Method and system of insuring risk
First Claim
1. A method for underwriting an insurance product provided by an insurance company having servers and other electronic storage and computational devices for storing, retrieving, and processing information, the insurance product directed to insuring assets, the retention of which is governed by legislation, against operational risk of a client controlling the assets and engaged in transacting business in an industry, the method comprising the steps of:
- creating and storing a table in a server database by use of a computer, the table identifying a plurality of event categories of operational risk loss associated with the client'"'"'s control of the assets based on pertinent legislative regulations of the industry;
identifying at least one operational risk management component for each of the plurality of event categories, and updating the table in the server database by use of the computer to include the same;
drafting at least one information request for each of the operational risk management components, and creating a checklist in electronic form by use of a computer program that includes the at least one information request;
electronically transferring the table and the checklist from the servers of the insurance company to servers of the client;
creating a database infrastructure on the servers of the insurance company for storing and analyzing information provided by the client;
populating the database infrastructure with client information provided by the client in response to the at least one information request;
analyzing the client information by using a computer to execute computer executable instructions to query and retrieve portions of the client information from the database infrastructure and analyze said portions using software applications operating on the servers of the insurance company, wherein analyzing the client information includes providing a plurality of scores, said scores are calculated using a computer program such that each of said scores corresponds to one of the plurality of event categories, and using the computer program to rank the client according to the plurality of scores;
determining an operational risk exposure assessment based on the analysis of portions of the client information stored in the database infrastructure;
calculating a value of capital relief based on the analysis of portions of the client information stored in the database infrastructure and by using statistical and scenario analysis software operating in the servers of the insurance company, wherein the value of capital relief represents capital retained by the client to offset identified operational risks; and
drafting a proposal for the insurance product based, at least in part, on the operational risk exposure assessment, on the plurality of scores and on the value of capital relief.
1 Assignment
0 Petitions
Accused Products
Abstract
A method for underwriting an insurance product includes identifying a plurality of event categories of operational risk loss and drafting information requests for operational risk management components thereof. A database of the insurance company for stores and analyzes information provided by the client to yield an operational risk exposure assessment of the client.
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Citations
9 Claims
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1. A method for underwriting an insurance product provided by an insurance company having servers and other electronic storage and computational devices for storing, retrieving, and processing information, the insurance product directed to insuring assets, the retention of which is governed by legislation, against operational risk of a client controlling the assets and engaged in transacting business in an industry, the method comprising the steps of:
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creating and storing a table in a server database by use of a computer, the table identifying a plurality of event categories of operational risk loss associated with the client'"'"'s control of the assets based on pertinent legislative regulations of the industry; identifying at least one operational risk management component for each of the plurality of event categories, and updating the table in the server database by use of the computer to include the same; drafting at least one information request for each of the operational risk management components, and creating a checklist in electronic form by use of a computer program that includes the at least one information request; electronically transferring the table and the checklist from the servers of the insurance company to servers of the client; creating a database infrastructure on the servers of the insurance company for storing and analyzing information provided by the client; populating the database infrastructure with client information provided by the client in response to the at least one information request; analyzing the client information by using a computer to execute computer executable instructions to query and retrieve portions of the client information from the database infrastructure and analyze said portions using software applications operating on the servers of the insurance company, wherein analyzing the client information includes providing a plurality of scores, said scores are calculated using a computer program such that each of said scores corresponds to one of the plurality of event categories, and using the computer program to rank the client according to the plurality of scores; determining an operational risk exposure assessment based on the analysis of portions of the client information stored in the database infrastructure; calculating a value of capital relief based on the analysis of portions of the client information stored in the database infrastructure and by using statistical and scenario analysis software operating in the servers of the insurance company, wherein the value of capital relief represents capital retained by the client to offset identified operational risks; and drafting a proposal for the insurance product based, at least in part, on the operational risk exposure assessment, on the plurality of scores and on the value of capital relief. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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Specification