Systems and methods for insurance underwriting
First Claim
1. A system for insurance underwriting, comprising:
- at least one database containing information about an insurance applicant, wherein the information about the insurance applicant includes insurance application information obtained from the insurance applicant and additional information not obtained from the insurance applicant, wherein the additional information not obtained from the insurance applicant comprises a plurality of prescription drugs dispensed to the insurance applicant;
a drug risk category database that groups the plurality of prescription drugs dispensed to the insurance applicant within a drug risk category; and
a server in communication with the at least one database and a client computer used to enter the insurance application information obtained from the insurance applicant, wherein the server is configured to;
retrieve the insurance application information obtained from the insurance applicant and the additional information not obtained from the insurance applicant from the database;
determine a plurality of risk scores for the insurance applicant from the insurance application information and the additional information retrieved from the database, wherein the plurality of risk scores include an initial prescription drug risk score, a geocentric mortality risk score, a motor vehicle records risk score, and a credit information risk score;
modify at least the initial prescription drug risk score according to a predetermined modification scheme established by an external underwriter, wherein to modify the initial prescription drug risk score according to the predetermined modification scheme, the server is further configured to;
determine a plurality of risk scores for the plurality of prescription drugs grouped within the drug risk category, wherein the server identifies one of the plurality of prescription drugs grouped within the drug risk category having a highest risk score;
multiply a remaining number of the plurality of prescription drugs grouped within the drug risk category having unique, non-zero risk scores by a predetermined factor; and
add the highest risk score associated with the identified prescription drug to a value obtained from multiplying the remaining number of the plurality of prescription drugs by the predetermined factor, wherein the server adds the highest risk score and the obtained value to calculate a risk score for the drug risk category, and wherein the server modifies the initial prescription drug score based on the risk score calculated for the drug risk category;
calculate an overall risk score for the insurance applicant, wherein the server combines the modified prescription drug risk score with one or more of the geocentric mortality risk score, the motor vehicle records risk score, or the credit information risk score to calculate the overall risk score for the insurance applicant;
translate the overall risk score into an insurance underwriting decision for the insurance applicant; and
return the insurance underwriting decision for the insurance applicant to the client computer.
1 Assignment
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Accused Products
Abstract
Embodiments of the present invention relate to systems and methods for automating insurance underwriting by integrating information from multiple online databases and creating decision making advice useful to insurance underwriters. One system includes a client, database, and server. The client allows an underwriter to enter applicant information, enter customized risk modifiers, and receive an underwriting decision. The database provides additional applicant information. This information can include one or more of prescription drug history, credit history, motor vehicle records, and geocentric mortality risk. The server obtains the applicant information, calculates the applicant'"'"'s risk, makes an underwriting decision. Another system calculates a prescription drug risk for an applicant from pharmacy benefits management data, drug risk category data, and application data. Another system calculates a geocentric mortality risk for an applicant from census data, mortality data, credit information, and application data. Preset external modifiers are added to systems and methods of calculating risk in order to allow the underwriter to customize the risk results.
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Citations
23 Claims
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1. A system for insurance underwriting, comprising:
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at least one database containing information about an insurance applicant, wherein the information about the insurance applicant includes insurance application information obtained from the insurance applicant and additional information not obtained from the insurance applicant, wherein the additional information not obtained from the insurance applicant comprises a plurality of prescription drugs dispensed to the insurance applicant; a drug risk category database that groups the plurality of prescription drugs dispensed to the insurance applicant within a drug risk category; and a server in communication with the at least one database and a client computer used to enter the insurance application information obtained from the insurance applicant, wherein the server is configured to; retrieve the insurance application information obtained from the insurance applicant and the additional information not obtained from the insurance applicant from the database; determine a plurality of risk scores for the insurance applicant from the insurance application information and the additional information retrieved from the database, wherein the plurality of risk scores include an initial prescription drug risk score, a geocentric mortality risk score, a motor vehicle records risk score, and a credit information risk score; modify at least the initial prescription drug risk score according to a predetermined modification scheme established by an external underwriter, wherein to modify the initial prescription drug risk score according to the predetermined modification scheme, the server is further configured to; determine a plurality of risk scores for the plurality of prescription drugs grouped within the drug risk category, wherein the server identifies one of the plurality of prescription drugs grouped within the drug risk category having a highest risk score; multiply a remaining number of the plurality of prescription drugs grouped within the drug risk category having unique, non-zero risk scores by a predetermined factor; and add the highest risk score associated with the identified prescription drug to a value obtained from multiplying the remaining number of the plurality of prescription drugs by the predetermined factor, wherein the server adds the highest risk score and the obtained value to calculate a risk score for the drug risk category, and wherein the server modifies the initial prescription drug score based on the risk score calculated for the drug risk category; calculate an overall risk score for the insurance applicant, wherein the server combines the modified prescription drug risk score with one or more of the geocentric mortality risk score, the motor vehicle records risk score, or the credit information risk score to calculate the overall risk score for the insurance applicant; translate the overall risk score into an insurance underwriting decision for the insurance applicant; and return the insurance underwriting decision for the insurance applicant to the client computer. - View Dependent Claims (2, 3, 4, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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5. A system for insurance underwriting, comprising:
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at least one database containing information about an insurance applicant, wherein the information about the insurance applicant includes insurance application information obtained from the insurance applicant and additional information not obtained from the insurance applicant, wherein the additional information not obtained from the insurance applicant comprises a plurality of prescription drugs dispensed to the insurance applicant; a drug risk category database that groups the plurality of prescription drugs dispensed to the insurance applicant within a drug risk category; a first processor configured to determine an initial prescription drug risk score for the insurance applicant from the insurance application information in the database; a second processor configured to determine a geocentric mortality risk score for the insurance applicant from the insurance application information in the database; a third processor configured to determine a motor vehicle records risk score for the insurance applicant from the insurance application information in the database; a fourth processor configured to determine a credit information risk score for the insurance applicant from the insurance application information in the database; and a fifth processor configured to; modify at least the initial prescription drug risk score according to a predetermined modification scheme established by an external underwriter, wherein to modify the initial prescription drug risk score according to the predetermined modification scheme, the fifth processor is further configured to; determine a plurality of risk scores for the plurality of prescription drugs grouped within the drug risk category, wherein the fifth processor identifies one of the plurality of prescription drugs grouped within the drug risk category having a highest risk score; multiply a remaining number of the plurality of prescription drugs grouped within the drug risk category having unique, non-zero risk scores by a predetermined factor; and add the highest risk score associated with the identified prescription drug to a value obtained from multiplying the remaining number of the plurality of prescription drugs by the predetermined factor, wherein the fifth processor adds the highest risk score and the obtained value to calculate a risk score for the drug risk category, and wherein the fifth processor modifies the initial prescription drug score based on the risk score calculated for the drug risk category; combine the modified prescription drug risk score with one or more of the geocentric mortality risk score, the motor vehicle records risk score, or the credit information risk score to calculate an overall risk score for the insurance applicant; translate the overall risk score into an insurance underwriting decision for the insurance applicant. - View Dependent Claims (6)
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7. A method for insurance underwriting, comprising:
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storing information about an insurance applicant in at least one database, wherein the information about the insurance applicant includes insurance application information obtained from the insurance applicant; storing additional information about the insurance applicant not obtained from the insurance applicant in a drug risk category database, wherein the additional information not obtained from the insurance applicant includes a plurality of prescription drugs dispensed to the insurance applicant, and wherein the drug risk category database groups the plurality of prescription drugs dispensed to the insurance applicant within a drug risk category; determining, on a computer server, an initial prescription drug risk score for the insurance applicant from a prescription drug history associated with the insurance application information obtained from the insurance applicant and stored in the database; determining, on the computer server, a geocentric mortality risk score for the insurance applicant from geocentric mortality data associated with the insurance application information obtained from the insurance applicant and stored in the database; determining, on the computer server, a motor vehicle records risk score for the insurance applicant from a motor vehicle report history associated with the insurance application information obtained from the insurance applicant and stored in the database; determining, on the computer server, a credit information risk score for the insurance applicant from a credit report associated with the insurance application information obtained from the insurance applicant and stored in the database; modifying, on the computer server, at least the initial prescription drug risk score according to a predetermined modification scheme established by an external underwriter, wherein modifying the initial prescription drug risk score according to the predetermined modification scheme includes; determining, on the computer server, a plurality of risk scores for the plurality of prescription drugs grouped within the drug risk category, wherein the computer server identifies one of the plurality of prescription drugs grouped within the drug risk category having a highest risk score; multiplying, on the computer server, a remaining number of the plurality of prescription drugs grouped within the drug risk category having unique, non-zero risk scores by a predetermined factor; and adding, on the computer server, the highest risk score associated with the identified prescription drug to a value obtained from multiplying the remaining number of the plurality of prescription drugs by the predetermined factor, wherein the computer server adds the highest risk score and the obtained value to calculate a risk score for the drug risk category, and wherein the computer server modifies the initial prescription drug score based on the risk score calculated for the drug risk category; calculating, on the computer server, an overall risk score for the insurance applicant, wherein calculating the overall risk score for the insurance applicant includes combining the modified prescription drug risk score with one or more of the geocentric mortality risk score, the motor vehicle records risk score, or the credit information risk score; and translating the overall risk score into an insurance underwriting decision for the insurance applicant. - View Dependent Claims (8)
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Specification