WORKERS COMPENSATION SYSTEM FOR DETERMINING A COST OF INSURANCE
First Claim
1. A computer-based method implemented at an insurance company to estimate a final premium charge and more accurate real time estimate during the lifetime of the policy for workers compensation insurance associated with a risk, said method comprising:
- said insurance company receiving real-time payroll data associated with said risk;
said insurance company monitoring said received real-time payroll data to identify and record raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, character of said risk, or rating parameters associated with said risk'"'"'s policy; and
said insurance company determining said final premium charge and more accurate real time estimate during the lifetime of the policy of workers compensation insurance for said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded raw data elements.
2 Assignments
0 Petitions
Accused Products
Abstract
A system for monitoring a business'"'"'s operational characteristics and employee classifications, in real time, to obtain increased amounts of data relating to the total compensation for purposes of providing a more accurate determination of a cost of insurance for the risk, on a real-time basis, and to bill such charges directly to the risk according to their unique finance plan in direct relation to their payroll cycle.
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Citations
42 Claims
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1. A computer-based method implemented at an insurance company to estimate a final premium charge and more accurate real time estimate during the lifetime of the policy for workers compensation insurance associated with a risk, said method comprising:
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said insurance company receiving real-time payroll data associated with said risk;
said insurance company monitoring said received real-time payroll data to identify and record raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, character of said risk, or rating parameters associated with said risk'"'"'s policy; and
said insurance company determining said final premium charge and more accurate real time estimate during the lifetime of the policy of workers compensation insurance for said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded raw data elements. - View Dependent Claims (2, 3)
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4. A computer-based method to determine a final premium charge for workers compensation insurance associated with a risk comprising the steps of:
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monitoring a set of raw data elements, said raw data elements associated with any of, or a combination of, the following;
said risk'"'"'s employment practice, risk'"'"'s payroll, modification to a risk'"'"'s payroll, or operating state of said risk;
identifying and recording a subset of said raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, character of said risk, or rating parameters associated with said risk'"'"'s policy; and
determining said final premium charge of workers compensation insurance of said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded subset of raw data elements. - View Dependent Claims (5, 6, 7, 8, 9, 10)
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11. An article of manufacture comprising a computer usable medium having computer readable program code embodied therein which implements a method to estimate a final premium charge for workers compensation insurance associated with a risk, said medium comprising:
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computer readable program code monitoring a set of raw data elements, said raw data elements associated with any of, or a combination of, the following;
said risk'"'"'s employment practice, risk'"'"'s payroll, modification to a risk'"'"'s payroll, or operating state of said risk;
computer readable program code identifying and recording a subset of said raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, character of said risk, or rating parameters associated with said risk'"'"'s policy; and
computer readable program code determining said final premium charge of workers compensation insurance of said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded subset of raw data elements.
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12. A business method implemented over a network to estimate a final premium charge for workers compensation insurance associated with a risk comprising the steps of:
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monitoring a set of raw data elements, said raw data elements associated with any of, or a combination of, the following;
said risk'"'"'s employment practice, risk'"'"'s payroll, modification to a risk'"'"'s payroll, or operating state of said risk;
identifying and recording a subset of said raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, or rating parameters associated with said risk'"'"'s policy;
determining said final premium charge of workers compensation insurance of said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded subset of raw data elements; and
generating revenue by performing a financial transaction over said network based on said determined final premium charge. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. A method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of the risk'"'"'s payroll characteristics during said selected period, whereby said cost is adjustable by relating the payroll characteristics to predetermined actuarial rates, said method comprising:
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determining an initial profile and a base cost of workers compensation insurance based on said profile;
monitoring a plurality of data elements representative of payroll and business status of a risk during said selected period;
identifying and analyzing data elements among said plurality of data elements that have a pre-identified relationship to said risk'"'"'s insurability;
consolidating said analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and
producing a final cost of workers compensation insurance for the selected period from the base cost and the surcharges or discounts to be billed directly to the risk based on their finance plan, wherein said risk is charged or credited said final cost for workers compensation insurance. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28, 29)
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- 30. A process for acquiring and monitoring payroll and employee insurance related data during a time period via an upload processing system for adjusting an insurance cost during the time period comprising steps of monitoring a plurality of data elements representative of payroll amounts and employee classifications during the time period.
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34. A system to determine a final premium charge and more accurate real time estimate during the lifetime of the policy of workers compensation insurance associated with a risk, said system as implemented at an insurance company comprising:
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a first engine monitoring a set of raw data elements, said raw data elements associated with any of, or a combination of, the following;
said risk'"'"'s employment practice, risk'"'"'s payroll, modification to a risk'"'"'s payroll, or operating state of said risk;
a second engine identifying and recording a subset of said raw data elements that have an identified relationship with any of, or a combination of, the following;
said risk'"'"'s business operation, insurability of said risk, or rating parameters associated with said risk'"'"'s policy, anda workers compensation insurance estimator working in conjunction with said first and second engine to determine said final premium charge of workers compensation insurance of said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded subset of raw data elements. - View Dependent Claims (38, 39)
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35. A system of determining a cost of workers compensation insurance for a selected time period based upon monitoring, collecting and communicating data representative of the risk'"'"'s business characteristics, whereby the cost is adjustable by relating the business characteristics to predetermined standards, said system comprising:
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means for predetermining a risk profile and a base cost of workers compensation insurance based on said risk profile;
means for monitoring a plurality of data elements representative of an operating state of the risk or a payroll modification during the selected time period;
means for collecting selected data elements out of the plurality of data elements when said ones are determined to have a pre-selected relationship to the risk'"'"'s business operations;
means for consolidating said selected ones for identifying a surcharge or discount to be applied to the base cost and, means for producing a final cost for the selected time period from the base cost and the surcharge or discount. - View Dependent Claims (36, 37, 40)
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41. A method of generating an actuarial class system for determining workers compensation insurance costs for adjusting premiums for an insurance period of time based on data derived from the risk'"'"'s business operational characteristics and the employee'"'"'s rating classification during said insurance period of time, comprising:
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receiving real-time record files representing payroll data associated with a risk during a time period;
analyzing said risk'"'"'s record files with selected actuarial classes; and
determining a corresponding cost of insurance for the risk in correspondence with one of the actuarial classes for the insurance period of time. - View Dependent Claims (42)
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Specification