System and method for establishing rates for an automobile insurance policy

US8170892B1 · kind B1 · utility

Assignee

• United Services Automobile Association (USAA) · US

Inventors

• Robert Otis · San Jose, US
• Deborah Murphy · Lawrenceville, US
• Michael A. Merwath · San Antonio, US
• Thomas F. Damrow · San Antonio, US
• Karen D. Meloni · San Antonio, US
• Denise Stockland · San Antonio, US

Key dates

• Filing date: Jun 9, 2003
• Grant date: May 1, 2012
• Expiry date: Aug 24, 2028

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/08
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Automobile insurance rates are established by performing calculations for defining a single tier placement dependent upon a combination of mutually exclusive factors based on applicant data. The factors include a household driving record gradient, a stability gradient and an operator driving record gradient. In the case of a new policy, the factors also include a named insured driving experience gradient and a prior insurance gradient. Alternately, in the case of a renewal policy, the factors also include a household claims record gradient, a member relationship gradient and an operator claims record gradient. No single factor is the sole determinant for placement in a tier.