Marsh & McLennan has patented a system and method for a computer-based auction for basic generation services. The technology allows for multiple rounds of bidding, withdrawal requests, and switch requests, ensuring secure and efficient transactions. The system maintains physical and network security, even in case of communication failures. GlobalData’s report on Marsh & McLennan gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Marsh & McLennan, was a key innovation area identified from patents. Marsh & McLennan's grant share as of February 2024 was 57%. Grant share is based on the ratio of number of grants to total number of patents.

Computer-based auction system for basic generation services

Source: United States Patent and Trademark Office (USPTO). Credit: Marsh & McLennan Companies Inc

A recently granted patent (Publication Number: US11861687B1) outlines a method for receiving withdrawal or switch requests in a computer-based auction system. The method involves receiving electronic bids from qualified bidders, calculating prices for subsequent rounds based on bidding activity, and sending round results to bidders. The system allows for withdrawal or switch requests during bidding rounds, with mechanisms in place to handle such requests while ensuring the auction continues smoothly. The technology used includes secure servers, application software, and a multi-tier architecture to maintain data security and facilitate communication between bidders and the auction system.

Furthermore, the patent details specific scenarios such as withdrawal requests to remove tranches from bidding and switch requests to transfer tranches between products. It also addresses the determination of ending prices for products won by bidders, based on final bidding rounds or named exit prices. The system is designed to handle communication failures by allowing manual bids and verification processes to ensure the auction proceeds without interruptions. Overall, the patented method provides a structured approach to conducting simultaneous, multiple round auctions in a secure and efficient manner, benefiting both bidders and auction organizers.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.