ACTUARY-MANIPULABLE RATING MODEL SYSTEM

• US 20130110556A1
• Filed: 06/14/2012
• Published: 05/02/2013
• Est. Priority Date: 02/01/2001
• Status: Active Grant

• Current Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Original Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Inventors: Griffith, David
• Granted Patent: US 10,861,098 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Techniques have been developed whereby an actuary-manipulable rating model may be defined and transformed into executable form using automated techniques. By allowing business users to define, review and revise rating models using familiar methodologies and constructs (such as factor tables) and by providing an automated facility for transformation of the rating model into an efficient executable form, systems and techniques in accordance with some embodiments of the present invention facilitate rapid deployment and update of insurance product offerings.

Claims

1. A computer implemented method of deploying and updating an automated system for quoting an insurance product, the method comprising:

instantiating in computer readable storage an actuary-manipulable representation of a rating model, the actuary-manipulable representation including variables, factor tables and calculation sequences of the rating model;

allowing a user to edit and update the rating model in its actuary-manipulable representation form;

directly from the actuary-manipulable representation, compiling an executable representation thereof; and

executing the executable representation on the automated system to calculate a quote for the insurance product.

2. The method of claim 1, wherein the rating model defining includes:

defining the variables;

defining the factor tables with one or more axes bound to respective ones of the variables; and

defining the calculation sequences in terms of steps operative on values of the variables and cells of the factor tables.

3. The method of claim 1,

wherein the rating model defining is performed in accordance with a predefined document type definition.

4. The method of claim 1,

wherein the executable representation preparation includes compilation of the actuary-manipulable representation to a platform independent executable form.

5. The method of claim 1, wherein the executable representation includes:

predefined input and output interfaces;

a runtime lookup facility for identification of runtime identifiers in the executable representation corresponding to ones of the variables; and

a calculate method of the compiled rating model executable to generate the quote based on inputs supplied via the input interface.

6. The method of claim 5, further comprising:

employing the runtime lookup facility to identify particular runtime identifiers corresponding to particular variables;

setting values for the particular variables using the corresponding runtime identifiers and the predefined input interface; and

retrieving the quote via the predefined output interface.

7. The method of claim 1,

wherein the actuary-manipulable representation includes markup language encoded metadata.

8. The method of claim 1,

wherein the actuary-manipulable representation is XML encoded.

9. The method of claim 1,

wherein the actuary-manipulable representation includes a graphical user interface presentation of the variables, factor tables and computational flows of the rating model based on markup language encoded metadata.

10. The method of claim 1,

wherein the factor tables have one or more axes bound to respective ones of the variables and the calculation sequences are defined in terms of steps operative on values of the variables and cells of the factor tables.

11. The method of claim 10, wherein, for a particular calculation sequence of the actuary-manipulable representation, the transforming includes:

decomposing the particular calculation sequence into layers, each layer including those steps thereof that are at a same flow control level;

for each layer, traversing the steps thereof to identify those of the variables used by the layer;

for each layer, traversing the calculation sequence to identify the steps of the layer targeted by other steps of the calculation sequence and emitting code allocating storage for results of the targeted steps; and

for each layer, emitting code for variable test and index calculations of the layer.

12. The method of claim 10, wherein the transforming includes:

emitting, for a particular calculation sequence, both logged and non-logged versions of the executable representation.

13. The method of claim 10,

wherein the transforming includes a two-step compilation,

a first step thereof producing a platform independent source form from the actuary-manipulable representation, and

a second step thereof producing the executable representation from the platform independent source form.

14. The method of claim 10,

wherein a runtime lookup facility of the executable representation includes a predefined interface for obtaining the runtime identifiers corresponding to respective ones of the variables and factor tables of the rating model;

and

wherein the runtime identifiers allow client code to set and access runtime storage corresponding to respective ones of the variables and factor tables.

15. The method of claim 14,

wherein the client code is part of a networked information service deployment of the automated system;

and

wherein the executable representation of the rating model is employed to prepare the quote for presentation by the networked information service.

16. A rating model definition environment comprising:

a graphical user interface for definition of a markup language encoded representation of variables, factor tables and computational flows of a rating model;

the graphical user interface allowing a user thereof to bind one or more axes of individual factor tables to respective ones of the variables;

the graphical user interface further allowing the user thereof to define calculation sequences in terms of steps operative on values of the variables and cells of the factor tables; and

a compiler for transformation the markup language encoded representation of the rating model into an executable form thereof.

17. The rating model definition environment of claim 16,

wherein the compiler emits lookup methods for runtime identification of identifiers corresponding to variables.

18. The rating model definition environment of claim 16,

wherein the markup language encoded representation includes XML encoded metadata;

wherein the compiler emits Java source; and

wherein the transformation includes further compilation of the Java source.

19. (canceled)

20. (canceled)

21. (canceled)

22. An apparatus comprising:

means for defining an actuary-manipulable representation of a rating model including variables, factor tables and calculation sequences thereof, wherein one or more axes of the factor tables are bound to respective ones of the variables, and wherein the calculation sequences are defined in terms of steps operative on values of the variables and cells of the factor tables; and

means for preparing from the actuary-manipulable representation an executable representation thereof.

23. The apparatus of claim 22,

wherein the means for preparing includes means for compiling the actuary-manipulable representation;

and

wherein the actuary-manipulable representation includes means for obtaining runtime identifiers corresponding to at least the variables and factor tables.