Process for rule-based insurance underwriting suitable for use by an automated system
First Claim
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1. A method for underwriting an insurance application, implemented by a tangibly embodied computer device, comprising the steps of:
- receiving a request to underwrite an insurance application, where the request includes information about a plurality of application components;
evaluating the plurality of application components based on rules associated with the application components;
assigning measurements to the application components, such that each application component is assigned a level; and
assigning, by the computer device, each of the application components to a specific component category out of a plurality of component categories based on the assigned measurements, including;
each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat 2 being assigned level2, and cat3 being assigned level3;
respectively determining a particular category to which to assign each application component based on sequentially;
determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1;
determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2;
determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3;
assigning the insurance application to a category based on a distribution of what component categories the application components are assigned.
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Abstract
A process for at least a partial underwriting of insurance policies is described. Various rules are created, along with a degree of satisfaction for each rule. Rules may be directed toward various insurance underwriting components (e.g., cholesterol levels, blood pressure, etc.). Based on the degree of satisfaction for each rule, a component may be assigned to a category. Based on the category for each component, the insurance application may be assigned an underwriting category.
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Citations
18 Claims
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1. A method for underwriting an insurance application, implemented by a tangibly embodied computer device, comprising the steps of:
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receiving a request to underwrite an insurance application, where the request includes information about a plurality of application components; evaluating the plurality of application components based on rules associated with the application components; assigning measurements to the application components, such that each application component is assigned a level; and assigning, by the computer device, each of the application components to a specific component category out of a plurality of component categories based on the assigned measurements, including; each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat 2 being assigned level2, and cat3 being assigned level3; respectively determining a particular category to which to assign each application component based on sequentially; determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1; determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2; determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3; assigning the insurance application to a category based on a distribution of what component categories the application components are assigned. - View Dependent Claims (2, 3)
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4. A method, implemented by a tangibly embodied computer device, for underwriting an insurance application comprising the steps of:
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receiving a request to underwrite an insurance application, wherein the insurance application includes a plurality of application components; evaluating the plurality of application components based on rules, wherein each of the rules is associated with the plurality of application components; assigning a measurement to each of the plurality of application components, such that each application component is assigned a level; and assigning, by the computer device, each of the plurality of application components to a specific component category out of a plurality of component categories based on the assigned measurement, including; each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat2 being assigned level2, and cat3 being assigned level3; respectively determining a particular category to which to assign each application component based on sequentially; determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1; determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2; determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3; assigning the insurance application to a category based on a distribution of what component categories the application components are assigned. - View Dependent Claims (5, 6)
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7. A method, implemented by a tangibly embodied computer device, for underwriting an insurance application, implemented using computer code tangibly embodied on a computer readable medium, the method comprising:
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receiving a request to underwrite an insurance application for a customer, wherein the insurance application includes a plurality of application components; evaluating the plurality of application components based on rules, wherein each of the rules is associated with each of the plurality of application components; assigning a measurement to each of the plurality of application components based on the evaluating, such that each application component is assigned a level; and assigning each of the plurality of application components to a specific component category out of a plurality of component categories based on the assigned measurement, each of the component categories associated with required attributes of which an application component must possess to be included in a particular component category; assigning, by the computer device, the insurance application to a specific application category out of a plurality of application categories, wherein the assignment of the insurance application to a specific application category is based at least in part on specific component categories to which the plurality of application components are assigned, the assigning the insurance application including; each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat 2 being assigned level2, and cat3 being assigned level3; respectively determining a particular category to which to assign each application component based on sequentially; determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1; determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2; determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3; assigning the insurance application to a category based on a distribution of what component categories the application components are assigned; and outputting the specific application category to which the insurance application is assigned. - View Dependent Claims (8, 9, 10, 11)
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12. A computer program stored on a computer readable medium, wherein the computer program causes a computer to perform the steps of:
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receiving a request to underwrite an insurance application, wherein the insurance application includes a plurality of application components; evaluating the plurality of application components based on rules associated with the application components; assigning measurements to the application components, such that each application component is assigned a level; and assigning each of the application components to a specific component category out of a plurality of component categories based on the assigned measurement, including; each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat2 being assigned level2, and cat3 being assigned level3; respectively determining a particular category to which to assign each application component based on sequentially; determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1; determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2; determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3; assigning the insurance application to a category based on a distribution of what component categories the application components are assigned. - View Dependent Claims (13, 14)
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15. A computer program stored on a computer readable medium, wherein the computer program causes a computer to act as a system comprising:
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a receiver for receiving a request to underwrite an insurance application, wherein the insurance application includes a plurality of application components; an evaluation module for evaluating the plurality of application components based on rules associated with the application components; and an assignment module for; a) assigning measurements to the application components, such that each application component is assigned a level; and b) assigning each of the application components to a specific component category out of a plurality of component categories based on the assigned measurements, including; each component category being respectively defined as cat1, cat2, and cat3, and cat1 being assigned a level1, cat 2 being assigned level2, and cat3 being assigned level3; respectively determining a particular category to which to assign each application component based on sequentially; determining whether each application component possesses a level of level1 or higher and assigning such application component to cat1; determining whether each application component possesses a level of level2 or higher and assigning such application component to cat2; determining whether each application component possesses a level of level3 or higher and assigning such application component to cat3; assigning the insurance application to a category based on a distribution of what component categories the application components are assigned. - View Dependent Claims (16, 17, 18)
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Specification