Methods for Grid-Based Rating Insurance Products Using a Programmed Computer System
First Claim
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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Abstract
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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Citations
10 Claims
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1. A method for rating insurance products using a programmed computer system comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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Specification