DYNAMIC ADJUSTMENT OF INSURANCE PREMIUMS
First Claim
Patent Images
1. A method comprising:
- updating at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity;
determining, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data; and
responsive to the determining, recalculating a premium of the insurance policy.
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Abstract
A method to dynamically adjust a premium of an insurance policy is disclosed. At least one of an entity input data or an environmental input data is updated by a dynamic insurance provisioning system, the entity input data being an input data that is specific to an entity insured by the insurance policy and the environmental input data being additional input data that is not being specific to the entity. A determination is made as to whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data. Responsive to the determination, the premium of the insurance policy is recalculated.
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Citations
20 Claims
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1. A method comprising:
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updating at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity; determining, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data; and responsive to the determining, recalculating a premium of the insurance policy. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system comprising:
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an underwriting information coordination module to update at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity; and an underwriting and administration module to; calculate a risk associated with providing the insurance policy based on the updating of the at least one of the entity input data and the environmental input data; determine, using a processor, whether the risk associated with providing the insurance policy has changed; and recalculate a premium of the insurance policy based on a change in the risk. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A machine-readable storage medium embodying a set of instructions that, when executed by a processor, causes the processor to perform a method, the method comprising:
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updating at least one of an entity input data and an environmental input data, the entity input data being an input data that is specific to an entity that is insured by an insurance policy and the environmental input data being additional input data that is not specific to the entity; determining, using a processor, whether a risk associated with providing the insurance policy has changed based on the updating of the at least one of the entity input data and the environmental input data; and responsive to the determining, recalculating a premium of the insurance policy. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification