DYNAMIC UNDERWRITING SYSTEM

• US 20160171619A1
• Filed: 12/16/2014
• Published: 06/16/2016
• Est. Priority Date: 12/16/2014
• Status: Active Application

• 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: Besman, Eric D., Onnen, Douglas Joseph, Sealand Reale, Pamela, Wells, Joseph E. II, Hay, Jeffery T.
• Application Number:
  US14/571,655
• Publication Number:
  US 20160171619A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Account information may be received in connection with a potential insurance policy. An account score matrix may be received for the potential insurance policy, including grade values comparing the account information to other insured parties, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in a risk database. A set of guide indication adjustments may then be received from an underwriter for the potential insurance policy. A premium indication model application may dynamically calculate, in substantially real time, an adjusted premium value for the potential insurance policy calibrated to the target return on equity based at least in part on associated guide indication adjustments, and an indication associated with the dynamically calculated adjusted premium value may be transmitted. The transmitted indication may be used, for example, to update a dashboard graphical user interface display.

Claims

1. A system including a data sharing architecture, comprising:

a communication device to receive account information in connection with a potential insurance policy;

a computer storage unit for receiving, storing, and providing data indicative of the account information;

a risk database storing a plurality of risk variables associated with a plurality of insured parties; and

a premium indication portal processor in communication with the communication device, the storage unit, and the risk database, wherein the processor is configured for;

receiving, from a risk score model application, an account score matrix for the potential insurance policy, including grade values comparing the account information to other insured parties, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in the risk database,

receiving, from an underwriter device, guide indication adjustments for the potential insurance policy,

dynamically calculating, by a premium indication model application in substantially real time, an adjusted premium value for the potential insurance policy calibrated to the target return on equity based at least in part on the guide indication adjustments, and

transmitting an indication associated with the dynamically calculated adjusted premium value.

2. The system of claim 1, wherein the transmitted indication is used to update, in substantially real time, a dashboard graphical user interface display.

3. The system of claim 2, wherein the dashboard graphical user interface display provides at least one of:

(i) a return on equity summary plotted over a period of time, (ii) a return on equity summary over multiple lines of business, (iii) a sold-to-benchmark premium summary over a period of time, (iv) a sold-to-guide premium summary over a period of time, (v) a sold-to-benchmark premium summary over multiple lines of business, and (vi) a sold-to-guide premium summary over multiple lines of business.

4. The system of claim 1, wherein each guide indication adjustment comprises a selection, via the underwriter device, of a value between a minimum allowable adjustment and a maximum allowable adjustment for a guide evaluation factor.

5. The system of claim 4, wherein at least one guide indication adjustment is received via a graphical user interface slider icon.

6. The system of claim 4, wherein at least some guide indication adjustments are received via at least one of:

(i) entered numeric values, and (ii) answers to a series of multiple choice questions

7. The system of claim 4, wherein at least one guide evaluation factor is dynamically included based on at least one of:

(i) a line of business, (ii) a potential insured, (iii) an underwriter identifier, and (iv) a relation to another guide indication adjustment.

8. The system of claim 4, wherein at least one of the minimum allowable adjustment and the maximum allowable adjustment is dynamically altered based on at least one of:

(i) an industry associated with the potential insurance policy, (ii) information about the underwriter, and (iii) another guide indication adjustment

9. The system of claim 1, wherein the potential insurance policy comprises:

(i) a new potential insurance policy, or (ii) a potential renewal of an existing insurance policy.

10. The system of claim 1, wherein the premium indication model application comprises one of:

(i) a workers'"'"' compensation insurance premium indication model application, (ii) an automobile insurance premium indication model application, (iii) a general liability insurance premium indication model application, and (iv) a property insurance premium indication model application.

11. The system of claim 10, wherein the account information is associated with a plurality of different types of potential insurance policies.

12. The system of claim 1, wherein the account information includes at least five of:

(i) an account name, (ii) an account identifier, (iii) insurance agency information, (iv) location information, (v) an underwriter identifier, (vi) effective time period information, (vii) a status, (viii) a transaction type, (ix) at least one insurance policy identifier, (x) an industry code, and (xii) an industry description.

13. The system of claim 1, wherein account score matrixes include grade values for each of a plurality of risk variables in the risk database, each grade reflecting a percentage of other insured parties having a level of risk, for the associated risk variable, worse than the potential insurance policy.

14. The system of claim 13, wherein at least one risk variable is associated with at least one of:

(i) an industry classification, (ii) geographic information, (iii) payroll size, (iv) average wage data, (v) prior claim frequency, (vi) prior claim amounts, (vii) an overall number of locations, (viii) business credit risk factors, (ix) a number of years in business, (x) a fleet size, (xi) driver age information, vehicle (xii) weight information, (xiii) an overall exposure size, (xiv) an exposure type, (xv) a building age, and (xvi) weather related data.

15. The system of claim 1, wherein at least one guide evaluation adjustment is associated with:

(i) an unusual severity exposure, (ii) an unusual frequency exposure, (iii) a new operation, (iv) a rapid change in payroll, (v) a change in automation or facilities, and (vi) a loss control program.

16. A computer-implemented method associated with insurance underwriting, comprising:

receiving account information in connection with a potential insurance policy;

receiving, from a risk score model application, an account score matrix for the potential insurance policy, including grade values comparing the account information to other insured parties, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in a risk database;

receiving, from an underwriter device, guide indication adjustments for the potential insurance policy;

dynamically calculating, by a premium indication model application in substantially real time, an adjusted premium value for the potential insurance policy calibrated to the target return on equity based at least in part on associated guide indication adjustments; and

transmitting an indication associated with the dynamically calculated adjusted premium value.

17. The medium of claim 16, wherein the dynamically calculated adjusted premium value is used to update, in substantially real time, a dashboard graphical user interface display.

18. The medium of claim 17, wherein:

(i) each guide indication adjustment comprises a selection, via the underwriter device, of a value between a minimum allowable adjustment and a maximum allowable adjustment for a guide evaluation factor, and (ii) at least one of the minimum allowable adjustment and the maximum allowable adjustment is dynamically altered based on at least one of an industry associated with the potential insurance policy, information about the underwriter, and another guide indication adjustment.

19. A system for insurance underwriting, comprising:

a risk score platform to;

(i) receive account information associated with a potential insurance policy, (ii) generate, via risk score model applications, account score matrixes across multiple lines of business for the potential insurance policy, each account score matrix including grade values comparing the account information to other insured parties in a risk database, and (iii) transmit a benchmark premium value calibrated to a target return on equity; and

a premium indication portal platform, in communication with the risk score platform, to;

(i) receive the benchmark premium value, (ii) receive guide indication adjustments from an underwriting device, (iii) calculate an adjusted premium value for the potential insurance policy based on the guide indication adjustments and premium indication model applications, (iv) dynamically calculate in substantially real time an adjusted premium value for the potential insurance policy calibrated to the target return on equity based at least in part on associated guide indication adjustments, and (v) transmit an indication associated with the dynamically calculated adjusted premium value.

20. The system of claim 19, wherein the dynamically calculated adjusted premium value is used to update, in substantially real time, a dashboard graphical user interface display.

21. The system of claim 20, wherein:

(i) each guide indication adjustment comprises a selection, via the underwriter device, of a value between a minimum allowable adjustment and a maximum allowable adjustment for a guide evaluation factor, and (ii) at least one of the minimum allowable adjustment and the maximum allowable adjustment is dynamically altered based on at least one of an industry associated with the potential insurance policy, information about the underwriter, and another guide indication adjustment.