SYSTEMS AND METHODS TO IDENTIFY POTENTIALLY INACCURATE INSURANCE DATA SUBMITTED BY AN INSURANCE AGENT

• US 20120303389A1
• Filed: 05/27/2011
• Published: 11/29/2012
• Est. Priority Date: 05/27/2011
• 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: Friedman, Kurt L.
• Granted Patent: US 9,659,277 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

According to some embodiments, a system may receive, from a remote insurance submitter, insurance data submitted via an electronic quoting and submission system in connection with behavioral data associated with the submitter. A processor may then automatically analyze the submitted insurance data based at least in part on information stored in a historic underwriting analytics database and the behavioral data associated with the submitter. Potentially inaccurate insurance data submitted by the insurance submitter may then be identified based on the analysis. According to some embodiments, a plurality of potentially inaccurate insurance data values may be used to flag the submitted insurance data, the insurance submitter, one or more input portions of the electronic quoting and submission system, and/or an insurance class of business.

Claims

1. A system associated with an insurance underwriting process, comprising:

a data storage device for storing data associated with a historic underwriting analytics database;

a computer processor for executing program instructions and for retrieving said data associated with the historic underwriting analytics database from the data storage device; and

a memory, coupled to the computer processor, for storing program instructions for execution by the computer processor to;

receive, from a remote insurance submitter, insurance data submitted via an electronic quoting and submission system in connection with behavioral data associated with the submitter,

automatically analyze the submitted insurance data based at least in part on information stored in the historic underwriting analytics database and the behavioral data associated with the submitter, and

identify, based on the analysis, potentially inaccurate insurance data submitted by the insurance agent.

2. The system of claim 1, wherein information about a plurality of potentially inaccurate insurance data values are used to flag at least one of:

(i) the submitted insurance data, (ii) the insurance submitter, (iii) at least one of the input portion of the electronic quoting and submission system, or (iv) an insurance class of business.

3. The system of claim 1, wherein the submitter is associated with at least one of:

(i) an insurance agent, (ii) an insurance agency, (iii) a party entering information on behalf of an insurance agent, or (iv) a potential insurance customer.

4. The system of claim 1, wherein the behavioral data is associated with at least one of:

(i) a revision to the submitted insurance data, (ii) a set of answers submitted over a period of time in connection with a number of different insurance policy applications, (iii) a set of answers submitted in connection with a single insurance policy application, or (iv) submitter behavior after an insurance policy application has been submitted or an insurance policy has been issued.

5. The system of claim 1, wherein the submitted insurance data is associated with one of:

(i) an insurance policy application being submitted for a quote or approval, (ii) a previously issued insurance policy, or (iii) a plurality or previously issued insurance policies.

6. The system of claim 1, wherein the submitted insurance data is associated with at least one of:

(i) commercial small business owner'"'"'s insurance, (ii) workers compensation insurance, or (iii) commercial automobile insurance.

7. The system of claim 1, further comprising:

the electronic quoting and submission system, wherein the electronic quoting and submission system is adapted to collect behavioral data associated with the submitter.

8. The system of claim 1, further comprising:

a response device adapted to receive a signal associated with the potentially inaccurate insurance data and to maintain a queue of actions to be taken in connection with the potentially inaccurate insurance data.

9. A computer-implemented method associated with an insurance underwriting process, comprising:

receiving, from a remote insurance submitter, insurance data submitted via an electronic quoting and submission system in connection with behavioral data associated with the submitter;

automatically analyzing, by a processor, the submitted insurance data based at least in part on information stored in a historic underwriting analytics database and the behavioral data associated with the submitter; and

identifying, by the processor based on the analysis, potentially inaccurate insurance data submitted by the insurance submitter.

10. The method of claim 9, wherein the submitter is associated with at least one of:

(i) an insurance agent, (ii) an insurance agency, (iii) a party entering information on behalf of an insurance agent, or (iv) a potential insurance customer.

11. The method of claim 9, wherein the behavioral data is associated with at least one of:

(i) a revision to the submitted insurance data, (ii) a set of answers submitted over a period of time in connection with a number of different insurance policy applications, (iii) a set of answers submitted in connection with a single insurance policy application, or (iv) submitter behavior after an insurance policy application has been submitted or an insurance policy has been issued.

12. The method of claim 9, wherein the submitted insurance data is associated with one of:

(i) an insurance policy application being submitted for a quote or approval, or (ii) a previously issued insurance policy.

13. The method of claim 9, wherein the historic underwriting analytics database stores information associated with at least one of:

(i) a key indicator of agent results and behaviors, (ii) agent profitability, (iii) agent large loss information, (iv) agent book profile characteristics, (v) a changed data analysis, (vi) an audit team input, or (vii) a field agency assessment.

14. The method of claim 9, wherein information about a plurality of potentially inaccurate insurance data values are used to flag the submitted insurance data.

15. The method of claim 9, wherein information about a plurality of potentially inaccurate insurance data values are used to flag the insurance submitter.

16. The method of claim 15, wherein the flag is generated based on a rule threshold associated with at least one of:

(i) hard stops, (ii) exposures, (iii) pricing, (iv) classification changes, (iv) declination or cancellation rates, or (v) large loss rates.

17. The method of claim 15, further comprising transmitting a recommendation in connection with the flag, the recommendation being associated with at least one of:

(i) no action being required, (ii) an audit recommendation, (iii) a monitor status, (iv) an increase in a quality assurance process, (v) a verbal or written warning, (vi) a training plan, (vii) an action plan, (viii) a financial penalty, (ix) a restricted pricing status, or (x) a relationship termination.

18. The method of claim 9, wherein the electronic quoting and submission system includes a plurality of input portions and data about a plurality of potentially inaccurate insurance data values are used to flag at least one of the input portions.

19. The method of claim 18, wherein the input portion comprises a Standard Industrial Classification (“

SIC”

) code question or selection.

20. The method of claim 9, wherein information about a plurality of potentially inaccurate insurance data values are used to flag an insurance class of business.

21. The method of claim 9, wherein the submitted insurance data is associated with at least one of:

(i) a current status, (ii) an analysis in process, (iii) a monitor status, (iv) an open status, (v) a delivered recommendation, (vi) an in progress recommendation, or (vii) a complete recommendation.

22. The method of claim 9, wherein the submitted insurance data is associated with at least one of:

(i) commercial small business owner'"'"'s insurance, (ii) workers compensation insurance, or (iii) commercial automobile insurance.

23. The method of claim 9, wherein the information stored in the historic underwriting analytics database is associated with at least one of:

(i) leading indictors of misinformation, (ii) agency profile data, (iii) backdating history, (iv) cancelation and declination information, (v) classification data, (vi) endorsement activity, (viii) exposure discrepancy, (ix) hard stop overrides, (x) large loss and unacceptable risk values, (xi) pricing data, (xii) risk alerts, or (xiii) third-party data.

24. The method of claim 9, further comprising:

periodically performing an analysis on the information stored in the historic underwriting analytics database to determine at least one of;

(i) a trigger, (ii) an unusual distribution or frequency of negative attributes, (iii) a rule, (iv) a tolerance, or (v) a threshold.

25. The method of claim 24, wherein the periodic analysis comprises at least one of:

(i) modeling data, (ii) scoring data, (iii) a trend analysis, (iv) data mining, (v) outlier identification, (vi) weighting factor generation, or (vii) a recent activity analysis.

26. A non-transitory computer-readable medium storing instructions adapted to be executed by a computer processor to perform a method associated with an underwriting process, said method comprising:

receiving, from a remote insurance submitter, insurance data submitted via an electronic quoting and submission system in connection with behavioral data associated with the submitter;

automatically analyzing the submitted insurance data based at least in part on information stored in a historic underwriting analytics database and the behavioral data associated with the submitter; and

identifying, based on the analysis, potentially inaccurate insurance data submitted by the insurance submitter.

27. The medium of claim 26, wherein information about a plurality of potentially inaccurate insurance data values are used to flag at least one of:

(i) the submitted insurance data, (ii) the insurance submitter, (iii) at least one of the input portion of the electronic quoting and submission system, or (iv) an insurance class of business.

28. The medium of claim 27, wherein the submitted insurance data is associated with one of:

(i) an insurance policy application being submitted for a quote or approval, (ii) a previously issued insurance policy, or (iii) a plurality or previously issued insurance policies.

29. The medium of claim 28, wherein the submitted insurance data is associated with at least one of:

(i) commercial small business owner'"'"'s insurance, (ii) workers compensation insurance, or (iii) commercial automobile insurance.