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System for case-based insurance underwriting suitable for use by an automated system

  • US 20030187696A1
  • Filed: 06/14/2002
  • Published: 10/02/2003
  • Est. Priority Date: 12/31/2001
  • Status: Active Grant
First Claim
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1. A system for underwriting a pending insurance application based on a comparison with at least one of a plurality of previous insurance application underwriting decisions, the system comprising:

  • means for receiving a request to underwrite the pending insurance application, where the request includes information about at least one application component;

    means for retrieving a plurality of relevant insurance applications from the plurality of previous insurance application underwriting decisions based on a similarity between the at least one application component and at least one corresponding application component in the retrieved relevant insurance application;

    means for ranking the plurality of retrieved insurance applications according to a level of similarity between the at least one application component and at least one corresponding application component in the retrieved insurance applications;

    means for selecting at least one best insurance application from the plurality of retrieved insurance applications;

    means for adapting a solution to the pending insurance application based on the at least one best insurance application; and

    means for evaluating the solution using a confidence factor, where the confidence factor is based on the reliability of the solution.

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