Apparatuses, Methods, and Systems for Building A Risk Evaluation Product

• US 20080052101A1
• Filed: 07/31/2007
• Published: 02/28/2008
• Est. Priority Date: 07/31/2006
• Status: Active Grant

• Current Assignee: Insight Catastrophe Solutions
• Original Assignee: Insight Catastrophe Solutions
• Inventors: Ziade, Richard, McLean, Terrence
• Granted Patent: US 8,090,600 B2
• Time in Patent Office: Days
• US Class Current: 705/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present disclosure describes an approach to constructing and implementing risk rating products that provides a number of advantages. Instead of hard-coding attributes of a risk rating scheme, which requires the assistance of a trained programming specialist for any modifications, adjustments, or new products, the present invention provides a set of modular tools that assist non-specialists in on-the-fly generation and implementation of risk rating products. The modularity of this approach facilitates the modification and/or updating of a system component without affecting the operation of other components. Described herein are embodiments of a risk rater data-structure, which comprises an abstracted representation of a risk rating scheme that may be loaded into and/or interpreted by other system components to generate a user interface for processing risk information and generating insurance quotes.

Claims

1. A risk rater data-structure, embodied in an electronic storage medium, comprising:

a set of risk rater base criteria, comprising at least a unique risk rater identifier;

a plurality of risk characteristic input fields;

at least one expression comprising a mathematical operation to be performed on at least one risk characteristic received via a subset of the plurality of risk characteristic input fields;

a set of rule calls, specifying elements of a ruleset database; and

a set of lookup table calls, specifying elements of a lookup tables database.

2. The data-structure of claim 1, wherein the mathematical operation is further performed on data retrieved via the set of lookup table calls.

3. The data-structure of claim 1, wherein the mathematical operation yields a financial metric associated with a candidate risk.

4. The data-structure of claim 3 wherein the financial metric comprises a quote reflecting the price for insuring the candidate risk.

5. The data-structure of claim 1, wherein the set of rule calls include at least one call to a rule referencing at least one risk characteristic.

6. The data-structure of claim 1, wherein the set of rule calls include at least one call to a rule referencing data retrieved via the set of lookup table calls.

7. The data-structure of claim 1, wherein the data-structure comprises an XML document.

8. The data-structure of claim 1, wherein the set of risk rater base criteria further comprises an insurance carrier identifier.

9. The data-structure of claim 1, wherein the plurality of risk characteristic fields admit characteristics of a property.

10. The data-structure of claim 9, wherein the characteristics of a property include a geocode.

11. The data-structure of claim 9, wherein the characteristics of a property include construction characteristics.

12. The data-structure of claim 1, wherein the subset of the plurality of the risk characteristic input fields comprises the entire plurality of the risk characteristic input fields.