Systems and methods for optimizing property risk ratings
First Claim
1. A method for establishing insurance premiums, the method comprising:
- creating a plurality of peril zones for each of a plurality of perils based on magnitudes of loss costs for each peril, wherein the magnitudes of the loss costs for one of the plurality of perils within one of the plurality of peril zones are roughly equivalent;
combining, using a processor, the plurality of peril zones for the plurality of perils to create a plurality of all-peril zones, each of the all-peril zones being an overlapping intersection of one of the plurality of peril zones from each of the plurality of perils; and
setting insurance premiums for the plurality of all-peril zones.
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Accused Products
Abstract
Systems and methods provide optimized property risk ratings and, more particularly, optimized property risk ratings defined by evaluating ratings on a by peril basis. Systems and methods also price insurance products and underwrite insurance products using risk data that has been optimized on a by peril basis. A territory is subdivided into a plurality of regions determined in accordance with at least one predetermined factor. Loss costs representing historic costs for various insured perils are retrieved from a computerized database using a data processor. The loss costs are sorted on a per-peril basis for each of the regions using the data processor. Peril zones are created for each peril that represent related regions in which loss costs for a particular peril are roughly equivalent.
17 Citations
18 Claims
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1. A method for establishing insurance premiums, the method comprising:
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creating a plurality of peril zones for each of a plurality of perils based on magnitudes of loss costs for each peril, wherein the magnitudes of the loss costs for one of the plurality of perils within one of the plurality of peril zones are roughly equivalent; combining, using a processor, the plurality of peril zones for the plurality of perils to create a plurality of all-peril zones, each of the all-peril zones being an overlapping intersection of one of the plurality of peril zones from each of the plurality of perils; and setting insurance premiums for the plurality of all-peril zones. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for establishing insurance premiums, the system comprising:
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a storage storing loss costs for a plurality of perils; a processor executing instructions to perform a method comprising; creating a plurality of peril zones for each of the plurality of perils based on magnitudes of the loss costs for each peril, wherein the magnitudes of the loss costs for one of the plurality of perils within one of the plurality of peril zones are roughly equivalent; combining the plurality of peril zones for the plurality of perils to create a plurality of all-peril zones, each of the all-peril zones being an overlapping intersection of one of the plurality of peril zones from each of the plurality of perils; and setting insurance premiums for the plurality of all-peril zones. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A computer readable storage medium storing instructions executable by a processor for performing a method for establishing insurance premiums, the method comprising:
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creating a plurality of peril zones for each of a plurality of perils based on magnitudes of loss costs for each peril, wherein the magnitudes of the loss costs for one of the plurality of perils within one of the plurality of peril zones are roughly equivalent; combining the plurality of peril zones for the plurality of perils to create a plurality of all-peril zones, each of the all-peril zones being an overlapping intersection of one of the plurality of peril zones from each of the plurality of perils; and setting insurance premiums for the plurality of all-peril zones. - View Dependent Claims (14, 15, 16, 17, 18)
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Specification