SYSTEM AND METHOD FOR UTILIZING INTERRELATED COMPUTERIZED PREDICTIVE MODELS

• US 20110218827A1
• Filed: 05/16/2011
• Published: 09/08/2011
• Est. Priority Date: 12/22/2006
• 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: Murphy, Theresa C., Besman, Eric, Kenefick, Timothy P.
• Granted Patent: US 9,881,340 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The invention relates to a system for handling insurance requests, such as new coverage applications, renewal applications, and insurance quote requests. The system includes at least two computerized predictive models whose outputs each serve as inputs to the other. A business logic module is included in the system to process insurance requests with the predictive models to determine one or more sets of recommended policy parameters for the user and to output the determination to the user via a user interface. In various embodiments, the predictive models also output workflow components (such as underwriting workflow components) and price components (such as premium prices) corresponding to output suggested sets of coverage parameters.

Claims

1. A system for processing an insurance request comprising:

a user interface for accepting data related to an insurance request from a user;

a business logic processor configured to process the accepted data to determine coverage parameters for a recommended insurance policy, wherein the business logic processor comprises;

a computerized underwriting workflow predictive model and a second computerized predictive model connected in a feedback loop configuration such that an output from the second computerized predictive model is fed as an input to the computerized underwriting workflow predictive model and an output from the computerized underwriting workflow predictive model is fed as an input to the second computerized predictive model,

wherein the computerized underwriting workflow predictive model is configured to determine an underwriting workflow corresponding to the recommended insurance policy based on the accepted data and the output from the second computerized predictive model.

2. The system of claim 1, wherein the second computerized predictive model is a computerized pricing predictive model configured to output a price corresponding to the recommended insurance policy determined based on the output from the computerized underwriting workflow predictive model and the accepted data.

3. The system of claim 1, wherein the second computerized predictive model is a computerized coverage recommendation predictive model configured to output the coverage parameters for the recommended insurance policy determined based on the output from the computerized underwriting workflow predictive model and the accepted data.

4. The system of claim 2, wherein the underwriting workflow output by the computerized underwriting workflow predictive model comprises one or more workflow components determined based on the price corresponding to the recommended insurance policy determined by the second computerized predictive model.

5. The system of claim 4, wherein the underwriting workflow components include one of a loss control investigation, reviewing of the insurance policy by a human underwriter, verification of the accepted data with documentary evidence, an automatic issuance or declination of the insurance policy, an identification of additional risk characteristics requiring further exposure development, an identification of unique risks that warrant special attention, and an indication of underwriting authority levels.

6. The system of claim 1, wherein the user interface receives revision data from the user corresponding to a revision by the user to the recommended insurance policy.

7. The system of claim 6, wherein the revision by the user is to change one or more of the coverage parameters.

8. The system of claim 6, wherein the revision by the user is to change a price corresponding to the recommended insurance policy determined by the second computerized predictive model.

9. The system of claim 6, wherein the revision by the user is to change the underwriting workflow determined by the computerized underwriting workflow predictive model.

10. The system of claim 6, wherein the computerized underwriting workflow predictive model and the second computerized predictive model receive the revision data and adjust one or more of the coverage parameters for the recommended insurance policy based on the revision data.

11. The system of claim 10, wherein the adjustment of the coverage parameters is executed iteratively by the computerized underwriting workflow model and the second computerized predictive model.

12. A method for processing an insurance request comprising:

accepting data related to an insurance request from a user via a user interface;

providing a computerized underwriting workflow predictive model of a business logic processor connected with a second computerized predictive model of the business logic processor in a feedback loop configuration such that an output from the second computerized predictive model is fed as an input to the computerized underwriting workflow predictive model and an output from the computerized underwriting workflow predictive model is fed as an input to the second computerized predictive model; and

processing the accepted data to determine coverage parameters for a recommended insurance policy by the computerized underwriting workflow predictive model and the second computerized predictive model, wherein processing the accepted data comprises

determining, by the computerized underwriting workflow predictive model, an underwriting workflow corresponding to the recommended insurance policy based on the accepted data and the output from the second computerized predictive model.

13. The method of claim 12, further comprising outputting, by a computerized pricing predictive model, a price corresponding to the recommended insurance policy determined based on the accepted data and the output from the computerized underwriting workflow predictive model.

14. The method of claim 12, further comprising outputting, by a computerized coverage recommendation predictive model, the coverage parameters for the recommended insurance policy determined based on the accepted data and the output from the computerized underwriting workflow predictive model.

15. The method of claim 13, further comprising outputting, by the computerized underwriting workflow predictive model, one or more workflow components determined based on the price corresponding to the recommended insurance policy determined by the computerized pricing predictive model.

16. The method of claim 12, further comprising

receiving by the user interface revision data from the user corresponding to a revision by the user to the recommended insurance policy, and

adjusting, by the computerized underwriting workflow predictive model and the second computerized predictive model, one or more of the coverage parameters for the recommended insurance policy based on the received revision data.

17. The method of claim 16, further comprising iteratively executing the adjustment of the coverage parameters by the computerized underwriting workflow model and the second computerized predictive model.

18. A non-transitory computer readable medium storing computer executable instructions, which, when executed by a processor, cause the processor to carry out a method, the method comprising:

accepting data related to an insurance request from a user via a user interface;

providing a computerized underwriting workflow predictive model of the processor connected with a second computerized predictive model of the processor in a feedback loop configuration such that an output from the second computerized predictive model is fed as an input to the computerized underwriting workflow predictive model and an output from the computerized underwriting workflow predictive model is fed as an input to the second computerized predictive model; and

processing the accepted data to determine coverage parameters for a recommended insurance policy by the computerized underwriting workflow predictive model and the second computerized predictive model, wherein processing the accepted data comprises

determining, by the computerized underwriting workflow predictive model, an underwriting workflow corresponding to the recommended insurance policy based on the accepted data and the output from the second computerized predictive model.

19. The non-transitory computer readable medium of claim 18, wherein the non-transitory computer readable medium further stores instructions for causing the processor to output, by a computerized pricing predictive model, a price corresponding to the recommended insurance policy determined based on the accepted data and the output from the computerized underwriting workflow predictive model.

20. The non-transitory computer readable medium of claim 18, wherein the non-transitory computer readable medium further stores instructions for causing the processor to output, by a computerized coverage recommendation predictive model, the coverage parameters for the recommended insurance policy determined based on the accepted data and the output from the computerized underwriting workflow predictive model.

21. The non-transitory computer readable medium of claim 19, wherein the non-transitory computer readable medium further stores instructions for causing the processor to output, by the computerized underwriting workflow predictive model, one or more workflow components determined based on the price corresponding to the recommended insurance policy determined by the computerized pricing predictive model.

22. The non-transitory computer readable medium of claim 18, wherein the non-transitory computer readable medium further stores instructions for causing the processor to

receive via the user interface revision data from the user corresponding to a revision by the user to the recommended insurance policy, and

adjust, by the computerized underwriting workflow predictive model and the second computerized predictive model, one or more of the coverage parameters for the recommended insurance policy based on the received revision data.

23. The non-transitory computer readable medium of claim 22, wherein the non-transitory computer readable medium further stores instructions for causing the processor to iteratively execute the adjustment of the coverage parameters by the computerized underwriting workflow model and the second computerized predictive model.