Systems and methods for adjusting insurance workflow

• US 8,892,452 B2
• Filed: 11/09/2012
• Issued: 11/18/2014
• Est. Priority Date: 01/25/2010
• Status: Active Grant

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Inventors: Virdhagriswaran, Sankar
• Primary Examiner(s): Hamilton, Sara C
• Application Number:
  US13/673,013
• Publication Number:
  US 20130073322A1
• Time in Patent Office: 739 Days
• Field of Search: 705/4, 705/7.29, 705/35
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/067 Enterprise or organisation modelling
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Systems and methods are disclosed herein for identifying potential insurance prospects. The potential customers or prospects are identified by determining prospect underwriting affinity scores, prospect affinity scores, and prospect context scores with predictive models. The scores are then combined into a combined prospect score, which is used to adjust insurance underwriting, workflow, and premium determination processes for the prospects.

Claims

1. A data processing system for an insurance company to adjust an insurance process, comprising:

a database stored in one or more data storage devices; and

at least one processor in communication with the database and configured to;

receive identification of at least one prospect;

retrieve information associated with the at least one prospect from the database;

determine, based on the retrieved information associated with the at least one prospect, a likelihood that an insurance offer will be made to the at least one prospect and a likelihood that the at least one prospect will accept the insurance offer; and

adjust an insurance workflow process based on the determined likelihood that the insurance offer will be made and the determined likelihood that the at least one prospect will accept the insurance offer.

2. The system of claim 1,

wherein the at least one processor is further configured to determine a combined prospect score based at least partly on both the likelihood that the insurance offer will be made and the likelihood that the at least one prospect will accept the insurance offer;

and

wherein the at least one processor being configured to adjust the insurance workflow process based on the likelihood that the insurance offer will be made and the likelihood that the at least one prospect will accept the insurance offer comprises the at least one processor being configured to adjust the insurance workflow process based on the combined prospect score.

3. The system of claim 2,

wherein the at least one processor is further configured to determine a context score based on the retrieved information associated with the at least one prospect;

and

wherein the combined prospect score is further based at least partly on the context score in addition to the likelihood that the insurance offer will be made and the likelihood that the at least one prospect will accept the insurance offer.

4. The system of claim 3, wherein the context score is based on one or both of retrieved information from the database representative of a timeliness of the insurance offer and retrieved information from the database representative of a warmness of the insurance offer.

5. The system of claim 4, wherein the retrieved information from the database representative of the timeliness of the insurance offer comprises data relating to one or more of policy renewal dates and policy expiration dates.

6. The system of claim 4, wherein the retrieved information from the database representative of the warmness of the insurance offer comprises data relating to one or more of customer satisfaction scores, instances of positive service, sales activity within a time window, favorable audit results, timely payment of claims, full payment of claims, requests for additional insurance coverage, requests for upward adjustment of existing policy limits, and requests for upward adjustment of existing deductible levels.

7. The system of claim 4, wherein the at least one processor is configured to determine the context score based on the retrieved information using a predictive model.

8. The system of claim 1, wherein the processor is further configured to determine the likelihood that an insurance offer will be made to the at least one prospect based on one or more of:

insurance risk scores;

appetite of the insurer to sell particular insurance products to particular industries in particular geographic locations; and

characteristics of coverage limits and deductibles across one or more product lines.

9. A computerized method for an insurance company to adjust an insurance process, comprising:

receiving by one or more processors data indicative of identification of at least one prospect;

retrieving by the one or more processors data indicative of information associated with the at least one prospect from a database stored on one or more data storage devices in communication with the one or more processors;

determining, by the one or more processors, a likelihood that an insurance offer will be made to the at least one prospect and a likelihood that the at least one prospect will accept the insurance offer, based on the retrieved information associated with the at least one prospect; and

adjusting, by the one or more processors, an insurance workflow process based on the determined likelihood that the insurance offer will be made to the at least one prospect and the determined likelihood that the prospect will accept the insurance offer.

10. The method of claim 9,

further comprising determining, by the one or more processors, a combined prospect score based at least partly on the likelihood that the insurance offer will be made and the likelihood that the at least one prospect will accept the insurance offer;

and

wherein adjusting, by the one or more processors, the insurance workflow process based on the determined likelihood that the insurance offer will be made and the determined likelihood that the prospect will accept the insurance offer comprises adjusting, by the one or more processors, the insurance workflow process based on the combined prospect score.

11. The method of claim 10, further comprising:

determining, using the one or more processors, a context score based on the retrieved information associated with the at least one prospect; and

wherein the combined prospect score determined using the one or more processors is further based at least partly on the context score in addition to the likelihood that the insurance offer will be made and the likelihood that the prospect will accept the insurance offer.

12. The method of claim 11, wherein the context score is based on one or both of retrieved information from the database representative of a timeliness of the insurance offer and retrieved information from the database representative of a warmness of the insurance offer.

13. The method of claim 12, wherein the retrieved information from the database representative of the timeliness of the insurance offer comprises data relating to one or more of policy renewal dates and policy expiration dates.

14. The method of claim 12, wherein the retrieved information from the database representative of the warmness of the insurance offer comprises data relating to one or more of customer satisfaction scores, instances of positive service, sales activity within a time window, favorable audit results, timely payment of claims, full payment of claims, requests for additional insurance coverage, requests for upward adjustment of existing policy limits, and requests for upward adjustment of existing deductible levels.

15. The method of claim 12, further comprising determining by the one or more processors the context score based on the retrieved information using a predictive model.

16. A non-transitory computer readable storage medium storing computer executable instructions, which, when executed by a processor, cause the processor to carry out a method of adjusting an insurance workflow, the method comprising:

receiving identification of at least one prospect;

retrieving information associated with the at least one prospect from a database stored on one more data storage devices in communication with the processor;

determining, based on the retrieved information associated with the at least one prospect, a likelihood that an insurance offer will be made to the at least one prospect and a likelihood that the at least one prospect will accept the insurance offer; and

adjusting an insurance workflow process based on the determined likelihood that the insurance offer will be made to the at least one prospect and the determined likelihood that the at least one prospect will accept the insurance offer.

17. The non-transitory computer readable storage medium of claim 16,

wherein the method further comprises determining a combined prospect score based at least partly on the likelihood that the prospect will accept the insurance offer and the likelihood that the prospect will accept the insurance offer;

and

wherein adjusting the insurance workflow process based on the likelihood that the insurance offer will be made and the likelihood that the prospect will accept the insurance offer comprises adjusting the insurance workflow process based on the combined prospect score.

18. The non-transitory computer readable storage medium of claim 17,

wherein the method further comprises determining a context score based on the retrieved information;

and

wherein the combined prospect score is based at least partly on the context score in addition to the likelihood that the insurance offer will be made and the likelihood that the prospect will accept the insurance offer.

19. The non-transitory computer readable storage medium of claim 18, wherein the context score is based on retrieved information representative of a timeliness of the insurance offer and retrieved information representative of whether a prospect attitude is appropriate for making the insurance offer to the prospect.

20. The non-transitory computer readable storage medium of claim 19, wherein the retrieved information representative of the timeliness of the insurance offer comprises data relating to one or more of policy renewal dates and policy expiration dates.

21. The non-transitory computer readable storage medium of claim 19, wherein the retrieved information representative of whether the prospect attitude is appropriate for making the insurance offer to the prospect comprises data relating to one or more of customer satisfaction scores, instances of positive service, sales activity within a time window, favorable audit results, timely payment of claims, full payment of claims, requests for additional insurance coverage, requests for upward adjustment of existing policy limits, and requests for upward adjustment of existing deductible levels.