System and method for establishing rates for an automobile insurance policy
US8489434B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Apr 27, 2012 |
| Grant date | Jul 16, 2013 |
| Priority date | — |
| Expiry date | Apr 27, 2032 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/08
- WIPO fieldIT methods for management
- WIPO sectorElectrical 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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.