Apparatuses, Methods, and Systems for a Reconfigurable Insurance Quoting Engine

• US 20080065426A1
• Filed: 07/31/2007
• Published: 03/13/2008
• Est. Priority Date: 07/31/2006
• Status: Abandoned Application

• Current Assignee: Insight Catastrophe Solutions
• Original Assignee: Insight Catastrophe Solutions
• Inventors: Ziade, Richard, McLean, Terrence
• Application Number:
  US11/831,765
• Publication Number:
  US 20080065426A1
• Time in Patent Office: Days
• US Class Current: 705/4
• 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 these tools, whereby loading a workbook data-structure yields a user interface into which a user may enter information descriptive of a candidate risk and receive a quote indicative of the price of binding an insurance policy for the candidate risk.

Claims

1. A processor-implemented system to generate a reinsurance product quote, comprising:

a reinsurance logic set database, further, including;

reinsurance logic set data-structures including logic to evaluate reinsurance related conditions;

a reinsurance product data-structure database, further, including;

reinsurance product data-structures that reference related reinsurance logic set data-structures and that include interpretable logic usable by a reinsurance quoting component to generate reinsurance product specific quotes;

a reinsurance quoting component devoid of specific reinsurance product evaluative components such that the quoting component by itself is incapable of providing quotes on reinsurance products, further, including;

a reinsurance product data-structure loading mechanism to load reinsurance product data-structures,

a reinsurance product data-structure interpreter to interpret loaded reinsurance product data-structures and generate reinsurance product specific quotes.

2. The system of claim 1, wherein the reinsurance product data-structures comprise XML documents.

3. The system of claim 1, further comprising:

a reinsurance risk assessment component capable of interpreting the reinsurance product data-structure and capable of providing a risk assessment back to the reinsurance quoting component.

4. The system of claim 1, further comprising:

a user interface;

5. The system of claim 4, wherein the reinsurance product data-structure loading mechanism is responsive to reinsurance product selections received from the user interface.

6. The system of claim 4, wherein the generated reinsurance product specific quotes are displayed via the user interface.

7. The system of claim 1, wherein the reinsurance product-structures further comprise:

a set of base criteria, comprising a reinsurance product identifier; and

a plurality of risk characteristic input fields.

8. The system of claim 7, wherein the reinsurance product identifier includes an insurance carrier identifier.

9. The system of claim 7, wherein the reinsurance product-structures further comprise:

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.

10. The system of claim 9, wherein the reinsurance product-structures further comprise:

a set of insurance product documents, including a document delivery order.

11. The system of claim 10, wherein the reinsurance product-structures further comprise:

a product payment schedule.

12. A processor-implemented method for generating an insurance quote, comprising:

receiving a risk rater selection;

retrieving a risk rater data-structure corresponding to the risk rater selection from a risk rater database;

providing a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;

receiving a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;

passing a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;

receiving at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and

generating a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.

13. The method of claim 12, further comprising:

querying a set of rule calls based on instructions embodied in the risk rater data-structure;

passing a second subset of the plurality of risk characteristics to a rule evaluation module;

receiving a set of rule evaluations corresponding to the set of rule calls based on the second subset of the plurality of risk characteristics; and

wherein the generating a quote indicative of a price is further based on the set of rule evaluations.

14. The method of claim 13, wherein the second subset of the plurality of risk characteristics is the same as the first subset of the plurality of risk characteristics.

15. The method of claim 13, further comprising:

querying a set of lookup table calls based on instructions embodied in the risk rater data-structure;

retrieving table data values from lookup tables based on the set of lookup table calls; and

wherein the generating a quote indicative of a price is further based on the table data values.

16. The method of claim 12, further comprising:

querying a set of lookup table calls based on instructions embodied in the risk rater data-structure;

retrieving table data values from lookup tables based on the set of lookup table calls; and

wherein the generating a quote indicative of a price is further based on the table data values.

17. The method of claim 12, wherein the risk rater data-structure comprises an XML document.

18. The method of claim 12, wherein the at least one insurable risk comprises a property and the quote indicative of a price for insuring at least one insurable risk is directed to a property casualty reinsurance product.

19. The method of claim 12, wherein the risk rater selection comprises specification of a risk rater base criteria.

20. The method of claim 19, wherein the risk rater base criteria comprises a risk rater identifier.

21. The method of claim 19, wherein the risk rater base criteria comprises an insurance carrier identifier.

22. An apparatus for generating an insurance quote, comprising:

a memory;

a processor disposed in communication with said memory, and configured to issue a plurality of instructions stored in the memory, wherein the instructions issue signals to;

receive a risk rater selection;

retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;

provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;

receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;

pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;

receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and

generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.

23. A system for generating an insurance quote, comprising:

means to receive a risk rater selection;

means to retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;

means to provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;

means to receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;

means to pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;

means to receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and

means to generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.

24. A medium readable by a processor to generate an insurance quote, comprising:

instruction signals in the processor readable medium, wherein the instruction signals are issuable by the processor to;

receive a risk rater selection;

retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;

provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;

receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;

pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;

receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and

generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.