Systems and methods for intelligent underwriting based on community or social network data
First Claim
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1. A system for intelligently underwriting insurance policies using community or social network rating data, comprising:
- a communication device to receive community or social network rating data associated with a potential entity to be insured by an insurance entity, wherein the community or social network rating data is generated by a party other than the insurance entity, the party being a community or social network user and the rating data comprising one or more of a rating, a review or a recommendation by the community or social network user;
a processor coupled to the communication device; and
a storage device in communication with said processor and storing instructions adapted to be executed by said processor to;
analyze the community or social network rating data, the analyzing comprising conducting key word searches on text based recommendations of the community or social network rating data to identify recommendations indicating a satisfactory experience and recommendations indicating a poor experience;
apply weighting factors to the community or social network rating data, wherein said weighting factors comprise at least two of;
a community or social network site credibility rating factor applicable to all rating data from a community or network site, a reviewer'"'"'s credibility factor applicable to all rating data from one of the community or social network users, an amount of reviews/ratings factor applicable to all rating data from one of the community or social network users, a current or dated information factor, and a specificity of data factor; and
transmit an underwriting decision for the potential entity to be insured based at least in part on the community or social network rating data.
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Abstract
A system for underwriting using community and/or social networking based data includes an automated insurance underwriting platform for rating and pricing insurance policies through the accessing and evaluating of community, social and business network based information. Community or social network rating data may be analyzed and weighting factors may be applied to the community or social network rating data. An underwriting decision for the potential entity to be insured may then be transmitted based at least in part on the community or social network rating data.
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Citations
23 Claims
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1. A system for intelligently underwriting insurance policies using community or social network rating data, comprising:
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a communication device to receive community or social network rating data associated with a potential entity to be insured by an insurance entity, wherein the community or social network rating data is generated by a party other than the insurance entity, the party being a community or social network user and the rating data comprising one or more of a rating, a review or a recommendation by the community or social network user; a processor coupled to the communication device; and a storage device in communication with said processor and storing instructions adapted to be executed by said processor to; analyze the community or social network rating data, the analyzing comprising conducting key word searches on text based recommendations of the community or social network rating data to identify recommendations indicating a satisfactory experience and recommendations indicating a poor experience; apply weighting factors to the community or social network rating data, wherein said weighting factors comprise at least two of;
a community or social network site credibility rating factor applicable to all rating data from a community or network site, a reviewer'"'"'s credibility factor applicable to all rating data from one of the community or social network users, an amount of reviews/ratings factor applicable to all rating data from one of the community or social network users, a current or dated information factor, and a specificity of data factor; andtransmit an underwriting decision for the potential entity to be insured based at least in part on the community or social network rating data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer-implemented method associated with underwriting decisions based on community or social network based data, comprising:
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receiving, by a computer processor of an insurance server, the computer processor executing an underwriting module, community or social network rating data associated with a potential entity to be insured by an insurance entity, wherein the community or social network rating data is generated by a party other than the insurance entity, the party being a community or social network user and the rating data comprising one or more of a rating, a review or a recommendation by the community or social network user; analyzing, by the computer processor executing the underwriting module, said community or social network rating data, the analyzing comprising conducting key word searches on text based recommendations of the community or social network rating data to identify recommendations indicating a satisfactory experience and recommendations indicating a poor experience; automatically applying, by the computer processor executing the underwriting module, weighting factors to said community or social network rating data, wherein said weighting factors comprise at least two of;
a community or social network site credibility rating factor applicable to all rating data from a community or network site, a reviewer'"'"'s credibility factor applicable to all rating data from one of the community or social network users, an amount of reviews/ratings factor applicable to all rating data from one of the community or social network users, a current or dated information factor, and a specificity of data factor;determining by the computer processor an underwriting decision for the potential entity to be insured based at least in part on said community or social network rating data; and transmitting, by the computer processor executing the underwriting module, the underwriting decision. - View Dependent Claims (17, 18, 19)
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20. A non-transitory computer-readable medium storing instructions adapted to be executed by a computer processor to perform a method, said method comprising:
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receiving, at underwriting module of an insurance server, community or social network rating data associated with a potential entity to be insured by an insurance entity, wherein the community or social network rating data is generated by a party other than the insurance entity, the party being a community or social network user and the rating data comprising one or more of a rating, a review or a recommendation by the community or social network user; analyzing the community or social network rating data, the analyzing comprising conducting key word searches on text based recommendations of the community or social network rating data to identify recommendations indicating a satisfactory experience and recommendations indicating a poor experience; automatically applying, by the underwriting module, weighting factors to the community or social network rating data, wherein said weighting factors comprise at least two of;
a community or social network site credibility rating factor applicable to all rating data from a community or network site, a reviewer'"'"'s credibility factor applicable to all rating data from one of the community or social network users, an amount of reviews/ratings factor applicable to all rating data from one of the community or social network users, a current or dated information factor, and a specificity of data factor; andtransmitting an underwriting decision for the potential entity to be insured based at least in part on the community or social network rating data. - View Dependent Claims (21, 22, 23)
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Specification