SYSTEM AND METHOD FOR APPLYING PREDICTIVE SOCIAL SCORING TO PERFORM FOCUSED RISK ASSESSMENT

• US 20180018737A1
• Filed: 01/26/2016
• Published: 01/18/2018
• Est. Priority Date: 02/04/2015
• Status: Abandoned Application

• Current Assignee: Riv Data Corp.
• Original Assignee: Riv Data Corp.
• Inventors: Drucker, Max, Andrews, Geoffrey R.
• Application Number:
  US15/546,590
• Publication Number:
  US 20180018737A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 10/105 Human resources
• CPC Class Codes: G06Q 10/1053 Employment or hiring
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

A system and method for determining a risk score for a target subject using social media is provided. A potential subject is identified and publicly available online content relating to the subject, such as information from social networking websites, blogs, and other social media, is collected and verified. Using a predictive scoring process, the verified information is compared to an existing data set of known outcomes, and a final determination of risk for the target subject is provided. The process may be tailored to a specific use case, such as applications for insurance, employment, or a loan. The final determination of risk may be expressed as a recommended action, such as a green light recommending approval of the application, or a red light recommending denial of the application. Alternatively, a red light application may be approved at an increased price or rate.

Claims

1. A method for providing a risk assessment recommendation based at least in part on publicly available online information, comprising:

identifying a target subject for evaluation;

searching publicly available online information for content associated with the target subject, and collecting the content to generate raw data;

validating the raw data to generate validated subject data;

selecting a plurality of discrete features associated with the validated subject data;

receiving, from a database, one or more known outcomes associated with at least one of the plurality of discrete features;

providing a risk score for the target subject, based at least in part on an evaluation of the validated subject data in comparison with the one or more known outcomes.

2. The method of claim 1 wherein at least some of the publicly available online information is obtained from social media websites.

3. The method of claim 1 wherein the target subject is an applicant for an insurance policy.

4. The method of claim 1 wherein the target subject is an applicant for employment.

5. The method of claim 1 wherein the target subject is an applicant for a loan.

6. The method of claim 1 wherein the plurality of discrete features comprises at least one of illicit drug usage, number of online connections, or online purchase history.

7. The method of claim 1 wherein the risk score is reported as a numerical score.

8. The method of claim 1 wherein the risk score is reported as a letter grade.

9. The method of claim 1 wherein the risk score is reported as one of two possible options, and the risk score is determined using logistic regression.

10. The method of claim 1 wherein the risk score is reported as either a green light, corresponding with low risk, or red light, corresponding with high risk.

11. A system for providing a recommended action for a target subject and specific use case, comprising:

one or more processors in communication with an online computer network;

a database comprising known outcomes, the database communicatively coupled to at least one of the one or more processors; and

one or more memory devices storing instructions that, when executed by at least one of the one or more processors, cause the system to;

receive a request to evaluate a target subject in conjunction with the specific use case;

identify information relating to the target subject by searching the online computer network, and storing the identified information as target subject profile data;

select a plurality of features according to the specific use case;

receive known outcome information from the database for one or more of the selected features;

evaluate the target subject profile data in comparison to the known outcome information; and

determine a recommended action for the target subject and specific use case according to the evaluation.

12. The system of claim 11 wherein the specific use case is an employment application, a loan request, or an insurance application.

13. The system of claim 11 wherein the specific use case is an insurance application and the recommended action is either to insure or deny coverage to the target subject.

14. The system of claim 11 wherein the specific use case is an employment application, and the recommended action is a recommendation to employ or not employ the target subject.

15. The system of claim 11 wherein controls are applied to the subject profile data for at least one of age, race, sex, or residential location.

16. The system of claim 11 wherein the recommended action is reported as a green light or red light.

17. The system of claim 11 wherein the recommended action is determined using logistic regression.

18. The system of claim 11 wherein the recommended action is provided as a relative risk score for the target subject.

19. A method for determining an insurance quotation for a target subject, comprising:

receiving a request for an insurance quote for a target subject;

obtaining publicly available online data regarding the target subject;

verifying the obtained data and storing the verified data as target subject profile data;

determining a predictive score for the target subject from an evaluation of the target subject profile data in view of a plurality of known outcomes, wherein the predictive score is provided as a numerical risk score for the target subject; and

,

providing an insurance rate quote based on the numerical risk score, wherein a lower predictive score is associated with a lower insurance rate quote.

20. The method of claim 19 wherein the publicly available online data comprises data from at least one of facebook, LinkedIn, twitter, tumblr, or Instagram.