SYSTEM AND METHOD FOR ALIGNING CREDIT SCORES
First Claim
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1. A method for aligning an insurance rating parameter for a plurality of insurance carriers, the method comprising:
- (A) creating a first dataset of quotes from a first company, the first dataset associating a plurality of insurance premiums with a plurality of the insurance rating parameter of the first company;
(B) ranking the first dataset of quotes according to the insurance premiums;
(C) creating a second dataset of quotes from a second company, the second dataset associating a plurality of insurance premiums with a plurality of the insurance rating parameter of the second company;
(D) ranking the second dataset of quotes according to the insurance premiums; and
(E) aligning the ranking of the first dataset with the ranking of the second dataset such that an aligned dataset correlates the insurance rating parameter of the first company and the second company.
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Abstract
In competitive pricing analysis, a dataset of insurance premium quotes having associated insurance rating parameters such as credit scores or tiers can be ranked by the average insurance premium for each unique value of the insurance rating parameter. The rankings establish price points that can be aligned with price point rankings of multiple other insurance companies that use different methods or algorithms for determining the insurance rating parameter. The alignment of rankings for different insurance companies allow different parameter systems to be correlated.
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Citations
23 Claims
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1. A method for aligning an insurance rating parameter for a plurality of insurance carriers, the method comprising:
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(A) creating a first dataset of quotes from a first company, the first dataset associating a plurality of insurance premiums with a plurality of the insurance rating parameter of the first company; (B) ranking the first dataset of quotes according to the insurance premiums; (C) creating a second dataset of quotes from a second company, the second dataset associating a plurality of insurance premiums with a plurality of the insurance rating parameter of the second company; (D) ranking the second dataset of quotes according to the insurance premiums; and (E) aligning the ranking of the first dataset with the ranking of the second dataset such that an aligned dataset correlates the insurance rating parameter of the first company and the second company. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method for correlating a first company'"'"'s credit score with at least one other company'"'"'s credit score, the method comprising:
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(A) receiving an input credit score for the first company; (B) using the input credit score as an index to a database that stores correlated credit scores for a plurality of companies; and (C) retrieving from the database a correlated credit score of at least one other company.
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15. A method for correlating a first company'"'"'s tiers with at least one other company'"'"'s tiers, the method comprising:
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(A) receiving an input tier for the first company; (B) using the input tier as an index to a database that stores correlated tiers for a plurality of companies; and (C) retrieving from the database a correlated tier of at least one other company.
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16. A system comprising:
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(A) a database that stores a plurality of datasets, each dataset associating a plurality of insurance premiums with a plurality of values of an insurance rating parameter; and (B) a host configured to execute a query on the database to align the insurance rating parameter of a first company with the insurance rating parameter of at least one further company. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23)
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Specification