INSURANCE RISK EVALUATION SYSTEMS AND METHODS
First Claim
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1. A computer system including a processor and a memory, the memory containing software instructions configuring the system to perform acts including:
- receive a first data set from one or more insurance data sources, wherein the first data set comprises insurance claims data collected from one or more types of insurance offerings, wherein the first data set includes data from each of a plurality of insurance consumers;
store the first data set from the one or more insurance data sources into a data store;
receive a second data set from a plurality of research organizations;
store the second data set from the plurality of research organizations into the data store;
receive a third data set from one or more third party databases;
store the third data set from the one or more third party databases into the data store;
for each of the plurality of insurance consumers, determine one or more risk modification factors based on the first, second, and third data sets and one or more risk methodologies;
based on the one or more risk modification factors, determine a risk profile for each of the plurality of insurance consumers; and
determine a segmentation of the plurality of insurance consumers based on the determined risk profiles, wherein the segmentation is usable for insurance underwriting.
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Abstract
An underwriting and risk management computing system is provided to utilize data science and machine learning to enable decision making and risk assessment. Predictive analytics utilizing expanded datasets can provide insightful data that is usable for insurance underwriting and provides actionable intelligence to stakeholders.
5 Citations
27 Claims
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1. A computer system including a processor and a memory, the memory containing software instructions configuring the system to perform acts including:
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receive a first data set from one or more insurance data sources, wherein the first data set comprises insurance claims data collected from one or more types of insurance offerings, wherein the first data set includes data from each of a plurality of insurance consumers; store the first data set from the one or more insurance data sources into a data store; receive a second data set from a plurality of research organizations; store the second data set from the plurality of research organizations into the data store; receive a third data set from one or more third party databases; store the third data set from the one or more third party databases into the data store; for each of the plurality of insurance consumers, determine one or more risk modification factors based on the first, second, and third data sets and one or more risk methodologies; based on the one or more risk modification factors, determine a risk profile for each of the plurality of insurance consumers; and determine a segmentation of the plurality of insurance consumers based on the determined risk profiles, wherein the segmentation is usable for insurance underwriting. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A computer-based method of insurance underwriting, comprising:
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receiving, by an underwriting and risk management computing system, data inputs from an insurance carrier, wherein the data inputs comprises at least a first name, a last name, and an address of a plurality of insurance consumers; appending, by the underwriting and risk management computing system, the data inputs received from the insurance carrier with a plurality of data points maintained by the underwriting and risk management computing system to generate an appended data set, wherein the plurality of data points are collected by the underwriting and risk management computing system from a plurality of different data sources, wherein the plurality of data points comprise social determinants of health data and demographic data; applying, by the underwriting and risk management computing system, one or more data modeling processes to the appended data set to perform predictive analytics; determining, by the underwriting and risk management computing system and based on the result of the one or more data modeling processes, probability scores for an occurrence of one or more insurance events for each of the insurance consumers; and providing, by the underwriting and risk management computing system, the probability scores for the occurrence of the one or more insurance events for each of the insurance consumers to the insurance carrier. - View Dependent Claims (20, 21, 22, 22)
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23. A computer-based method of insurance underwriting, comprising:
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receiving, by an underwriting and risk management computing system, data inputs from an insurance carrier, wherein the data inputs comprise at least a first name, a last name, and an address of a plurality of insurance consumers; receiving, by the underwriting and risk management computing system from a plurality of different data sources, a plurality of data points, wherein the plurality of data points comprise social determinants of health data and demographic data; appending, by the underwriting and risk management computing system, the data inputs received from the insurance carrier with the plurality of data points received by the underwriting and risk management computing system to generate an appended data set, applying, by the underwriting and risk management computing system, one or more data modeling processes to the appended data set to determine a consumer risk profile for each of the plurality of insurance consumers; segmenting, by the underwriting and risk management computing system, the plurality of insurance consumers based on the consumer risk profile of each of the plurality of insurance consumers; and providing, by the underwriting and risk management computing system, the segmentation of the plurality of insurance consumers to the insurance carrier. - View Dependent Claims (24)
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- 25. The computer-based method of dim 23, wherein the plurality of data points received by the underwriting and risk management computing system from the plurality of different data sources further comprise economic data.
Specification