2022 DEC 07 (NewsRx) — By a News Reporter-Staff News Editor at Insurance Daily News — A patent by the inventors Awasthy, Lokesh (Santa Clara, CA, US), filed on January 25, 2018, was published online on November 15, 2022, according to news reporting originating from Alexandria, Virginia, by NewsRx correspondents.

Patent number 11501365 is assigned to State Farm Mutual Automobile Insurance Company (Bloomington, Illinois, United States).

The following quote was obtained by the news editors from the background information supplied by the inventors: “When obtaining and/or refinancing a loan for a personal property asset (e.g., a vehicle, a property or building, etc.), a user or customer may be required to provide information about any existing liens on the personal property asset. In order to decide whether to offer a new loan on the personal property asset, the loan-providing entity may use customer-provided data (e.g., customer data, data about the personal property asset) to determine and/or confirm information about the existing loan. In at least some known systems, the process to retrieve information about the existing loan is a manual process, performed by a human analyst tasked with reaching out to the provider of the existing loan (e.g., over the phone). Generally, loan providers have teams of analysts to perform this process, which is prone to error, inefficient, time-consuming, and (in terms of required personnel) expensive. In at least some cases, a customer…