Computer system for processing third party computer system data including geographic region data
AssigneeHartford Fire Insurance Company
InventorsChristopher M. Lewis, Richard L. Alleyne
Life of this patent
Estimating the term…
Abstract
A computer system for processing risk mitigation data includes calculating line-of-business payout factors for computing losses associated with one or more instruments such that the losses substantially replicate industry losses, and is configured to determine payout amounts based on a value of an event index based on a load factor and, for at least two lines of business, a loss index by individual geographic region, and payout factors for selected combinations of individual geographic region and line of business for at least one of one or more risk classes, each risk class representing one or more risks, and reported industry loss data.
Claims21
A computer system for processing risk mitigation data including calculating line-of-business payout factors for computing losses associated with one or more instruments such that the losses substantially replicate industry losses, comprising:
- one or more data storage devices storing data including individual geographic region data and line-of-business industry loss data;
- one or more computer processors;
- a memory in communication with the one or more computer processors and storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to:
- receive reported industry loss data for combinations of individual geographic region and line of business, for at least two lines of business, for a covered event;
- using an event index, a value of the event index being based on a load factor and, for at least two lines of business, a loss index by individual geographic region, and payout factors for selected combinations of individual geographic region and line of business for at least one of one or more risk classes, each risk class representing one or more risks, and the reported industry loss data, determine payout amounts for the covered event;
- compute loss data associated with one or more instruments based on the determined payout amounts;
- and
- output loss data for transmission to one or more third party systems.
A computer-implemented method for processing data in connection with risk mitigation data including calculating line-of-business payout factors for computing losses such that the losses substantially replicate industry losses, comprising:
- accessing, by one or more computer processors, from one or more data storage devices, reported industry loss data for combinations of individual geographic region and line of business, for at least two lines of business, for a covered event;
- determining, by the one or more computer processors, using an event index, a value of the event index being based on a load factor and, for the at least two lines of business, a loss index by individual geographic region, and payout factors for selected combinations of individual geographic region and line of business for at least one of one or more risk classes, each risk class representing one or more risks, and the reported industry loss data, payout amounts for the covered event;
- computing by the one or more computer processors loss data associated with one or more instruments based on the determined payout amounts;
- and
- outputting by the one or more computer processors loss data for transmission to one or more third party systems.
A computer system for processing data in connection with risk mitigation data including calculating line-of-business payout factors for computing losses associated with one or more instruments such that the losses substantially replicate industry losses, comprising:
- one or more data storage devices storing data including individual geographic region data and line-of-business industry loss data;
- one or more computer processors;
- a memory in communication with the one or more computer processors and storing program instructions which, when executed by the one or more computer processors, cause the one or more computer processors to:
- receive, from one or more third party computer systems, reported industry loss data for combinations of individual geographic region and line of business, for at least two lines of business, for a covered event;
- using an event index, a value of the event index being based on a product of a load factor and, for at least two lines of business and at least two geographic regions, sums of products of payout factors for combinations of line of business and geographic region and the reported industry loss data, determine payout amounts for the covered event;
- compute loss data associated with one or more instruments based on the determined payout amounts;
- and
- output loss data for transmission to one or more third party computer systems.
Dependencies are inferred from the claim text.