Particular filing is focused on the application of PicPocket’s core IP to both the claims and underwriting aspects of property and casualty insurance.
AUSTIN, TX – March 13, 2017 – PRLog — PicPocket is pleased to use the SxSW interactive festival to announce the national stage filings of its international patent application entitled “Systems and Methodologies for Validating the Correspondence between an Image and an Asset.” The application pertains to the use of geofencing for content aggregation and validation in both the writing and handling of insurance coverage, from the point of policy sale to the point of claim. These filings build off of PicPocket’s earlier, core IP – US patent 9,544,379 (2009 priority date, issued January 10, 2017.) National patent protection for the technology is being sought in Canada, Australia and select European countries – the latter via a European regional application.
“Property and casualty is an important enterprise market for PicPocket’s base technology” says Wolfram Gauglitz, the company’s President and CEO. “As evidenced by the number of insurers attending SxSW this year, it’s clear that market leaders are embracing mobile solutions that allow them to reduce operational costs and manage fraud whilst simultaneously offering policyholders a simplified/friendly filing experience which speeds along an otherwise unpleasant process.”
Using PicPocket technologies, insurance adjusters, underwriters and/or policyholders can readily and accurately aggregate media content relating to assets they have policies on. Because the content is time- and date-stamped and can only be captured within the geofence associated with an asset, the ability to perpetrate fraud through the use of inaccurate or outdated media content is virtually eliminated. By making it as simple as point-and-click, anyone who knows how to take a photo can now manage this part of the claims process themselves – and at their pace.
“The benefit of engaging and involving policyholders early on has the potential to speed along the claims process for all involved” continues Gauglitz. “but it’s the added benefit of geofencing-based curation to help mitigate fraud that truly represents a savings to both insurers and policy holders alike. Fraud is a multi-billion dollar problem which gets worse in both times of economic expansion and contraction. Being able to shift much of the data collection to policyholders means that otherwise scarce resources can be preserved for those claims which are more involved, represent a significant dollar amount or where something about the filing is obviously suspect.”
PicPocket, Inc. is an early pioneer in geofencing and location-based, content/media IT solutions with offices in Austin, TX. The company is currently exploring opportunities with multiple property and casualty insurers and plans to support broad IP licensing strategies with industry leaders while it develops a software-as-a-service for second and third tier partners.
About The Author: Wolfram K. Gauglitz
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