System and method for establishing rates for a property insurance policy
AssigneeUnited Services Automobile Association
InventorsJerromy Laverne Johnson, Deborah Murphy, Mark Allen Garrett, Beverly Lynn Phillips
Life of this patent
Estimating the term…
Abstract
Property insurance rates are established by performing calculations for defining a single tier placement dependent upon a combination of mutually exclusive factors based on applicant data. In the case of a renewal policy, the factors include determining a protection class and a previous paid loss history. In the case of a new policy, the factors also include determining an insurance credit score. No single factor is the sole determinant for placement in a tier.
Claims21
A apparatus for establishing rates for a property insurance policy, comprising a computer-readable medium encoded with a computer program that, when executed:
- determines a single tier placement for an applicant dependent upon a combination of mutually exclusive factors based on a plurality of data about the applicant, such that no single risk characteristic is the sole determinant for placement in a tier, the factors including:
- a) a protection class;
- and
- b) a previous paid loss history;
- and
- establishes a rate quote for a property insurance policy of a single insurance company for the applicant based on the tier placement of the applicant, wherein the tier placement results in one of a preferred rate quote, a standard rate quote, and a non-standard rate quote.
An apparatus for establishing rates for a property insurance policy, the apparatus comprising:
- a computer system for determining a single tier placement for an applicant dependent upon a combination of mutually exclusive factors based on a plurality of data about the applicant, the computer system including:
- a storage device storing a program;
- and
- a processor coupled to the storage device, the processor operative with the program for establishing a rate quote for a property insurance policy of a single insurance company for the applicant based on the tier placement of the applicant in response to determining a protection class factor and a previous paid loss history factor, wherein the tier placement results in one of a preferred rate quote, a standard rate quote, and a non-standard rate quote.
An method apparatus for establishing rates for a property insurance policy comprising a computer-readable medium encoded with a computer program that, when executed:
- an applicant communicates a request for property insurance;
- in response to the request, uses a computer system for determining a single tier placement for the applicant dependent upon a combination of mutually exclusive factors based on a plurality of data provided by the applicant, the factors including:
- a) a protection class;
- and;
- b) a previous paid loss history;
- and
- establishes a rate quote for a property insurance policy of a single membership organization for the applicant based on the tier placement of the applicant, wherein the tier placement results in one of a preferred rate quote, a standard rate quote, and a non-standard rate quote.
Dependencies are inferred from the claim text.