20240037670. BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR SELF-MANAGED PEER GROUP INSURANCE simplified abstract (STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY)

BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR SELF-MANAGED PEER GROUP INSURANCE

Organization Name

STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY

Inventor(s)

Matthew Lewis Floyd of Alpharetta GA (US)

BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR SELF-MANAGED PEER GROUP INSURANCE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037670 titled 'BLOCKCHAIN-BASED SYSTEMS AND METHODS FOR SELF-MANAGED PEER GROUP INSURANCE

Simplified Explanation

The abstract describes a blockchain-based social insurance computer system that allows for the creation of a social insurance group. The system includes a processor and memory device, and it is programmed to receive social insurance group data and define qualifying rules for joining the group. Members must satisfy these rules to become part of the group. The processor generates a blockchain containing the qualifying rule and displays the group data on a user device for review by potential members. The system also allows for registration messages from candidates who wish to join the group.

• The patent application describes a computer system that uses blockchain technology to create and manage a social insurance group.
• The system includes a processor and memory device that communicate with each other.
• The processor is programmed to receive data about the social insurance group and define qualifying rules for membership.
• Each member of the group must satisfy these rules to become a member.
• The processor generates a blockchain that includes the qualifying rule and displays the group data on a user device for potential members to review.
• The system also allows for registration messages from candidates who want to join the group.

Potential applications of this technology:

• Social insurance groups: This system can be used to create and manage social insurance groups, where members contribute to a pool of funds that can be used to provide financial support in case of certain events, such as illness or unemployment.
• Peer-to-peer insurance: The blockchain-based system can enable the creation of peer-to-peer insurance groups, where individuals can form their own insurance communities and define their own qualifying rules for membership.
• Decentralized insurance: This technology can support the development of decentralized insurance models, where insurance policies are governed by smart contracts on the blockchain, reducing the need for intermediaries.

Problems solved by this technology:

• Trust and transparency: The use of blockchain technology ensures that all transactions and rules within the social insurance group are transparent and cannot be altered or manipulated.
• Efficient membership management: The system automates the process of defining qualifying rules and verifying the eligibility of potential members, streamlining the membership management process.
• Cost reduction: By eliminating intermediaries and automating processes, the system can potentially reduce administrative costs associated with managing social insurance groups.

Benefits of this technology:

• Increased access to insurance: The system allows for the creation of insurance groups that may not have been possible under traditional insurance models, providing individuals with more options for insurance coverage.
• Enhanced trust and security: The use of blockchain technology ensures the integrity and security of the social insurance group's data and transactions, fostering trust among members.
• Improved efficiency: The automation of processes and elimination of intermediaries can lead to faster and more efficient operations within the social insurance group.

Original Abstract Submitted

a blockchain-based social insurance (“bbsi”) computer system for creating a social insurance group is provided. the bbsi computer system includes at least one processor in communication with at least one memory device. the processor is programmed to receive social insurance group data and define at least one qualifying rule for joining the social insurance group. each member of the social insurance group must satisfy the at least one qualifying rule to become a member of the social insurance group. the processor is programmed to generate at least one social insurance group blockchain including the qualifying rule and cause to be displayed on a user device the social insurance group data for review by a candidate member. the processor is also programmed to receive a registration message from the candidate member including a request to become a member of the group.