Risk classification methodology
First Claim
Patent Images
11. A method of risk classification for automobile insurance, said method comprising:
- accessing data regarding answers provided by a driver to one or more survey statements selected from a group consisting of, for example;
“
I don'"'"'t find it particularly difficult to get along with loud mouthed, obnoxious people”
;
“
In comparison to others my age, I have a less than average chance of having a heart attack”
;
“
I usually think carefully before doing anything”
; and
“
In comparison to others my age, I have a less than average chance of being fired from a job.”
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Abstract
An insurance risk classification methodology involves classifying prospective insureds into risk groups based on personality traits that determine behavior and are thereby predictive of insurance loss. In one embodiment, a questionnaire is given to the prospective insured to measure personality variables of the prospective insured. Depending on answers to the questions, the prospective insured is classified into an appropriate risk group. In another embodiment, a surveying methodology is used to formulate the questionnaire.
114 Citations
26 Claims
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11. A method of risk classification for automobile insurance, said method comprising:
-
accessing data regarding answers provided by a driver to one or more survey statements selected from a group consisting of, for example;
“
I don'"'"'t find it particularly difficult to get along with loud mouthed, obnoxious people”
;
“
In comparison to others my age, I have a less than average chance of having a heart attack”
;
“
I usually think carefully before doing anything”
; and
“
In comparison to others my age, I have a less than average chance of being fired from a job.”
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12. A method of risk classification for a driver, said method comprising:
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accessing data regarding answers provided by the driver to one or more survey statements selected from a group consisting of, for example;
“
I don'"'"'t find it particularly difficult to get along with loud mouthed, obnoxious people”
;
“
In comparison to others my age, I have a less than average chance of having a heart attack”
;
“
I usually think carefully before doing anything”
; and
“
In comparison to others my age, I have less than average chance of being fired from a job”
; and
classifying the driver into one of a plurality of risk groups based on the data regarding the answers.
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13. A method of devising a questionnaire for use in risk assessment of a prospective insured, said method comprising:
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collecting data from a plurality of survey respondents, said data including an indication of a number of claims reported by each of the survey respondents and a plurality of personality traits for said each of the survey respondents;
correlating sets of the personality traits with the number of claims; and
selecting one or more traits among the set of personality traits based on a correlation with the number of claims;
wherein the risk classification relates to at least one of automobile insurance, insurance covering malpractice of a medical professional and worker'"'"'s compensation insurance.
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14. A method for risk classification of a prospective insured, said method comprising:
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accessing data regarding one or more personality traits of the prospective insured to develop personality trait data; and
classifying the prospective insured into one of a plurality of risk groups based on the personality trait data of the prospective insured;
wherein the personality traits relate at least to one of (a) impulsivity, (b) locus of control, (c) self-esteem, (d) invulnerability, (e) hostility, (f) anger, (g) trust, (h) social desirability, and (i) thoroughness in decision making; and
wherein the risk classification relates to at least one of accident insurance and a likelihood of filing an accident insurance claim. - View Dependent Claims (15, 16)
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17. A computer-readable medium bearing instructions for risk assessment of a prospective insured, wherein said instructions are arranged, when executed by one or more processors, to cause the one or more processors to perform the steps of:
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accessing data regarding personality traits of the prospective insured; and
classifying the prospective insured into one of a plurality of risk groups based on the accessed data regarding the personality traits of the prospective insured;
wherein the risk classification relates to at least one of automobile insurance, insurance covering malpractice of a medical professional and worker'"'"'s compensation insurance.
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18. A method for risk classification of a prospective insured, said method comprising:
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accessing data regarding one or more personality traits of the prospective insured to develop personality trait data; and
classifying the prospective insured into one of a plurality of risk groups based on the personality trait data of the prospective insured;
wherein the personality traits relate to at least one of locus of control, hostility, social desirability, and thoroughness in decision making. - View Dependent Claims (19, 20)
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21. A method for risk classification of a prospective insured, said method comprising:
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accessing answers to a number of items, the items regarding one or more personality traits of the prospective insured, to develop personality trait data;
applying an anti-faking technique to the item answers to determine a reliability factor of the personality trait data; and
classifying the prospective insured into one of a plurality of risk groups based on the personality trait data of the prospective insured and the reliability factor. - View Dependent Claims (22, 23)
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24. A method for risk classification of a prospective insured, said method comprising:
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accessing data regarding one or more character traits of the prospective insured to develop character trait data; and
classifying the prospective insured into one of a plurality of risk groups based on the character trait data of the prospective insured. - View Dependent Claims (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 25, 26)
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25-1. The method of claim 24, wherein the risk classification relates to at least one of automobile insurance, insurance covering malpractice of a medical professional and worker'"'"'s compensation insurance.
Specification