Systems, Methods, and Apparatus for Hazard Grade Determination for an Insurance Product
First Claim
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1. A specially-programmed computerized processing device, comprising:
- a computerized processor; and
a memory in communication with the processor, the memory storing specially-programmed instructions that when executed by the computerized processor result in;
receiving, from a user device, an indication of identifying information of a business for which an insurance product is sought;
determining a business classification of the business;
determining at least one available insurance policy type for the insurance product based on the business classification;
determining an initial hazard grade for the insurance product based on the business classification;
providing, to the user device, a plurality of underwriting questions based on the at least one available insurance policy type;
receiving, in response to the providing of the plurality of underwriting questions, at least one answer to the plurality of underwriting questions;
determining, based on the initial hazard grade and the at least one answer to the plurality of underwriting questions, a final hazard grade for the insurance product; and
determining a premium for the insurance product based on the final hazard grade.
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Abstract
Systems, apparatus, methods, and articles of manufacture provide for determining a hazard grade associated with an insurance product (e.g., for use in calculating a premium for the insurance product). Some embodiments allow for an insurance agent to provide underwriting information and receive a quote based on an automated insurance underwriting process.
72 Citations
19 Claims
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1. A specially-programmed computerized processing device, comprising:
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a computerized processor; and a memory in communication with the processor, the memory storing specially-programmed instructions that when executed by the computerized processor result in; receiving, from a user device, an indication of identifying information of a business for which an insurance product is sought; determining a business classification of the business; determining at least one available insurance policy type for the insurance product based on the business classification; determining an initial hazard grade for the insurance product based on the business classification; providing, to the user device, a plurality of underwriting questions based on the at least one available insurance policy type; receiving, in response to the providing of the plurality of underwriting questions, at least one answer to the plurality of underwriting questions; determining, based on the initial hazard grade and the at least one answer to the plurality of underwriting questions, a final hazard grade for the insurance product; and determining a premium for the insurance product based on the final hazard grade. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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Specification