Property insurance risk assessment processing system and method
First Claim
Patent Images
1. A computing device comprising:
- a processor;
a memory; and
an insurance coverage routine maintained in the memory and including a plurality of sub-routines each including a plurality of instructions executed on the processor to determine an insurance coverage policy for a property based on a plurality of characteristic elements of the property that are relevant to a disposition of the insurance coverage policy, the plurality of characteristic elements including a property characteristic and an attribute identified as a risk characteristic, the plurality of sub-routines including;
a risk score generation sub-routine including instructions for;
receiving a plurality of property data sets, each set obtained via a physical inspection of the property, conducted by an inspector other than an owner of the property, and including the plurality of characteristic elements;
determining a property risk score for each received property data set using an algorithm, the algorithm including an input of the plurality of characteristic elements, and the property risk score including an assessment of risk for a future insurance claim on the property under the insurance coverage policy; and
a stack code generation sub-routine including instructions for;
receiving the determined property risk score for each received property data set;
receiving a multiple-factor rule set including an insurer preference for the disposition of the insurance coverage policy based on the risk score; and
organizing each of the plurality of property data sets into at least one of a plurality of stacks based on a comparison of the property risk score and the multiple-factor rule set;
wherein a first rule of the multiple-factor rule set indicates that a property risk score below a threshold property risk score organizes the data set into a first stack for denial or further review of the insurance coverage policy, and a second rule of the multiple-factor rule set indicates that a property risk score above the threshold property risk score organizes the data set into a second stack for issue or renewal of the insurance coverage policy.
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Abstract
Disclosed herein is a method of facilitating an insurance coverage determination for a property based on a plurality of characteristic elements relevant to the insurance coverage determination. The method includes receiving property data indicative of attributes of the property for the plurality of characteristic elements, determining a property risk score for the property based on the property data, and supporting the insurance coverage determination with the property risk score.
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Citations
29 Claims
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1. A computing device comprising:
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a processor; a memory; and an insurance coverage routine maintained in the memory and including a plurality of sub-routines each including a plurality of instructions executed on the processor to determine an insurance coverage policy for a property based on a plurality of characteristic elements of the property that are relevant to a disposition of the insurance coverage policy, the plurality of characteristic elements including a property characteristic and an attribute identified as a risk characteristic, the plurality of sub-routines including; a risk score generation sub-routine including instructions for; receiving a plurality of property data sets, each set obtained via a physical inspection of the property, conducted by an inspector other than an owner of the property, and including the plurality of characteristic elements; determining a property risk score for each received property data set using an algorithm, the algorithm including an input of the plurality of characteristic elements, and the property risk score including an assessment of risk for a future insurance claim on the property under the insurance coverage policy; and a stack code generation sub-routine including instructions for; receiving the determined property risk score for each received property data set; receiving a multiple-factor rule set including an insurer preference for the disposition of the insurance coverage policy based on the risk score; and organizing each of the plurality of property data sets into at least one of a plurality of stacks based on a comparison of the property risk score and the multiple-factor rule set; wherein a first rule of the multiple-factor rule set indicates that a property risk score below a threshold property risk score organizes the data set into a first stack for denial or further review of the insurance coverage policy, and a second rule of the multiple-factor rule set indicates that a property risk score above the threshold property risk score organizes the data set into a second stack for issue or renewal of the insurance coverage policy. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer program stored on a non-transitory computer-readable medium and adapted for implementation by a processor in connection with an insurance coverage policy for a property based on a plurality of characteristic elements relevant to a disposition of the insurance coverage policy, the computer program comprising:
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an input routine to collect a plurality of property data sets, each set obtained via a physical inspection of the property, conducted by a person other than an owner of the property, and including attributes of the property for the plurality of characteristic elements, the attributes including one or more of a property characteristic and an attribute identified as a risk characteristic; a processing routine to determine a property risk score for each received property data set using an algorithm, the algorithm including an input of the attributes of the property for the plurality of characteristic elements, and the property risk score including an assessment of risk for a future insurance claim on the property under the insurance coverage policy; a sorting logic routine to; receive the determined property risk score for each received property data set; receive a multiple-factor rule set including an insurer preference for the disposition of the insurance coverage policy based on the risk score; organize each of the plurality of property data sets into at least one of a plurality of categories based on a comparison of the property risk score and the multiple-factor rule set; wherein a first rule of the multiple-factor rule set indicates that a property risk score below a threshold property risk score organizes the data set into a first stack for denial or further review of the insurance coverage policy and a second rule of the multiple-factor rule set indicates that a property risk score above the threshold property risk score organizes the data set into a second stack for issue or renewal of the insurance coverage policy; and an output routine to display the property risk score and the sorted plurality of property data sets. - View Dependent Claims (17, 18, 19, 20, 21, 22)
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23. A system to facilitate an disposition of the insurance coverage policy for a property based on a plurality of characteristic elements relevant to the disposition of the insurance coverage policy, the system comprising:
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a processor; a memory; a database management routine stored in the memory and adapted to be implemented by the processor to store in a database a plurality of property data sets each set obtained via a physical inspection of the property conducted by a person other than an owner of the property, and including attributes of the property for the plurality of characteristic elements, the attributes including one or more of a property characteristic and an attribute identified as a risk characteristic; a risk score computation routine stored in the memory and adapted to be implemented by the processor to process the property data sets to determine a property risk score for each received property data set based on the attributes of the property for the plurality of characteristic elements and the property risk score including an assessment of risk for a future insurance claim on the property under the insurance coverage policy; and a sorting logic routine stored in the memory and adapted to be implemented by the processor to; organize each of the plurality of property data sets into at least one of a plurality of categories; wherein if a property risk score is below a threshold property risk score, the sorting logic routine organizes the data set into a first stack for denial or further review of the insurance coverage policy and if a property risk score is above the threshold property risk score, the sorting logic routine organizes the data set into a second stack for issue or renewal of the insurance coverage policy; wherein the database management routine is configured to store the property risk score in the database in association with each organized property data set to support the disposition of the insurance coverage policy for the property. - View Dependent Claims (24, 25, 26, 27, 28, 29)
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Specification