System and method for insurance underwriting and rating
DCFirst Claim
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1. A method of determining insurability of a vehicle comprising:
- identifying a vehicle;
forming, in a physical memory of a data processing system, a plurality of data groupings using a processing device of the data processing system, wherein each of the plurality of data groupings includes at least one vehicle history data variable of the identified vehicle;
processing the at least one vehicle history data variable of at least one data grouping of the plurality of data groupings using the processing device of the data processing system;
determining an overall value of said at least one data grouping using the processing device of the data processing system; and
calculating an insurability of the identified vehicle, using the processing device of the data processing system, wherein calculating the insurability of the identified vehicle comprises underwriting an insurance policy for the identified vehicle based on said overall value of the at least one data grouping.
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Abstract
An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.
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27 Claims
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1. A method of determining insurability of a vehicle comprising:
- identifying a vehicle;
forming, in a physical memory of a data processing system, a plurality of data groupings using a processing device of the data processing system, wherein each of the plurality of data groupings includes at least one vehicle history data variable of the identified vehicle; processing the at least one vehicle history data variable of at least one data grouping of the plurality of data groupings using the processing device of the data processing system; determining an overall value of said at least one data grouping using the processing device of the data processing system; and calculating an insurability of the identified vehicle, using the processing device of the data processing system, wherein calculating the insurability of the identified vehicle comprises underwriting an insurance policy for the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
- identifying a vehicle;
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15. An apparatus for determining insurability of a vehicle comprising:
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means for identifying a vehicle; means for forming a plurality of data groupings, wherein each of the plurality of data groupings includes at least one vehicle history data variable of the identified vehicle; means for processing the at least one vehicle history data variable of the at least one data grouping of the plurality of data groupings; means for determining an overall value of said at least one data grouping; and means for calculating an insurability of the identified vehicle, wherein means for calculating the insurability of the identified vehicle comprises means for underwriting an insurance policy of the identified vehicle based on said overall value of the at least one data grouping. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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Specification