US 2015/0088556 A1 · SYSTEMS AND METHODS FOR PROCESSING PROPERTY INSURANCE

Abstract

Methods and systems for processing property insurance are provided. According to embodiments, an insurer can process an insurance application for a property by determining a property rating score that reflects a need to conduct a manual inspection of the property. The insurer can apply a set of business rules or metrics to additional property data to further refine the decision of whether to conduct a manual inspection of the property as well as the decision of whether to issue a property insurance policy for the property. By not requiring a manual inspection, both the insurer and the insured may realize reduced costs.

Claims22

Dependent claims

A method of processing property insurance, the method comprising:

receiving, at a computing device, an electronic application for property insurance for a property;
determining, by one or more processors, a property rating score for the property based on a first set of information associated with the property;
first determining, based on the property rating score, that a manual inspection for the property is needed;
responsive to first determining that the manual inspection for the property is needed:
identifying, from the electronic application, a second set of information associated with the property, the second set of information different from the first set of information, and
analyzing, by the one or more processors, the second set of information associated with the property;
based on the analyzing, subsequently determining, by the one or more processors, that the manual inspection for the property is not needed;
and
without requesting that the manual inspection be performed on the property, automatically issuing a policy for the property insurance.

6 more elements

A system for processing property insurance, comprising:

a communication module adapted to receive an electronic application for property insurance for a property;
a memory adapted to store information associated with the property;
a processor adapted to interface with the communication module and the memory, wherein the processor is configured to execute computer executable instructions stored in the memory to cause the processor to:
determine a property rating score for the property based on a first set of information associated with the property,
first determine, based on the property rating score, that a manual inspection for the property is needed,
responsive to first determining that the manual inspection for the property is needed:
identify, from the electronic application, a second set of information associated with the property, the second set of information different from the first set of information, and
analyze the second set of information associated with the property,
based on the analyzing, subsequently determine that the manual inspection for the property is not needed, and
without requesting that the manual inspection be performed on the property, automatically issue a policy for the property insurance.

7 more elements

Dependencies are inferred from the claim text.

Systems and methods for processing property insurance

Life of this patent

Systems and methods for processing property insurance

Life of this patent

Abstract

Claims22