System and method for establishing rates for an automobile insurance policy
First Claim
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1. A method comprising:
- performing by a computer processor, calculations for determining a single tier placement of a vehicle insurance policy issued by an organization, the single tier placement dependent upon a combination of factors based on applicant data for the vehicle insurance policy, the factors identified by determining a relationship gradient of the applicant as a function of a combination of;
a length of time the applicant has had a relationship with the organization issuing the vehicle insurance policy; and
whether the applicant currently has at least one of a homeowners, condo, or renters policy with the organization.
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Abstract
Automobile insurance rates are established by performing calculations for defining a single tier placement dependent upon a combination of mutually exclusive factors based on applicant data. The factors include a household driving record gradient, a stability gradient and an operator driving record gradient. In the case of a new policy, the factors also include a named insured driving experience gradient and a prior insurance gradient. Alternately, in the case of a renewal policy, the factors also include a household claims record gradient, a member relationship gradient and an operator claims record gradient. No single factor is the sole determinant for placement in a tier.
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Citations
21 Claims
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1. A method comprising:
performing by a computer processor, calculations for determining a single tier placement of a vehicle insurance policy issued by an organization, the single tier placement dependent upon a combination of factors based on applicant data for the vehicle insurance policy, the factors identified by determining a relationship gradient of the applicant as a function of a combination of; a length of time the applicant has had a relationship with the organization issuing the vehicle insurance policy; and whether the applicant currently has at least one of a homeowners, condo, or renters policy with the organization. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A non-transitory computer-readable medium comprising instructions, which when executed by a computer, cause the computer to:
determine a single tier placement of a vehicle insurance policy issued by an organization, the single tier placement dependent upon a combination of factors based on applicant data for the vehicle insurance policy, the factors identified by determining a relationship gradient of the applicant as a function of a combination of; a length of time the applicant has had a relationship with the organization issuing the vehicle insurance policy; and whether the applicant currently has at least one of a homeowners, condo, or renters policy with the organization. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A system comprising:
a computer system for determining a single tier placement of a vehicle insurance policy issued by an organization, the single tier placement dependent upon a combination of factors based on applicant data, the computer system including; a storage device storing a program; and a processor coupled to the storage device, the processor operative with the program for establishing the single tier placement in response to determining a membership relationship gradient of the applicant, wherein determining the membership relationship gradient is a function of a combination of; a length of time the applicant has had a relationship with the membership organization issuing the vehicle insurance policy; and whether the applicant currently has at least one of a homeowners, condo, or renters policy with the membership organization. - View Dependent Claims (16, 17, 18, 19, 20, 21)
Specification