System and method for insurance underwriting and rating
AssigneeCarfax, Inc.
InventorsRichard Raines, Eric Nesson, David Lackey, Travis Fritts, Ian Bush
Life of this patent
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Abstract
An apparatus and method for underwriting and/or rating an insurance policy, and for generating information for underwriting and/or rating an insurance policy, are provided. The system and method may include identifying a vehicle, determining a value of at least one vehicle history data variable or a group of variables, and underwriting and/or rating the policy based on the value of the at least one vehicle history data variable or a group of variables. The system and method may also include generating a score based on the value of the at least one vehicle history data variable or group of variables.
Claims31
A method of underwriting an insurance policy comprising:
- identifying a vehicle;
- forming, in a physical memory of a data processing system, a plurality of data groupings using a processing device of the data processing system, wherein each of the plurality of data groupings include at least one vehicle history data variable of the identified vehicle;
- processing the at least one vehicle history data variable of at least one data grouping of the plurality of data groupings using the processing device of the data processing system;
- determining an overall value of said at least one data grouping using the processing device of the data processing system;
- generating a score, using the processing device of the data processing system, based upon the overall value of said at least one data grouping;
- and
- outputting from the data processing system information relating to underwriting of an insurance policy for the identified vehicle that is based on said score.
A non-transitory computer readable media comprising code to perform the steps of method 1.
An apparatus for underwriting an insurance policy comprising:
- means for identifying a vehicle;
- means for forming a plurality of data groupings, wherein each of the plurality of data groupings includes at least one vehicle history data variable of the identified vehicle;
- means for processing the at least one vehicle history data variable of at least one data grouping of the plurality of data groupings;
- means for determining an overall value of said at least one data grouping;
- means for generating a score based upon the overall value of the at least one data grouping;
- and
- means for underwriting an insurance policy for the identified vehicle based on said score.
Dependencies are inferred from the claim text.