Methods and systems for calculation of insurance related fees for an insurance product
AssigneeeBaoTech Corporation
InventorHenry HE
Life of this patent
Estimating the term…
Abstract
A method for adjustment in calculation of insurance related fees for an insurance product is disclosed, comprising (a) determining type and sequence of adjustments; (b) applying one or more adjustments to an initial value obtained by a predetermined function; and (c) serving an adjusted value so obtained as basis for subsequent calculation. A method for calculation of insurance related fees is disclosed comprising a step of rebalancing.
Claims48
A computer-implemented method for calculation of insurance related fees for an insurance product, the insurance product comprising one or more insured objects, and each of the one or more insured objects involving one or more insurance coverage, the calculation being performed in two or more than two stages, and in a first stage, the method comprising steps of
- (a) evaluating for each of the insurance coverage of each of the insured objects, according to a predetermined function, to obtain an initial value for each of the one or more insurance coverage;
- (b) applying at least one type of adjustments to the initial value for each of the one or more insurance coverage, to obtain an adjusted value for each of the one or more insurance coverage;
- (c) summing, for each of the one or more insured objects, the adjusted values for the one or more insurance coverage involved, to obtain an initial value for each of the one or more insured objects;
- (d) applying at least one type of adjustments to the initial value for each of the one or more insured objects, to obtain an adjusted value for each of the one or more insured objects;
- (e) summing the adjusted values for the one or more insured objects, to obtain an initial value of premium for the insurance product, and applying at least one type of adjustments to the initial value of premium to obtain an adjusted value of premium;
- (f) rebalancing in proportion the adjusted value of premium to each of the one or more insured objects, so that each of the one or more insured objects having a corresponding rebalanced value;
- (g) rebalancing in proportion the corresponding rebalanced value for each of the one or more insured objects to each of the one or more insurance coverage of a corresponding insured object, so that each of the one or more insurance coverage having a corresponding rebalanced value;
- (h) serving the corresponding rebalanced value for each of the one or more insurance coverage as an initial value for corresponding insurance coverage in next stage of calculation;
- and
- (i) repeating steps (b) to (h) to perform a second and further stages of calculation until all predetermined types of adjustments being applied, wherein one or more adjustments of a different type is applied in each stage, and adjusted values obtained from the last adjustments are served as insurance related fees for the insurance product.
A system for calculation of insurance related fees for an insurance product, the insurance product comprising one or more insured objects, and each of the one or more insured objects involving one or more insurance coverage, the system comprising
- a storage device, for storing pre-determined functions and adjustment functions;
- and
- at least one processor, configured to perform a method comprising steps of
- (a) evaluating for each of the insurance coverage of each of the insured objects, according to a predetermined function, to obtain an initial value for each of the one or more insurance coverage;
- (b) applying at least one type of adjustments to the initial value for each of the one or more insurance coverage, to obtain an adjusted value for each of the one or more insurance coverage;
- (c) summing, for each of the one or more insured objects, the adjusted values for the one or more insurance coverage involved, to obtain an initial value for each of the one or more insured objects;
- (d) applying at least one type of adjustments to the initial value for each of the one or more insured objects, to obtain an adjusted value for each of the one or more insured objects;
- (e) summing the adjusted values for the one or more insured objects, to obtain an initial value of premium for the insurance product, and applying at least one type of adjustments to the initial value of premium to obtain an adjusted value of premium;
- (f) rebalancing in proportion the adjusted value of premium to each of the one or more insured objects, so that each of the one or more insured objects having a corresponding rebalanced value;
- (g) rebalancing in proportion the corresponding rebalanced value for each of the one or more insured objects to each of the one or more insurance coverage of a corresponding insured object, so that each of the one or more insurance coverage having a corresponding rebalanced value;
- (h) serving the corresponding rebalanced value for each of the one or more insurance coverage as an initial value for corresponding insurance coverage in next stage of calculation;
- and
- (i) repeating steps (b) to (h) to perform a second and further stages of calculation until all predetermined types of adjustments being applied, wherein one or more adjustments of a different type is applied in each stage, and adjusted values obtained from the last adjustments are served as insurance related fees for the insurance product.
Dependencies are inferred from the claim text.