System and Method for Insurance Underwriting and Rating
First Claim
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1. A method of underwriting an insurance policy comprising:
- identifying a vehicle;
forming at least one data grouping including at least one vehicle history data variable of the identified vehicle;
processing the at least one vehicle history data variable of the at least one data grouping;
determining an overall value of said at least one data grouping; and
underwriting an insurance policy for the identified vehicle based on said overall value of the at least one data grouping.
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Abstract
An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.
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Citations
20 Claims
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1. A method of underwriting an insurance policy comprising:
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identifying a vehicle; forming at least one data grouping including at least one vehicle history data variable of the identified vehicle; processing the at least one vehicle history data variable of the at least one data grouping; determining an overall value of said at least one data grouping; and underwriting an insurance policy for the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of rating an insurance policy comprising:
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identifying a vehicle; forming at least one data grouping including of least one vehicle history data variable of the identified vehicle; processing the at least one vehicle history data variable of the at least one data grouping; determining an overall value of said at least one data grouping; and rating an insurance policy for the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (10, 11, 12, 13, 14)
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15. A method of determining insurability of a vehicle comprising:
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identifying a vehicle; forming at least one data grouping including at least one vehicle history data variable of the identified vehicle; processing the at least one vehicle history data variable of the at least one data grouping; determining an overall value of said at least one data grouping; and calculating insurability of the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification