SYSTEM AND METHOD FOR PROACTIVE UNDERWRITING USING SOCIAL DATA

• US 20130339065A1
• Filed: 06/14/2013
• Published: 12/19/2013
• Est. Priority Date: 06/14/2012
• 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: Denning, Ryan Owen, Moin, Mushter Munib, Perschy, Deborah L.
• Granted Patent: US 10,672,077 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• 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: H04W 4/021 Services related to particular areas, e.g. point of interest [POI] services, venue services or geofences

Abstract

Pursuant to some embodiments, systems, methods, apparatus and computer program code for proactive underwriting are provided. Pursuant to some embodiments, a computer implemented processing method is provided which includes identifying, by an insurance processing platform, an action by an entity that matches at least a first trigger rule. A proactive underwriting template is selected based on the at least first trigger rule, where the proactive underwriting template defines a number of data items required to complete the proactive underwriting template. The insurance processing platform is operated to automatically collect data associated with the plurality of required data items, and to perform a proactive underwriting analysis using the collected data. An underwriting determination is then rendered based on the proactive underwriting analysis.

Claims

1. A computer implemented insurance processing method, comprising:

monitoring, by a processor, a plurality of social media data sources;

identifying, by a processor, an action by an entity that matches at least a first trigger rule, the action by an entity performed on one of said plurality of monitored data sources;

selecting, by a processor, a proactive underwriting template associated with said at least first trigger rule, said proactive underwriting template defining a plurality of required data items;

automatically collecting, by a processor, data associated with said plurality of required data items;

performing, by a processor, a proactive underwriting analysis using said collected data; and

rendering, by a processor, an underwriting determination based on said proactive underwriting analysis.

2. The computer implemented insurance processing method of claim 1, further comprising:

communicating, by a processor, an offer of insurance to said entity.

3. The computer implemented insurance processing method of claim 1, wherein said action is at least one of (i) an Internet comment, (ii) an Internet status, (iii) an Internet action by said entity, (iv) a Webpage change, and (v) an Internet communication.

4. The computer implemented insurance processing method of claim 3, wherein said action is associated with geographical data associated with a location of said entity, wherein said selecting a proactive underwriting template further includes:

selecting, by a processor, a proactive underwriting template available for use in said location of said entity.

5. The computer implemented insurance processing method of claim 3, wherein said at least first trigger rule is a rule identifying an insurable activity, and said selected proactive underwriting template is a template for collecting data to perform an underwriting process for said insurable activity.

6. The computer implemented insurance processing method of claim 1, wherein information associated with said action by said entity is received from at least a first web site via an application programming interface.

7. The computer implemented insurance processing method of claim 8, wherein information associated with said action by said entity is received from at least a first web site via an RSS feed.

8. The computer implemented insurance processing method of claim 2, wherein said communicating an offer of insurance to said entity comprises:

identifying, by a processor, at least a first contact option of said entity; and

communicating, by a processor, said offer of insurance to said entity using said at least first contact option.

9. The computer implemented insurance processing method of claim 8, wherein said communicating is performed using at least one of email, postal mail, telephone, SMS messaging, social media messaging, and direct messaging.

10. The computer implemented insurance processing method of claim 2, wherein said offer of insurance is a bindable offer of insurance.

11. The computer implemented insurance processing method of claim 2, further comprising:

receiving, by a processor, a response to said offer of insurance.

12. The computer implemented insurance processing method of claim 11, further comprising:

performing, by a processor, an updated underwriting process using data received in said response to said offer of insurance.

13. The computer implemented insurance processing method of claim 1, further comprising:

determining, by a processor, that at least a portion of said collected data requires verification; and

verifying said at least portion of said collected data using a data source other than a source of the collected data.

14. An insurance computer system for performing proactive underwriting, comprising:

a processor; and

a memory in communication with the processor and storing program instructions, the processor operative with the program instructions to;

monitor a plurality of social media data sources;

identify an action by an entity associated with at least one of said plurality of social media data sources that matches at least a first trigger rule;

select a proactive underwriting template associated with said at least first trigger rule, said proactive underwriting template defining a plurality of required data items;

automatically collect data associated with said plurality of required data items;

perform a proactive underwriting analysis using said collected data; and

render an underwriting determination based on said proactive underwriting analysis.

15. The insurance computer system of claim 14, wherein the proactive underwriting template further defines a plurality of optional data items, wherein the processor is further operative with the program instructions to:

automatically collect data associated with said plurality of optional data items.

16. The insurance computer system of claim 14, wherein the processor is further operative with the program instructions to:

communicate an offer of insurance to said entity based on said underwriting determination.

17. The insurance computer system of claim 16, wherein said offer of insurance is a bindable offer of insurance.

18. The insurance computer system of claim 14, wherein said at least first trigger rule is a rule identifying an insurable activity, and said selected proactive underwriting template is a template for collecting data to perform an underwriting process for said insurable activity.

19. The insurance computer system of claim 14, wherein the underwriting determination is a determination to refer the underwriting analysis for further view, wherein the processor is further operative with the program instructions to:

transmit an underwriting referral request to an underwriting group.

20. The insurance computer system of claim 14, wherein said action is associated with geographical data associated with a location of said entity, wherein said proactive underwriting template is further selected based on said location of said entity.

21. A system for proactively underwriting insurance policies, comprising:

a communication device to receive data from a plurality of social media websites;

a processor coupled to the communication device; and

a storage device in communication with said processor and storing instructions adapted to be executed by said processor to;

analyze said data from said plurality of social media websites;

identify data associated with an action by an entity that matches at least a first trigger rule;

select, based on said at least first trigger rule, a proactive underwriting template defining a plurality of required data items;

automatically collect data associated with said plurality of required data items;

perform a proactive underwriting analysis using said collected data; and

communicate information associated with a result of said proactive underwriting process to said entity.

22. The system of claim 21, wherein said identifying data associated with an action is performed at least one of (i) on a periodic basis, (ii) upon a change in the data from said plurality of social media websites, (iii) on a daily basis, and (iv) responsive to a request.

23. The system of claim 21, wherein said information associated with a result of said proactive underwriting process is a bindable offer of insurance.