Systems and methods for rating and pricing insurance policies
US8725541B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 31, 2008 |
| Grant date | May 13, 2014 |
| Priority date | — |
| Expiry date | Sep 9, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/08
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Systems, methods, apparatus, computer program code and means for rating and pricing insurance policies are provided. In some embodiments, an automated insurance processing platform rates and prices insurance policies by including a territory factor in the calculation of a premium for the policy. Pursuant to some embodiments, the territory factor is calculated by receiving historical loss data, geographical data, and demographic data, analyzing the historical loss data, the geographical data, and the demographic data to identify data having similar claim behaviors. The historical loss data is analyzed to identify at least a frequency and severity of historical loss by coverage type. The frequency and severity of loss data, the geographical data, and the demographic data is iteratively analyzed to create a territory set having different geographical boundaries for the different coverage types; and the territory set is used to generate a set of territory factors for the different coverage types and the territories.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.