Process for case-based insurance underwriting suitable for use by an automated system
First Claim
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1. A process for underwriting a pending insurance application based on a comparison with at least one of a plurality of previous insurance application underwriting decisions, the process comprising:
- receiving a request to underwrite the pending insurance application, where the request includes information about at least one application component;
retrieving a plurality of relevant insurance applications from the plurality of previous insurance application underwriting decisions based on a similarity between the at least one application component and at least one corresponding application component in the retrieved relevant insurance application;
ranking the plurality of retrieved insurance applications according to a level of similarity between the at least one application component and at least one corresponding application component in the retrieved insurance applications;
selecting at least one best insurance application from the plurality of retrieved insurance applications;
adapting a solution to the pending insurance application based on the at least one best insurance application; and
evaluating the solution using a confidence factor, where the confidence factor is based on the reliability of the solution.
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Abstract
A process for at least a partial underwriting of insurance policies is described. Based on the similarity to previous insurance applications, a decision on the current request for underwriting may be made. This decision-making process represents an analogical approach to the placement of an insurance application to an underwriting category, whereby a given insurance application request is compared to previous requests.
160 Citations
34 Claims
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1. A process for underwriting a pending insurance application based on a comparison with at least one of a plurality of previous insurance application underwriting decisions, the process comprising:
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receiving a request to underwrite the pending insurance application, where the request includes information about at least one application component;
retrieving a plurality of relevant insurance applications from the plurality of previous insurance application underwriting decisions based on a similarity between the at least one application component and at least one corresponding application component in the retrieved relevant insurance application;
ranking the plurality of retrieved insurance applications according to a level of similarity between the at least one application component and at least one corresponding application component in the retrieved insurance applications;
selecting at least one best insurance application from the plurality of retrieved insurance applications;
adapting a solution to the pending insurance application based on the at least one best insurance application; and
evaluating the solution using a confidence factor, where the confidence factor is based on the reliability of the solution. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A process for rating an application, where the application includes at least one category, the process comprising:
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determining a value for the at least one category of the application;
creating a query based on the value of the at least one category;
retrieving at least one case; and
assigning the application a rate classification based on the at least one retrieved case. - View Dependent Claims (9, 10, 11, 12, 13)
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14. A process for rating an insurance application, where the insurance application includes at least one category, the process comprising:
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determining a value for the at least one category of the insurance application;
creating a query based on the value of the at least one category;
retrieving at least one insurance application case from an insurance application case database;
assigning the insurance application a rate classification based on the at least one retrieved insurance application case; and
storing the application in the insurance application case database once the rate classification has been assigned. - View Dependent Claims (15, 16, 17)
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18. A computer program stored on a computer readable medium, wherein the computer program causes a computer to perform the steps of:
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receiving a request to underwrite the pending insurance application, where the request includes information about at least one application component;
retrieving a plurality of relevant insurance applications from the plurality of previous insurance application underwriting decisions based on a similarity between the at least one application component and at least one corresponding application component in the retrieved relevant insurance application;
ranking the plurality of retrieved insurance applications according to a level of similarity between the at least one application component and at least one corresponding application component in the retrieved insurance applications;
selecting at least one best insurance application from the plurality of retrieved insurance applications;
adapting a solution to the pending insurance application based on the at least one best insurance application; and
evaluating the solution using a confidence factor, where the confidence factor is based on the reliability of the solution. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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25. A computer program stored on a computer readable medium, wherein the computer program causes a computer to perform the steps of:
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determining a value for the at least one category of the application;
creating a query based on the value of the at least one category;
retrieving at least one case; and
assigning the application a rate classification based on the at least one retrieved case. - View Dependent Claims (26, 27, 28, 29, 30)
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31. A process for underwriting a transaction oriented process based on a comparison with at least one of a plurality of previous transaction underwriting decisions, the process comprising:
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receiving a request to underwrite the transaction, where the request includes information about at least one transaction component;
retrieving a plurality of relevant transactions from the plurality of previous transaction underwriting decisions based on a similarity between the at least one transaction component and at least one corresponding transaction component in the retrieved relevant transaction, wherein the step of retrieving employs at least one fuzzy logic rule to retrieve plurality of previous transaction underwriting decisions;
ranking the plurality of retrieved transactions according to a level of similarity between the at least one transaction component and at least one corresponding transaction component in the retrieved transactions;
selecting at least one best transaction from the plurality of retrieved transactions;
adapting a solution to the pending transaction based on the at least one best insurance transaction;
evaluating the solution using a confidence factor, where the confidence factor is based on the reliability of the solution;
storing the solution for the transactions in a case memory, wherein the case memory also stores the plurality of previous transactions underwriting decisions; and
transmitting the results of the underwriting decision. - View Dependent Claims (32, 33, 34)
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Specification