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Systems and methods for insurance underwriting

  • US 7,831,451 B1
  • Filed: 06/25/2004
  • Issued: 11/09/2010
  • Est. Priority Date: 06/27/2003
  • Status: Expired due to Fees
First Claim
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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.

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