WORKERS COMPENSATION SYSTEM FOR DETERMINING A COST OF INSURANCE BASED ON REAL-TIME PAYROLL DATA
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/method implemented at an insurance company estimates a final premium charge and more accurate real time estimate during the lifetime of the policy for workers compensation insurance associated with a risk based on: receiving real-time payroll data associated with the risk; monitoring the 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: the risk'"'"'s business operation, insurability of the risk, character of the risk, or rating parameters associated with the risk'"'"'s policy; and determining the final premium charge of workers compensation insurance for the risk based on a premium modification that increases or decreases a premium charge based on an evaluation of the recorded raw data elements.
-
Citations
7 Claims
-
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; andsaid 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)
-
-
4. 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:
-
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 (5)
-
-
6. An article of manufacture having computer readable storage medium having instructions executable by a processor to implement 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 computer readable storage medium comprising:
-
computer readable program code receiving real-time payroll data associated with said risk; computer readable program code 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; andcomputer readable program code 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.
-
-
7. An article of manufacture having computer readable storage medium having instructions executable by a processor to implement 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, said computer readable program code comprising:
-
computer readable program code receiving real-time record files representing payroll data associated with a risk during a time period; computer readable program code analyzing said risk'"'"'s record files with selected actuarial classes; and computer readable program code determining a corresponding cost of insurance for the risk in correspondence with one of the actuarial classes for the insurance period of time.
-
Specification