System for determining a confidence factor for insurance underwriting suitable for use by an automated system
First Claim
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1. A system for determining the confidence factor for an insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
- means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint
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Abstract
A system is described for evaluating the decision-making confidence of a process and system for at least a partial underwriting of insurance policies where placement of an insurance application to an underwriting category is based on its similarity to previous insurance applications. The confidence factor computed is a measure of the correctness of the decision for a given application for insurance.
151 Citations
40 Claims
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1. A system for determining the confidence factor for an insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system for determining the confidence factor for an application decision based on a comparison of at least one previous application decision, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraints. - View Dependent Claims (10, 11, 12, 13, 14, 15)
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16. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter, including;
a) means for accessing a case base containing a plurality of cases whose associated application decisions have been certified correct;
b) means for selecting one of the plurality of cases, where the selected case is defined as the probe case;
c) means for identifying at least one internal parameter of the probe case that may affect the probability of misclassification;
d) means for determining the underwriting classification of the probe case based on the remaining plurality of cases within the case base;
e) means for comparing the underwriting classification determination with the original certified decision of the probe case; and
f) means for recording the comparison and the at least one identified internal parameter for the probe case;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint.
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17. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter, including comprising a penalty for misclassification and a reward for correct classification; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint.
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18. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter through an aggregating functions using a weighted sum of rewards and penalties with increasing penalties for misclassifications; and
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint.
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19. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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means for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
means for estimating the conditional probability of misclassification for the at least one identified parameter;
means for translating the conditional probability of misclassification into a soft constraint for the at least one parameter;
means for defining a run-time function to evaluate the confidence threshold based on the soft constraint; and
means for generating a soft constraint evaluation vector that contains the degree to which each parameter satisfies its corresponding soft constraint. - View Dependent Claims (20)
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21. A system determining the confidence factor for an insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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an identification application for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
an estimation module for estimating the conditional probability of misclassification for the at least one identified parameters;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
a definition module for defining a run-time function to evaluate the confidence threshold based on the soft constraint. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28)
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29. A system for determining the confidence factor for an application decision based on a comparison of at least one previous application decision, the system comprising:
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an identification module for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
an estimation module for estimating the conditional probability of misclassification for the at least one identified parameters;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
a determination module for defining a run-time function to evaluate the confidence threshold based on the soft constraint. - View Dependent Claims (30, 31, 32, 33, 34, 35)
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36. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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an identification module for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
a estimating module for estimating the conditional probability of misclassification for the at least one identified parameters, including the sub-components of;
a) an access module for accessing a case base containing a plurality of cases whose associated decisions have been certified correct;
b) a selector for selecting one of the plurality of cases, where the selected case is defined as the probe case;
c) an identification module for identifying at least one internal parameter of the probe case that may affect the-probability of misclassification;
d) a determination module for determining the underwriting classification of the probe case based on the remaining plurality of cases within the case base;
e) a comparison module for comparing the underwriting classification determination with the original certified decision of the probe case; and
f) a recorder for recording the comparison and the at least one identified internal parameter for the probe case;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter; and
a definition module for defining a run-time function to evaluate the confidence threshold based on the soft constraint.
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37. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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an identification module for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
an estimation module for estimating the conditional probability of misclassification for the at least one identified parameter;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter, including a penalty for misclassification and a reward for correct classification; and
a definition module for defining a run-time function to evaluate the confidence threshold based on the soft constraint.
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38. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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an identification module for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
an estimation module for estimating the conditional probability of misclassification for the at least one identified parameter;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter through an aggregating functions using a weighted sum of rewards and penalties with increasing penalties for misclassifications; and
a definition module defining a run-time function to evaluate the confidence based on the soft constraint.
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39. A system for determining the confidence factor for an automated insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the system comprising:
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an identification module for identifying at least one internal parameter that may affect the probability of misclassification of the insurance application;
an estimation module for estimating the conditional probability of misclassification for the at least one identified parameter;
a translation module for translating the conditional probability of misclassification into a soft constraint for the at least one parameter;
a definition module for defining a run-time function to evaluate the confidence threshold based on the soft constraint; and
a generator for generating a soft constraint evaluation vector that contains the degree to which the at least one parameter satisfies its corresponding soft constraint. - View Dependent Claims (40)
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Specification