SYSTEM AND METHOD FOR INSURANCE UNDERWRITING AND RATING
First Claim
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1. A method of underwriting an insurance policy comprising:
- identifying a vehicle;
forming, in a physical memory of a data processing system, at least one data grouping including at least one vehicle history data variable of the identified vehicle using a processing device of the data processing system;
processing the at least one vehicle history data variable of the at least one data grouping using the processing device of the data processing system;
determining an overall value of said at least one data grouping using the processing device of the data processing system; and
outputting from the data processing system information relating to underwriting of an insurance policy for the identified vehicle that is based on said overall value of the at least one data grouping.
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Abstract
An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.
24 Citations
35 Claims
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1. A method of underwriting an insurance policy comprising:
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identifying a vehicle; forming, in a physical memory of a data processing system, at least one data grouping including at least one vehicle history data variable of the identified vehicle using a processing device of the data processing system; processing the at least one vehicle history data variable of the at least one data grouping using the processing device of the data processing system; determining an overall value of said at least one data grouping using the processing device of the data processing system; and outputting from the data processing system information relating to underwriting of an insurance policy for the identified vehicle that is based on said overall value of the at least one data grouping. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. An apparatus for underwriting an insurance policy comprising:
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means for identifying a vehicle; means for forming at least one data grouping including at least one vehicle history data variable of the identified vehicle; means for processing the at least one vehicle history data variable of the at least one data grouping; means for determining an overall value of said at least one data grouping; and means for underwriting an insurance policy for the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
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Specification