SYSTEM AND METHOD FOR DETERMINATION OF INSURANCE CLASSIFICATION AND UNDERWRITING DETERMINATION FOR ENTITIES

• US 20140330594A1
• Filed: 05/06/2014
• Published: 11/06/2014
• Est. Priority Date: 11/08/2012
• 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: Roberts, Lucas Raymond, Barnes, Shane Eric, Bothwell, Peter T.
• Granted Patent: US 9,830,663 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/06316 Sequencing of tasks or work
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods are disclosed herein for determining an insurance evaluation based on an industrial classification. The system may be configured to receive search data relating to the entity seeking insurance coverage and query an interface of a third-party platform based on the search data. The system may then be configured to receive third-party platform interface data from the third-party platform, analyze the data to determine a web site address for a web page on the third-party platform relating to the entity, and retrieve third-party platform web site data from the web page on the third-party platform indicative of content related to the entity. The system may then output, based on the third-party platform interface data and web site data, first data indicative of at least one industrial classification associated with the entity.

Claims

1. A computerized system for making an insurance evaluation comprising:

one or more data storage devices storing data relating to an entity seeking insurance coverage;

one or more computer processors in communication with the one or more data storage devices;

a communications device in communication with the one or more computer processors and the one or more data storage device; and

a memory, coupled to the one or more computer processors, storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to;

receive search data relating to the entity seeking insurance coverage;

query an interface of a third-party platform based on the search data;

responsive to the query, receive third-party platform interface data from the third-party platform;

analyze the third-party platform interface data to determine a web site address for a web page on the third-party platform relating to the entity;

retrieve third-party platform web site data from the web page on the third-party platform indicative of content related to the entity;

output, based on the third-party platform interface data and the third-party platform web site data, first data indicative of at least one industrial classification associated with the entity; and

responsive at least to the output of the first data, determine an insurance workflow.

2. The system of claim 1, wherein the memory further stores instructions that, when executed, cause the one or more computer processors to:

generate an initial insurance classification indication based on the third-party platform interface data and the third-party platform web site data,

wherein the output of the first data indicative of at least one industrial classification associated with the entity is further based on the initial insurance classification indication.

3. The system of claim 1, wherein the memory further stores instructions that, when executed, cause the one or more computer processors to:

analyze the third-party platform web site data and identify a web site address for the entity'"'"'s web site;

responsive to identification of the entity'"'"'s web site, retrieve entity web site data indicative of content related to the entity from the entity'"'"'s web site;

analyze one or both of the third-party platform web site data and the entity web site data and identify cross-platforms having web pages relating to the entity; and

responsive to identification of one or more cross-platforms having web pages relating to the entity, retrieve, from the one or more cross-platforms having the web pages relating to the entity, cross-platform interface data and cross-platform web site data relating to the entity;

wherein the output of the first data indicative of at least one industrial classification associated with the entity is further based on the entity web site data, the cross-platform interface data, and the cross-platform web site data.

4. The system of claim 1, wherein the one or more storage devices further stores alert terms indicative of insurance risk;

and wherein the memory further stores instructions that, when executed, cause the one or more computer processors to;

determine if the third-party platform interface data and the third-party platform web site data contain one or more of the alert terms; and

responsive to a determination that the third-party platform interface data and the third-party platform web site data contain one or more of the alert terms, transmit by the communications device an indication of the determined one or more alert terms to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

5. The system of claim 1, wherein the one or more storage devices further stores terms indicative of an uninsurable entity;

and wherein the memory further stores instructions that, when executed, cause the one or more computer processors to;

determine if the third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of an uninsurable entity; and

responsive to a determination that the third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of an uninsurable entity, transmit by the communications device an indication of the determined one or more terms indicative of an uninsurable entity to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

6. The system of claim 1, wherein the one or more storage devices further includes terms indicative of a need for additional coverage;

and wherein the memory further stores instructions that, when executed, cause the one or more computer processors to;

determine if the third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of a need for additional coverage; and

responsive to a determination that the application data, the third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of a need for additional coverage, transmit by the communications device an indication of the determined one or more terms indicative of a need for additional coverage to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

7. The system of claim 1, wherein the memory further stores instructions that, when executed, cause the one or more computer processors to analyze third-party platform interface data and the third-party platform web site data relating to the entity for inconsistencies and determine veracity indicators based on the analysis;

wherein the veracity indicators are indicative of a likelihood of the first data indicative of the industrial classification being associated with the entity.

8. The system of claim 1, further comprising:

one or more underwriter computer storage devices storing underwriting rules;

one or more underwriter computer processors in communication with the one or more underwriter computer storage devices;

an underwriter communications device in communication with the one or more underwriter computer processors and the one or more underwriter computer storage devices;

an underwriter program memory, coupled to the one or more underwriter computer processors, storing program instructions which, when executed by the one or more underwriter computer processors, cause the one or more underwriter computer processors to;

receive via the underwriter communications device underwriting data comprising the first data indicative of at least one industrial classification associated with the entity, the third-party platform interface data, and the third-party platform web site data;

receive via the underwriter communications device any alert term indicators relating to the entity;

process the underwriting data and the alert term indicators relating to the entity using the underwriting rules;

determine if processing of the underwriting data using the underwriting rules triggered a do not write rule;

responsive to a determination that a do not write rule was triggered, generate a refusal to write and end the automated underwriting process;

responsive to a determination that a do not write rule was not triggered;

determine if additional data is needed to generate an underwriting decision;

responsive to a determination that the additional data is needed, generate an inquiry for the additional data and monitor for receipt of the additional data; and

responsive to a determination that the additional data is not needed, determine insurance premium pricing for the entity.

9. The system of claim 1, wherein the third-party platform interface data comprises at least one of structured data and unstructured data, and wherein, when the third-party platform interface data comprises unstructured data, the memory further stores instructions that, when executed, cause the one or more computer processors to structure the unstructured data.

10. The system of claim 8, wherein the program memory further stores program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to:

generate a proactive quotation for the entity based on the determined insurance premium pricing for entity, wherein the proactive quotation is contingent on verification of data used to determine the determined insurance premium pricing for the entity; and

transmit the quotation to the entity.

11. A computerized method for performing an insurance process, comprising:

receiving, by one or more processors, search data relating to the entity seeking insurance coverage;

querying by a communications device an interface of a third-party platform based on the search data;

responsive to the query, receiving, by the one or more processors, third-party platform interface data from the third-party platform;

analyzing, by the one or more processors, the third-party platform interface data to determine a web site address for a web page on the third-party platform relating to the entity;

retrieving, by the one or more processors, third-party platform web site data from the web page on the third-party platform indicative of content related to the entity;

outputting, by the one or more processors, based on the third-party platform interface data and the third-party platform web page data, first data indicative of at least one industrial classification associated with the entity; and

determining, by the one or more processors, an underwriting workflow based at least on the first data.

12. The method of claim 11, further comprising:

generating an initial insurance classification indication based on the third-party platform interface data and the third-party platform web site data,

wherein the output of the first data indicative of at least one industrial classification associated with the entity is further based on the initial insurance classification indication.

13. The method of claim 11, further comprising:

identifying, by the one or more processors, based on the third-party platform web site data, a web site address for the entity'"'"'s web site;

responsive to identification of the entity'"'"'s web site, retrieving, by the one or more processors, entity web site data indicative of content related to the entity from the entity'"'"'s web site;

analyzing, by the one or more processors, one or both of the third-party platform web site data and the entity web site data and identifying cross-platforms having web pages relating to the entity; and

responsive to identification of one or more cross-platforms having web pages relating to the entity, retrieving by the one or more processors, from the one or more cross-platforms having the web pages relating to the entity, cross-platform interface data and cross-platform web site data relating to the entity;

wherein the first data indicative of at least one industrial classification associated with the entity is further based on the entity web site data, the cross-platform interface data, and the cross-platform web site data.

14. The method of claim 11, further comprising:

determining, by the one or more processors, if the third-party platform interface data and the third-party platform web site data contain one or more alert terms; and

responsive to a determination that the third-party platform interface data and the third-party platform web site data contain one or more of the alert terms, transmitting by the communications device an indication of the determined one or more alert terms to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

15. The method of claim 11, further comprising:

determining, by the one or more processors, if the third-party platform interface data and the third-party platform web site data contain one or more terms indicative of an uninsurable entity; and

responsive to a determination that the third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of an uninsurable entity, transmitting by the communications device an indication of the determined one or more terms indicative of an uninsurable entity to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

16. The method of claim 11, further comprising:

determining, by the one or more processors, whether the third-party platform interface data and the third-party platform web site data contain one or more terms indicative of a need for additional coverage; and

responsive to a determination that third-party platform interface data and the third-party platform web site data contain one or more of the terms indicative of a need for additional coverage, transmitting by the communications device an indication of the determined one or more terms indicative of a need for additional coverage to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.

17. The method of claim 11, further comprising:

analyzing, by the one or more processors, the third-party platform interface data and the third-party platform web site data relating to the entity for inconsistencies; and

determining, by the one or more processors, veracity indicators based on the analysis;

wherein the veracity indicators are indicative of a likelihood of the first data indicative of the industrial classification being associated with the entity.

18. The method of claim 11, further comprising:

receiving, by an underwriter communications device, underwriting data comprising the first data indicative of at least one industrial classification associated with the entity, the third-party platform interface data and the third-party platform web site data relating to the entity;

receiving by the underwriter communications device any alert term indicators relating to the entity;

processing, by the one or more processors, the underwriting data and the alert term indicators relating to the entity using underwriting rules;

determining, by the one or more processors, whether the processing of the underwriting data using the underwriting rules triggered a do not write rule;

responsive to a determination that a do not write rule was triggered, generating a refusal to write and end the automated underwriting process;

responsive to a determination that a do not write rule was not triggered;

determining, by the one or more processors, whether additional data is needed to generate an underwriting decision;

responsive to a determination that the additional data is needed, generating, by the one or more processors, an inquiry for the additional data and monitor for receipt of the additional data; and

responsive to a determination that the additional data is not needed, determining, by the one or more processors, insurance premium pricing for the entity based on the processing of the underwriting data.

19. The method of claim 11, further comprising:

receiving entity data input at a user-accessible device in relation to a computer-implemented insurance form;

identifying, by the one or more processors, based on the third-party platform web site data, a web site address for the entity'"'"'s web site;

responsive to identification of the entity'"'"'s web site, retrieving, by the one or more processors, entity web site data indicative of content related to the entity from the entity'"'"'s web site;

wherein the first data indicative of at least one industrial classification associated with the entity is further based on the input entity data and the entity web site data; and

wherein the underwriting data received by the underwriter communications further comprises the input entity data and the entity web site data.

20. A computerized system for making an insurance evaluation comprising:

one or more data storage devices storing data relating to an entity seeking insurance coverage;

one or more computer processors in communication with the one or more storage devices;

a communications device in communication with the one or more computer processors and the one or more data storage device;

a memory, coupled to the one or more computer processors, for storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to;

receive search data relating to the entity seeking insurance coverage;

query an interface of a third-party platform based on the search data;

responsive to the query, receive third-party platform interface data from the third-party platform;

output, based on third-party platform interface data, first data indicative of at least one industrial classification associated with the entity; and

responsive at least to output of the first data, determine an insurance workflow.

21. The system of claim 20, further comprising:

one or more underwriter computer storage devices storing underwriting rules;

one or more underwriter computer processors in communication with the one or more underwriter computer storage devices;

an underwriter communications device in communication with the one or more underwriter computer processors and the one or more underwriter computer storage devices;

an underwriter program memory, coupled to the one or more underwriter computer processors, storing program instructions which, when executed by the one or more underwriter computer processors, cause the one or more underwriter computer processors to;

receive via the underwriter communications device underwriting data comprising the first data indicative of at least one industrial classification associated with the entity;

receive via the underwriter communications device any alert term indicators relating to the entity;

process the underwriting data and the alert term indicators relating to the entity using the underwriting rules;

determine if processing of the underwriting data using the underwriting rules triggered a do not write rule;

responsive to a determination that a do not write rule was triggered, generate a refusal to write and end the automated underwriting process;

responsive to a determination that a do not write rule was not triggered;

determine if additional data is needed to generate an underwriting decision;

responsive to a determination that the additional data is needed, generate an inquiry for the additional data and monitor for receipt of the additional data;

responsive to a determination that the additional data is not needed, determine insurance premium pricing for the entity.

22. The system of claim 20, wherein the memory further stores instructions that, when executed, cause the one or more computer processors to:

analyze the third-party platform interface data to determine a web site address for a web page on the third-party platform relating to the entity;

retrieve third-party platform web site data from the web page on the third-party platform indicative of content related to the entity;

analyze the third-party platform web site data and identify a web site address for the entity'"'"'s web site;

responsive to identification of the entity'"'"'s web site, retrieve entity web site data indicative of content related to the entity from the entity'"'"'s web site;

analyze one or both of the third-party platform web site data and the entity web site data and identify cross-platforms having web pages relating to the entity; and

responsive to identification of one or more cross-platforms having web pages relating to the entity, retrieve, from the one or more cross-platforms having the web pages relating to the entity, cross-platform interface data and cross-platform web site data relating to the entity;

wherein the output of the first data indicative of at least one industrial classification associated with the entity is further based on the third-party platform web site data, the entity web site data, the cross-platform interface data, and the cross-platform web site data.

23. The system of claim 22, wherein the one or more storage devices further stores alert terms indicative of insurance risk;

and wherein the memory further stores instructions that, when executed, cause the one or more computer processors to;

determine if the third-party platform interface data, the third-party platform web site data, the entity web site data, the cross-platform interface data, and the cross-platform web site data contain one or more of the alert terms; and

responsive to a determination that the third-party platform interface data, the third-party platform web site data, the entity web site data, the cross-platform interface data, and the cross-platform web site data contain one or more of the alert terms, transmit by the communications device an indication of the determined one or more alert terms to an underwriting computer with the first data indicative of at least one industrial classification associated with the entity.