System and method for managing short term risk
First Claim
1. A method of evaluating short term risk, comprising the steps of:
- a) identifying a population of individual risks;
b) assigning a baseline factor to each of the individual risks in the population;
c) developing, by a statistical regression technique, a table of modification factors;
d) modifying the baseline factors, using one or more of the modification factors, assigned to the individual risks; and
e) generating a quote for insurance coverage for the short term risk using the modified baseline factors.
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Accused Products
Abstract
A method for evaluating and managing short term risk includes the steps of identifying a population of risks, assigning baseline factors to risks in the population, developing, by a statistical regression technique, a table of modification factors, modifying the baseline factors assigned to the risk and generating one or more quotes for insurance coverage using the modified factors. A system with which the method may be practiced includes first and second computers, and programs to allow a user of the second computer to generate one or more quotes on the first computer for review and consideration. The system and method allow for more precise and rigorous analysis and underwriting of certain short term risks.
85 Citations
39 Claims
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1. A method of evaluating short term risk, comprising the steps of:
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a) identifying a population of individual risks;
b) assigning a baseline factor to each of the individual risks in the population;
c) developing, by a statistical regression technique, a table of modification factors;
d) modifying the baseline factors, using one or more of the modification factors, assigned to the individual risks; and
e) generating a quote for insurance coverage for the short term risk using the modified baseline factors. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A system for evaluating short term risk, comprising:
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a) a first computer;
b) means for establishing communications between the first computer and a second computer;
c) program means for providing a user of the second computer with a menu of options from which to select an operation to be performed on the first computer, said options including one or more of the following;
1. download an input template;
2. generate a quote for insurance coverage for a short term risk;
3. view past quotes generated by and stored on the first computer; and
4. view sold quotes stored in the first computer;
d) means for monitoring for a selection made by the user; and
e) means for implementing the selected operation. - View Dependent Claims (27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39)
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Specification