SYSTEMS AND METHODS TO INTELLIGENTLY DETERMINE INSURANCE INFORMATION BASED ON IDENTIFIED BUSINESSES

• US 20130144656A1
• Filed: 02/02/2012
• Published: 06/06/2013
• Est. Priority Date: 12/01/2011
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Peak, David F., Vasagiri, Anil
• Granted Patent: US 9,349,146 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06K 19/06037 multi-dimensional coding
• CPC Class Codes: G06N 5/02 Knowledge representation; Symbolic representation
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/01 Social networking
• CPC Class Codes: H04L 51/52 for supporting social networking services
• CPC Class Codes: H04L 67/52 specially adapted for the location of the user terminal

Abstract

According to some embodiments, historic transaction data and loss data may be received from a data storage device. Information about a potential business insurance customer may also be received and automatically analyzed to identify a set of related businesses. A coverage comparison engine may then determine insurance information for the potential business insurance customer based at least in part on historic transaction data and loss data associated with the set of related businesses.

Claims

1. A system associated with a business insurance process, comprising:

a data storage device for storing data associated with historic transaction data and loss data;

a computer processor for executing program instructions and for retrieving said data associated with the historic underwriting analytics database from the data storage device; and

a memory, coupled to the computer processor, for storing program instructions for execution by the computer processor to;

receive information about a potential business insurance customer,

responsive to the receipt of the information about the potential business insurance customer, automatically analyze the received information about the potential business insurance customer to identify a set of related businesses, the set of related businesses including a plurality of businesses other than the potential business insurance customer, and

determine insurance information for the potential business insurance customer based at least in part on historic transaction data and loss data associated with the automatically identified set of related businesses.

2. The system of claim 1, wherein the information about the potential business insurance customer includes at least two of:

(i) a social media site, (ii) an email address, (iii) a ZIP code, (iv) a business name, (v) a postal address, (vi) a business classification code, (vii) information associated with a social media network, (viii) information associated with a plurality of social media networks, (ix) information associated with an accounting application, or (x) information associated with a human resources application.

3. The system of claim 1, wherein the insurance information determined for the potential business insurance customer includes at least two one of:

(i) risk characteristics, (ii) a recommended type of insurance coverage, (iii) premium information, (iv) historical losses, (v) average claim values, or (vi) a claim frequency value.

4. The system of claim 1, wherein said responsive and automatic analysis is further based at least in part on information from a third party data store.

5. The system of claim 4, wherein the information from the third party data store includes coverage and policy transaction data and loss data from an information aggregator.

6. The system of claim 1, wherein said responsive and automatic analysis is further based at least in part on information from an internal data store.

7. The system of claim 1, wherein the information about the potential business insurance customer is received from at least two of:

(i) an insurance agent, (ii) an insurance agency, (iii) a party entering information on behalf of an insurance agent, or (iv) a potential insurance customer.

8. The system of claim 1, wherein the received information about the potential business insurance customer comprises geographic information, and the automatic analysis includes:

estimating a number of employees associated with the potential business insurance customer based on the geographic information, wherein the set of related businesses is identified based at least in part on the estimated number of employees.

9. A computer-implemented method associated with a small commercial insurance process, comprising:

receiving historic transaction data and loss data from a data storage device;

receiving information about a potential small commercial insurance customer from a communications interface;

responsive to the receipt of the information about the potential small commercial insurance customer, automatically analyzing in a computer processor the received information about the potential small commercial insurance customer to identify a set of related small commercial businesses, the set of related small commercial businesses including a plurality of businesses related to but not including the potential small commercial insurance customer; and

determining, by a coverage comparison engine, insurance information for the potential small commercial insurance customer based at least in part on historic transaction data and loss data associated with the automatically identified set of related small commercial businesses.

10. The method of claim 9, wherein the information about the potential small commercial insurance customer includes at least two of:

(i) a social media site, (ii) an email address, (iii) a ZIP code, (iv) a business name, (v) a postal address, or (vi) a business classification code.

11. The method of claim 9, wherein the insurance information determined for the potential small commercial insurance customer includes at least two of:

(i) risk characteristics, (ii) a recommended type of insurance coverage, or (iii) premium information.

12. The method of claim 9, wherein the set of related businesses is further identified based at least in part on information from a third party data store.

13. The method of claim 12, wherein the information from the third party data store includes coverage and policy transaction data and loss data from an information aggregator.

14. The method of claim 9, wherein the set of related businesses is further identified based at least in part on information from an internal data store.

15. The method of claim 9, wherein the information about the potential small commercial insurance customer is received from at least two of:

(i) an insurance agent, (ii) an insurance agency, (iii) a party entering information on behalf of an insurance agent, or (iv) a potential insurance customer.

16. The method of claim 9, wherein the received information about the potential small commercial insurance customer comprises geographic information, and the automatic analysis includes:

estimating a number of employees associated with the potential small commercial insurance customer based on the geographic information, wherein the set of related businesses is identified based at least in part on the estimated number of employees.

17. A non-transitory computer-readable medium storing instructions adapted to be executed by a computer processor to perform a method associated with a business insurance process, said method comprising:

receiving historic transaction data and loss data from a data storage device;

receiving information about a potential business insurance customer;

responsive to the receipt of the information about the potential business insurance customer, automatically analyzing the received information about the potential business insurance customer to identify a set of related businesses, the set of related businesses including a plurality of businesses other than the potential business insurance customer; and

determining insurance information for the potential business insurance customer based at least in part on historic transaction data and loss data associated with the automatically determined set of related businesses.

18. The medium of claim 17, wherein the information about the potential business insurance customer includes at least two of:

(i) a social media site, (ii) an email address, (iii) a ZIP code, (iv) a business name, (v) a postal address, (vi) a business classification code.

19. The medium of claim 17, wherein the insurance information determined for the potential business insurance customer includes risk characteristics, a recommended type of insurance coverage and premium information.

20. The medium of claim 17, wherein the insurance information determined for the potential business insurance customer is provided for display on a tablet computing device.