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Methods for Grid-Based Rating Insurance Products Using a Programmed Computer System

  • US 20130226625A1
  • Filed: 03/27/2013
  • Published: 08/29/2013
  • Est. Priority Date: 09/10/2010
  • Status: Active Grant
First Claim
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1. A method for rating insurance products using a programmed computer system comprising:

  • receiving a coordinate pair comprising a longitude and a latitude of a location;

    determining a target coordinate grid block bounded by latitude and longitude lines, which grid block is associated with the coordinate pair;

    querying a database for a first set of existing data associated with the target coordinate grid block, wherein the existing data was associated with the target coordinate grid block prior to receiving the coordinate pair;

    querying a database for a second set of existing data associated with a regulator, which regulates insurance policies in a geographic area comprising the location; and

    calculating a pure premium based on constant values and an analysis of the data in the first set and the second set.

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