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Methods for grid-based insurance rating

  • US 8,676,613 B2
  • Filed: 03/27/2013
  • Issued: 03/18/2014
  • Est. Priority Date: 09/10/2010
  • Status: Active Grant
First Claim
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1. A method for rating insurance products using a programmed computer system comprising:

  • receiving input from a user including a coordinate pair comprising a longitude and a latitude of a location;

    determining a target coordinate grid block by truncating a decimal representation of the longitude and latitude of the location with a processor;

    querying a database in communication with the processor for a first set of existing data associated with the target coordinate grid block, wherein the existing data was associated with the target coordinate grid block prior to receiving the coordinate pair;

    testing the first set of existing data against a minimum amount threshold using the processor;

    if the first set of existing data fails to include the minimum amount of data, determining a current ring of coordinate grid blocks grid adjacent to and surrounding the target grid block with the processor;

    querying the database for a second set of existing data associated with each coordinate grid block in the current ring of coordinate grid blocks;

    testing the second set of existing data against the minimum amount threshold using the processor;

    if the second set of existing data passes the test by including at least the minimum amount of data, calculating a rating for an insurance product based at least in part on an analysis of the data in the first set and the second set; and

    communicating the resulting rating for the insurance product to the user.

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