Calibrated underwriting system

Patent metadata

Field	Value
Publication number	US-9786012-B2
Application number	US-201414571653-A
Country	US
Kind code	B2
Filing date	Dec 16, 2014
Priority date	Dec 16, 2014
Publication date	Oct 10, 2017
Grant date	Oct 10, 2017

Abstract

According to some embodiments, account information may be received in connection with a potential insurance policy. A premium indication portal processor may receive, from a risk score model application, an account score matrix for the potential insurance policy, including grade values comparing the account information with other insured policies in a risk database, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in the risk database. The account score matrix may be displayed on an underwriter device, and guide indication adjustments may be received from the underwriter device for the potential insurance policy. The premium indication portal processor may then automatically calculate an adjusted premium value calibrated to the target return on equity based at least in part on the guide indication adjustments.

First claim

What is claimed is:

1. A system including a data sharing architecture, comprising:
a communication device to receive account information in connection with a potential insurance policy;
a computer storage unit for receiving, storing, and providing data indicative of the account information;
a risk database storing a plurality of risk variables associated with a plurality of insured parties;
a risk score portal including an account score engine and a plurality of risk score model applications, each risk score model application corresponding to a different policy type and configured to generate an account score matrix for the potential insurance policy, including grade values comparing the account information to stored account information of other insured parties, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in the risk database;
a premium indication portal processor in communication with the communication device, the storage unit, and the risk database, wherein the premium indication portal includes a plurality of premium indication model applications, each premium indication model application corresponding to a different policy type, and wherein the premium indication portal processor configured to:
receive, from the risk score model application based upon the risk score model application corresponding to the policy type, the account score matrix for the potential insurance policy;
render, for display on an underwriter device, a premium indication portal including:
an accounts summary tab, selectable by a user, configured to display, upon selection, a summary page for a particular account including a display of the received account score matrix and a display of the grade values comparing the account information to stored account information of other insured parties, along with the benchmark premium value calibrated to the target return on equity based on the account information and the information in the risk database; and
a plurality of premium indication model application tabs, each premium indication model application tab corresponding to a different policy type and including a display of a plurality of dynamically generated guide evaluation adjustment sliders configured to permit selective adjustment of a plurality of guide evaluation factors, wherein a minimum and a maximum adjustment permitted by each of the plurality of dynamically generated guide evaluation adjustment sliders is dynamically modifiable based upon adjustments selected for other of the plurality of guide evaluation factors;

receive, from the underwriter device, guide evaluation adjustments for one or more of the plurality of guide evaluation factors;
responsive to receipt of the guide evaluation adjustments, dynamically modify one or both of the minimum and maximum adjustment permitted by one or more of the other plurality of exposure factors;
automatically calculate, by a premium indication model application corresponding to the policy type, an adjusted premium value calibrated to the target return on equity based at least in part on the guide evaluation adjustments;
store the adjusted premium value in association with the account information; and
render, for display on the premium indication portal on the underwriter device, a cost and price page which includes the adjusted premium value.

2. The system of claim 1 , wherein the potential insurance policy comprises one of: (i) a new potential insurance policy, or (ii) a potential renewal of an existing insurance policy.

3. The system of claim 1 , wherein the plurality of premium indication model applications comprise: (i) a workers' compensation insurance premium indication model application, (ii) an automobile insurance premium indication model application, (iii) a general liability insurance premium indication model application, and (iv) a property insurance premium indication model application.

4. The system of claim 3 , wherein the account information is associated with a plurality of different types of potential insurance policies.

5. The system of claim 1 , wherein the account information includes at least five of: (i) an account name, (ii) an account identifier, (iii) insurance agency information, (iv) location information, (v) an underwriter identifier, (vi) effective time period information, (vii) a status, (viii) a transaction type, (ix) at least one insurance policy identifier, (x) an industry code, and (xii) an industry description.

6. The system of claim 1 , wherein the account score matrix includes grade values for each of a plurality of risk variables in the risk database, each grade reflecting a percentage of other insured parties having a level of risk, for the associated risk variable, worse than the potential insurance policy.

7. The system of claim 6 , wherein at least one risk variable is associated with at least one of: (i) an industry classification, (ii) geographic information, (iii) payroll size, (iv) average wage data, (v) prior claim frequency, (vi) prior claim amounts, (vii) an overall number of locations, (viii) business credit risk factors, (ix) a number of years in business, (x) a fleet size, (xi) driver age information, vehicle (xii) weight information, (xiii) an overall exposure size, (xiv) an exposure type, (xv) a building age, and (xvi) weather related data.

8. The system of claim 1 , wherein at least one guide evaluation factor is associated with: (i) an unusual severity exposure, (ii) an unusual frequency exposure, (iii) a new operation, (iv) a rapid change in payroll, (v) a change in automation or facilities, and (vi) a loss control program.

9. The system of claim 1 , wherein the processor is further configured for associating the account information with a sold premium value.

10. The system of claim 9 , wherein the processor is further configured to display a selectable dashboards tab, selectable by a user, configured to display, upon selection, a results dashboard indicating at least one of: (i) return on equity summary plotted over a period of time, (ii) a return on equity summary over multiple lines of business, (iii) a sold-to-benchmark premium summary over a period of time, (iv) a sold-to-guide premium summary over a period of time, (v) a sold-to-benchmark premium summary over multiple lines of business, and (vi) a sold-to-guide premium summary over multiple lines of business.

11. The system of claim 9 , wherein the process is further configured for evaluating an underwriter based on guide evaluation adjustments for a plurality of potential insurance policies along with sold premium values and subsequent loss information associated with the plurality of potential insurance policies.

12. A computer-implemented method, comprising:
receiving account information in connection with a potential insurance policy;
receiving, at a premium indication portal processor from a risk score portal including an account score engine and a plurality of risk score model applications, each risk score model application corresponding to a different policy type, an account score matrix for the potential insurance policy, including grade values comparing the account information with other insured policies in a risk database, along with a benchmark premium value calibrated to a target return on equity based on the account information and information in the risk database;
rendering, by the premium indication portal processor for display on an underwriter device, a premium indication portal including:
an accounts summary tab, selectable by a user, configured to display, upon selection, a summary page for a particular account including a display of the rece

Assignees

• Hartford Fire Insurance Comp

Inventors

• Besman Eric D
• Hay Jeffery T
• Onnen Douglas Joseph
• Sealand Reale Pamela
• Wells Ii Joseph E

Classifications

• G06Q40/08 Primary

  Insurance · CPC title