System and method for utilizing interrelated computerized predictive models
First Claim
1. A system for processing an insurance request comprising:
- a user interface for accepting data related to an insurance request from a user;
a business logic processor configured to process the accepted data to i) determine a recommended set of policy parameters for an insured, and ii) output the recommended set of policy parameters to the user via the user interface, wherein the business logic processor comprises;
a computerized coverage recommendation predictive model which is configured to determine and output a policy parameter recommendation based on the accepted data;
a computerized pricing predictive model which is configured to receive the policy parameter recommendation as an input, determine a price corresponding to an insurance policy including the received policy parameter recommendation based on the accepted data, and output the determined price into the coverage recommendation predictive model;
wherein the coverage recommendation predictive model is further configured to determine and output an updated policy parameter recommendation based on the price output by the pricing predictive model, the accepted data, and a previously output policy parameter recommendation.
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Accused Products
Abstract
The invention relates to a system for handling insurance requests, such as new coverage applications, renewal applications, and insurance quote requests. The system includes at least two computerized predictive models whose outputs each serve as inputs to the other. A business logic module is included in the system to process insurance requests with the predictive models to determine one or more sets of recommended policy parameters for the user and to output the determination to the user via a user interface. In various embodiments, the predictive models also output workflow components (such as underwriting workflow components) and price components (such as premium prices) corresponding to output suggested sets of coverage parameters.
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Citations
28 Claims
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1. A system for processing an insurance request comprising:
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a user interface for accepting data related to an insurance request from a user;
a business logic processor configured to process the accepted data to i) determine a recommended set of policy parameters for an insured, and ii) output the recommended set of policy parameters to the user via the user interface, wherein the business logic processor comprises;a computerized coverage recommendation predictive model which is configured to determine and output a policy parameter recommendation based on the accepted data; a computerized pricing predictive model which is configured to receive the policy parameter recommendation as an input, determine a price corresponding to an insurance policy including the received policy parameter recommendation based on the accepted data, and output the determined price into the coverage recommendation predictive model;
wherein the coverage recommendation predictive model is further configured to determine and output an updated policy parameter recommendation based on the price output by the pricing predictive model, the accepted data, and a previously output policy parameter recommendation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method for processing an insurance request comprising:
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providing a user interface for accepting data related to an insurance request from a user;
processing the insurance request via a business logic processor configured to process the accepted data to i) determine a recommended set of policy parameters for an insured, and ii) output the recommended set of policy parameters to the user via the user interface,wherein processing the insurance request comprises; processing the accepted data by a computerized coverage recommendation predictive model configured to determine and output a policy parameter recommendation based on the accepted data; processing the output policy parameter recommendation by a computerized pricing predictive model which is configured to receive the policy parameter recommendation as an input, determine a price corresponding to an insurance policy including the received policy parameter recommendation based on the accepted data, and output the determined price into the coverage recommendation predictive model; receiving, by the computerized coverage recommendation predictive model, the determined price; determining and outputting, by the computerized coverage recommendation predictive model, an updated policy parameter recommendation based on the price output by the computerized pricing predictive model, the accepted data, and a previously output policy parameter recommendation. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer-readable medium storing computer-executable instructions, which, when executed by a processor, cause the processor to carry out a method of processing an insurance request, the method comprising:
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providing a user interface for accepting data related to an insurance request from a user;
processing the insurance request via a business logic processor configured to process the accepted data to i) determine a recommended set of policy parameters for an insured, and ii) output the recommended set of policy parameters to the user via the user interface, wherein processing the insurance request comprises;processing the accepted data by a computerized coverage recommendation predictive model configured to determine and output a policy parameter recommendation based on the accepted data; processing the output policy parameter recommendation by a computerized pricing predictive model which is configured to receive the policy parameter recommendation as an input, determine a price corresponding to an insurance policy including the received policy parameter recommendation based on the accepted data, and output the determined price into the coverage recommendation predictive model; receiving, by the computerized coverage recommendation predictive model, the determined price; determining and outputting, by the computerized coverage recommendation predictive model, an updated policy parameter recommendation based on the price output by the computerized pricing predictive model, the accepted data, and a previously output policy parameter recommendation. - View Dependent Claims (24, 25, 26, 27, 28)
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Specification