features through one or more interfaces and efficiently switch over from the mobile phone details to insurance system showing currently available plans, coverage of each plan, among all other features discussed above. According to one embodiment, registration for one or more insurance policies, as mentioned above, can be performed either online and/or through existing distributor network of the associated/intercoupled telecom service provider or even through the customer case of the mobile network service provider, wherein a distributor/retailer, for instance, can demonstrate all available insurance policies and enable purchase of one or more policies to be associated with mobile number/unique identifier of the subscriber to enable the subscriber to use aspects such as customer support, payment features, account management, of the mobile service provider for accessing/managing the insurance policies.

[0051] According to one embodiment, claim reporting can also be performed directly through a mobile phone of a subscriber, wherein all previous premium payment, medical, and other profile information is already stored in the insurance claim server that is operatively coupled with the mobile phone device and enables the user to report a claim. For instance, a mobile phone application can be configured to ask one or more questions such as the piece of glass that was broken, when the accident took place, reason for the accident, policyholder's information, damaged vehicle information, and additional claim information, based on the answers to which the system can compute the amount that can be claimed by the policyholder/subscriber and such an amount can be automatically credited by the claims server.

[0052] According to one exemplary implementation of the proposed insurance system, a payment voucher of an insurance policy as per IRDA policy rules can be generated, wherein minimum documents that are required for validation by Govt, or Non-Govt. entities can be procured by a telecom retailer/online portal/distribution or any other stakeholder in the process. As the proposed insurance system relies on use of the established infrastructure and architecture of telecom, pre/post-paid insurance policies can be configured and transacted in parallel to mobile plans based on validation of user's basic essential details such as date of birth, PAN card, among other details. Customers can, in an implementation; buy vouchers from a retailer/distributor as per their need of security and call to the customer care and inform voucher code or simply SMS to given short-code to activate/manage their plans. Customer care can validate information of the user/customer from the database of Govt, or Non-govt. entities. Based on the verification of the documents/information, policy document can be sent to the customer. Insurance provider can also be configured to set policy and payment receipt to the customer address.

[0053] The proposed disclosure therefore maximizes the use of technology, maximizes the reach of insurance companies to people, minimizes use of infrastructure, minimizes recurring expenses (like agent commission, office maintenance expenses), maximizes benefits to be delivered to the customer, increases the accessibility, lowers the time in which a policy can be sold, makes the premium collection easy, lowers documentation, lowers the duplication of work and documents. [0054] According to one embodiment, the proposed Insurance policy structure can be based on telecom infrastructure and can include smart billing and online billing processes. One should appreciate that apart from mobile phone number, or landline number, any other unique number such as gas connection number, Aadhar card number, bank account number, ration card number, election card number, or electricity department customer number, or any other number can be incorporated and associated with the policy number being issues.

[0055] FIG. 4 illustrates an exemplary flow chart of method for enabling purchase and management of insurance policy through a telecom service provider in accordance with an embodiment of the present disclosure. The method includes steps of enabling a user to purchase an insurance policy through an insurance engine operatively coupled to a telecom service provider server as shown at step 402 , enabling the insurance engine to assign a policy number to the insurance policy, upon the purchase of the insurance policy as shown at step 404, wherein the policy number is assigned based on any or a combination of an unique identifier of the user retrieved from and confirmed by the telecom provider server, and a policy type code, enabling the insurance engine to send different reminders associated with the insurance policy to the user as shown at step 406 and enabling management of the insurance policy, by the user, until the insurance policy expires.

[0056] While the foregoing describes various embodiments of the invention, other and further embodiments of the invention may be devised without departing from the basic scope thereof. The scope of the invention is determined by the claims that follow. The invention is not limited to the described embodiments, versions or examples, which are included to enable a person having ordinary skill in the art to make and use the invention when combined with information and knowledge available to the person having ordinary skill in the art.

ADVANTAGES OF THE INVENTION

[0057] Present disclosure provides an insurance architecture for strong market penetration that enables and facilitates collaboration between insurance agency and a large number of people.

[0058] The present disclosure provides a system that can enable people who were previously not even aware of insurance systems to easily understand insurance policies, stakeholders involved, process involved, details of each plan, benefits/disadvantage of each plan, among any other detail. [0059] The present disclosure provides a system that can enable transparent viewing of various transactions during purchasing, life time, and claim settlement of insurance/ other financial instruments (such as SIP, ULIP etc).