Process for rule-based insurance underwriting suitable for use by an automated system
First Claim
Patent Images
1. A method for underwriting an insurance application comprising the steps of:
- receiving a request to underwrite an insurance application, where the request includes information about at least one application component;
evaluating the at least one application component based on at least one rule associated with the at least one application component;
assigning a measurement to the at least one application component; and
assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement.
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Abstract
A process for at least a partial underwriting of insurance policies is described. Various rules are created, along with a degree of satisfaction for each rule. Rules may be directed toward various insurance underwriting components (e.g., cholesterol levels, blood pressure, etc.). Based on the degree of satisfaction for each rule, a component may be assigned to a category. Based on the category for each component, the insurance application may be assigned an underwriting category.
183 Citations
47 Claims
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1. A method for underwriting an insurance application comprising the steps of:
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receiving a request to underwrite an insurance application, where the request includes information about at least one application component;
evaluating the at least one application component based on at least one rule associated with the at least one application component;
assigning a measurement to the at least one application component; and
assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method for underwriting an insurance application comprising the steps of:
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receiving a request to underwrite an insurance application, wherein the insurance application includes a plurality of application components;
evaluating the plurality of application components based on a plurality of rules, wherein each of the plurality of rules is associated with each of the plurality of application components;
assigning a measurement to each of the plurality of application components; and
assigning each of the plurality of application components to a specific component category out of a plurality of component categories based on the assigned measurement. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A method for underwriting an insurance application comprising the steps of:
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receiving a request to underwrite an insurance application for a customer, wherein the insurance application includes a plurality of application components;
evaluating the plurality of application components based on a plurality of rules, wherein each of the plurality of rules is associated with each of the plurality of application components;
assigning a measurement to each of the plurality of application components; and
assigning each of the plurality of application components to a specific component category out of a plurality of component categories based on the assigned measurement;
assigning the insurance application to a specific application category out of a plurality of application categories, wherein the specific application category is based at least in part on the specific component category; and
issuing the insurance application to the customer. - View Dependent Claims (16, 17, 18, 19, 20)
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21. 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 an insurance application, wherein the insurance application includes at least one application component;
evaluating the at least one application component based on at least one rule associated with the at least one application component;
assigning a measurement to the at least one application component; and
assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement. - View Dependent Claims (22, 23, 24, 25, 26, 27)
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28. A method for underwriting a transaction orientated process comprising the steps of:
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receiving a request to underwrite a transaction, where the request includes information about at least one transaction component;
evaluating the at least one transaction component based on at least one rule associated with the at least one transaction component, wherein the at least one rule is a fuzzy logic rule;
assigning a measurement to the at least one transaction component;
assigning the at least one transaction component to a specific component category out of a plurality of component categories based on the assigned measurement; and
assigning the transaction to a specific transaction category out of a plurality of transaction categories, where the one specific transaction category is based at least in part on the specific component category. - View Dependent Claims (29, 30, 31, 32)
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33. A computer program stored on a computer readable medium, wherein the computer program causes a computer to act as a system comprising:
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a receiver for receiving a request to underwrite an insurance application, wherein the insurance application includes at least one application component;
an evaluation module for evaluating the at least one application component based on at least one rule associated with the at least one application component; and
an assignment module for;
a) assigning a measurement to the at least one application component; and
b) assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement. - View Dependent Claims (34, 36, 37, 38, 39, 40)
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41. A computer program stored on a computer readable medium, wherein the computer program causes a computer to act as a system comprising:
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means for receiving a request to underwrite an insurance application, wherein the insurance application includes at least one application component;
means for evaluating the at least one application component based on at least one rule associated with the at least one application component;
means for assigning a measurement to the at least one application component; and
means for assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement. - View Dependent Claims (42, 43, 44, 45, 46, 47)
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Specification