Systems and methods for insurance underwriting
First Claim
1. A system for insurance underwriting based on prescription drug histories, the system comprising:
- a pharmacy benefits management database;
a drug risk category database comprising a plurality of prescription drugs grouped into a plurality of disease categories; and
a processor configured to;
receive a list of applicant characteristics;
obtain, from the pharmacy benefits management database, an identification of a prescription drug that was dispensed to an insurance applicant,identify a disease category from among the plurality of disease categories of the drug risk category database based on the prescription drug that was dispensed to the insurance applicant,determine a risk score for the insurance applicant based on the disease category identified from among the plurality of disease categories, andmodify the determined risk score based on the list of applicant characteristics.
1 Assignment
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Accused Products
Abstract
The systems and methods described herein may automate insurance underwriting by integrating information from multiple online databases and creating decision making advice useful to insurance underwriters. One system includes a client, database, and server. The client allows an underwriter to enter applicant information, enter customized risk modifiers, and receive an underwriting decision. The database provides additional applicant information. This information can include one or more of prescription drug history, credit history, motor vehicle records, and geocentric mortality risk. The server obtains the applicant information, calculates the applicant'"'"'s risk, and makes an underwriting decision. Another system calculates a prescription drug risk for an applicant from pharmacy benefits management data, drug risk category data, and application data. Another system calculates a geocentric mortality risk for an applicant from census data, mortality data, credit information, and application data. Preset external modifiers are added to systems and methods of calculating risk in order to allow the underwriter to customize the risk results.
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Citations
25 Claims
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1. A system for insurance underwriting based on prescription drug histories, the system comprising:
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a pharmacy benefits management database; a drug risk category database comprising a plurality of prescription drugs grouped into a plurality of disease categories; and a processor configured to; receive a list of applicant characteristics; obtain, from the pharmacy benefits management database, an identification of a prescription drug that was dispensed to an insurance applicant, identify a disease category from among the plurality of disease categories of the drug risk category database based on the prescription drug that was dispensed to the insurance applicant, determine a risk score for the insurance applicant based on the disease category identified from among the plurality of disease categories, and modify the determined risk score based on the list of applicant characteristics. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A tangible computer readable medium having instructions stored thereon for insurance underwriting based on prescription drug histories, the instructions when executed by a processor configure the processor to:
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obtain a list of applicant characteristics; obtain, from a pharmacy benefits management database, an identification of a prescription drug that was dispensed to an insurance applicant; identify a disease category from among a plurality of disease categories of a drug risk category database based on the prescription drug that was dispensed to the insurance applicant, wherein the drug risk category database comprises a plurality of prescription drugs grouped into the plurality of disease categories; determine a risk score for the insurance applicant based on the disease category identified from among the plurality of disease categories; and modify the determined risk score based on the list of applicant characteristics. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A method for insurance underwriting based on prescription drug histories, comprising:
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obtaining, by a first processor, a list of applicant characteristics; obtaining, by the first processor from a pharmacy benefits management database, an identification of a prescription drug that was dispensed to an insurance applicant; identifying, by the first processor, a disease category from among a plurality of disease categories of a drug risk category database based on the prescription drug that was dispensed to the insurance applicant, wherein the drug risk category database comprises a plurality of prescription drugs grouped into the plurality of disease categories; determining, by the first processor, a risk score for the insurance applicant based on the disease category identified from among the plurality of disease categories; and modifying, by the first processor, the determined risk score based on the list of applicant characteristics. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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Specification