System, program product and method for segmenting and underwriting using voting status

A method for constructing a segmentation-based model for insurance underwriting expressed in the form of actuarial rules, comprising:

• based at least in part on information providing voting status of members of a population, generating, via a processor, a segmentation-based risk model by segmenting the population into groups and calculating insurance underwriting risk parameters of each group, the insurance underwriting risk parameters including at least one of predicted insurance claim frequency or insurance claim severity;
• and
• determining actuarial rules of the risk model;
• wherein the voting status information of members of a first group comprises an affirmative indication of at least one of registration to vote, eligibility for voter registration, an instance of recent voting, or a minimum voting frequency, wherein the voting status information of members of a second group does not comprise an affirmative indication of at least one of registration to vote, eligibility for voter registration, an instance of recent voting, or a minimum voting frequency, and wherein the risk model indicates a relatively lower predicted insurance claim frequency or insurance claim severity for the first group than for the second group.

A method for underwriting and rating an insurance policy based on a segmentation-based risk model, comprising:

• receiving information providing voting status of members of a population;
• based at least in part on the voting status information, generating, via a processor, a segmentation-based risk model by segmenting the population into groups and calculating insurance underwriting risk parameters of each group;
• receiving voting status information characterizing an applicant for insurance;
• determining, based at least in part on the voting status information characterizing the applicant, into which segmented group the applicant falls;
• and
• determining to offer an insurance policy to the applicant in an instance in which the group into which the applicant falls comprises at least one member having voting status information comprising an affirmative indication of at least one of registration to vote, eligibility for voter registration, an instance of recent voting, or a minimum voting frequency.

A computing system for segmenting a population, comprising:

• a data storage device;
• a voting status generator module programmed to obtain information providing voting status of members of a population;
• a predictive modeling module programmed to segment the population into groups based at least in part on voting status information stored in the data storage device and to calculate risk parameters of each group, wherein the voting status information of members of a first group comprises an affirmative indication of at least one of registration to vote, eligibility for voter registration, an instance of recent voting, or a minimum voting frequency, wherein the voting status information of members of a second group does not comprise an affirmative indication of at least one of registration to vote, eligibility for voter registration, an instance of recent voting, or a minimum voting frequency, and wherein the risk parameters of the first group indicate a relatively lower predicted insurance claim frequency or insurance claim severity than the risk parameters for the second group;
• and
• an input/output system to transfer incoming voting status information obtained by the voting status generator module to the data storage device and to output information relating to the groups and their respective risk parameters.