Apparatuses, methods, and systems for building a risk evaluation product

• US 8,090,600 B2
• Filed: 07/31/2007
• Issued: 01/03/2012
• Est. Priority Date: 07/31/2006
• Status: Active Grant

• Current Assignee: Insight Catastrophe Solutions
• Original Assignee: Insight Catastrophe Solutions
• Inventors: Ziade, Richard, McLean, Terrence
• Primary Examiner(s): O'Connor, Gerald J.
• Assistant Examiner(s): Le, Michelle
• Application Number:
  US11/831,834
• Publication Number:
  US 20080052101A1
• Time in Patent Office: 1,617 Days
• Field of Search: 705 2- 4
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The present disclosure describes an approach to constructing and implementing risk rating products that provides a number of advantages. Instead of hard-coding attributes of a risk rating scheme, which requires the assistance of a trained programming specialist for any modifications, adjustments, or new products, the present invention provides a set of modular tools that assist non-specialists in on-the-fly generation and implementation of risk rating products. The modularity of this approach facilitates the modification and/or updating of a system component without affecting the operation of other components. Described herein are embodiments of a risk rater data-structure, which comprises an abstracted representation of a risk rating scheme that may be loaded into and/or interpreted by other system components to generate a user interface for processing risk information and generating insurance quotes.

Claims

1. A processor-accessible electronic storage medium comprising:

a risk rater data structure, said risk rater data structure comprising;

a set of risk rater base criteria, comprising at least a unique risk rater identifier,

a plurality of risk characteristic input fields,

at least one expression comprising a mathematical operation to be performed on at least one risk characteristic received via a subset of the plurality of risk characteristic input fields,

a set of risk rater rule calls, specifying elements of a risk rater ruleset database, and

a set of risk rater lookup table calls, specifying elements of a risk rater lookup table database; and

processor-executable instructions to facilitate dynamic integration of risk rater rule calls from the risk rater data structure into a risk assessment base program;

wherein the risk rater ruleset database and the risk rater data structure are external to the risk assessment base program.

2. The processor-accessible electronic storage medium of claim 1, wherein the mathematical operation is further performed on data retrieved via the set of lookup table calls.

3. The processor-accessible electronic storage medium of claim 1, wherein the mathematical operation yields a financial metric associated with a candidate risk.

4. The processor-accessible electronic storage medium of claim 3 wherein the financial metric comprises a quote reflecting the price for insuring the candidate risk.

5. The processor-accessible electronic storage medium of claim 1, wherein the set of rule calls include at least one call to a rule referencing at least one risk characteristic.

6. The processor-accessible electronic storage medium of claim 1, wherein the set of rule calls include at least one call to a rule referencing data retrieved via the set of lookup table calls.

7. The processor-accessible electronic storage medium of claim 1, wherein the data-structure comprises an XML document.

8. The processor-accessible electronic storage medium of claim 1, wherein the set of risk rater base criteria further comprises an insurance carrier identifier.

9. The processor-accessible electronic storage medium of claim 1, wherein the plurality of risk characteristic fields admit characteristics of a property.

10. The processor-accessible electronic storage medium of claim 9, wherein the characteristics of a property include a geocode.

11. The processor-accessible electronic storage medium of claim 9, wherein the characteristics of a property include construction characteristics.

12. The processor-accessible electronic storage medium of claim 1, wherein the subset of the plurality of the risk characteristic input fields comprises the entire plurality of the risk characteristic input fields.