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US 8,799,058 B2Granted
System and method for administering an advisory rating system
AssigneeHartford Fire Insurance Company
InventorKeith E. Golembiewski
Life of this patent
Estimating the term…
Abstract
Systems and methods are disclosed herein for scoring and ranking financial advisors based on their sales histories. The system includes a database and an advisor rating system processor in communication with the database. The database stores sales history data related to a plurality of financial advisors. The advisor rating system processor obtains data related to financial advisors from the database and calculates a score for each financial advisor based on their sales revenue and sales frequency. The advisor rating system processor then compares the advisors based on these scores and generates a report indicating to which financial advisors a company should market financial products.
Claims20
A system for rating at least two insurance agents comprising:
- a database for storing sales history data and data indicative of marketing efforts by an insurance company related to a plurality of insurance agents;
- and
- an agent rating system processor configured to:
- obtain from the database a first insurance agent's past insurance product sales revenue data indicative of the first insurance agent's insurance product sales levels over a period of time, past insurance product sales frequency data indicative of a number of insurance product sales by the first insurance agent over the period of time, past insurance product sales momentum data indicative of whether the first insurance agent's insurance product sales are increasing or decreasing over the period of time, past insurance product multi-line sales data indicative of whether the first insurance agent sells multiple insurance product lines from a same company, demographic data of the first insurance agent's client base, and data indicative of marketing efforts by the company towards the first insurance agent;
- determine a weighting factor to be applied for each of the past insurance product sales revenue data, the past insurance product sales frequency data, the past insurance product sales momentum data, and the insurance product multi-line sales data;
- calculate an agent score for the first insurance agent based on (1) a sum of a first component based on the past insurance product sales revenue data and its weighting factor, a second component based on the past insurance product sales frequency data and its weighting factor, a third component based on the past insurance product sales momentum data and its weighting factor, and a fourth component based on the insurance product multi-line sales data and its weighting factor, (2) a compatibility between the first insurance agent's clients based on the demographic data and the company's current insurance product line;
- and (3) a relationship between the first insurance agent's sales history and the company's previous marketing efforts towards the first insurance agent;
- compare the first insurance agent to a second insurance agent using the agent score for the first insurance agent and a similarly obtained agent score for the second insurance agent;
- and
- electronically generate a report that identifies, based on the comparison between at least two insurance agents, one of the at least two insurance agents to whom the company should market at least one insurance product.
7 more elements
A computerized method for insurance company use in rating insurance agents comprising:
- obtaining by a computer a first insurance agent's past insurance product sales revenues data indicative of the first insurance agent's insurance product sales levels over a period of time, past insurance product sales frequency data indicative of a number of insurance product sales by the first insurance agent over the period of time, past insurance product sales momentum data indicative of whether the first insurance agent's insurance product sales are increasing or decreasing over the period of time, past insurance product multi-line sales data indicative of whether the first insurance agent sells multiple insurance product lines from a same company, demographic data of the first insurance agent's client base, and data indicative of marketing efforts by the company towards the first insurance agent;
- determining, by the computer, a weighting factor to be applied for each of the past insurance product sales revenue data, the past insurance product sales frequency data, the past insurance product sales momentum data, and the insurance product multi-line sales data;
- calculating, by the computer, an agent score for the first insurance agent based on (1) a sum of a first component based on the past insurance product sales revenue data and its weighting factor, a second component based on the past insurance product sales frequency data and its weighting factor, a third component based on the past insurance product sales momentum data and its weighting factor, and a fourth component based on the insurance product multi-line sales data and its weighting factor, (2) a compatibility between the first insurance agent's clients based on the demographic data and the company's current insurance product line;
- and (3) a relationship between the first insurance agent's sales history and the company's previous marketing efforts towards the first insurance agent;
- comparing by the computer the first insurance agent to a second insurance agent using the agent score for the first insurance agent and a similarly obtained agent score for the second insurance agent;
- and
- generating by the computer a report that identifies, based on the comparison between at least two insurance agents, one of the at least two insurance agents to whom a company should market at least one financial product.
4 more elements
An insurance agent rating system comprising:
- a central processing unit;
- a system memory in communication with the central processing unit;
- the central processing unit executing instructions from the system memory to:
- identify at least one insurance agent that a company should market at least one financial product to based upon an agent score calculated based on (1) a sum of a first component based on past insurance product sales revenue data indicative of a first insurance agent's insurance product sales levels over a period of time and an associated weighting factor, a second component based on past insurance product sales frequency data indicative of a number of insurance product sales by the first insurance agent over the period of time and an associated weighting factor, a third component based on past insurance product sales momentum data indicative of whether the first insurance agent's insurance product sales are increasing or decreasing over the period of time and an associated weighting factor, and a fourth component based on past insurance product multi-line sales data indicative of whether the first insurance agent sells multiple insurance product lines from a same company and its associated weighting factor, (2) a compatibility between the first insurance agent's clients based on demographic data of the first insurance agent's client base and the company's current insurance product line;
- and (3) a relationship between the first insurance agent's sales history and the company's previous marketing efforts towards the first insurance agent;
- and
- generate a report in response to a request, the report indicating the at least one insurance agent identified based on the agent score within a geographic region.
4 more elements
Dependencies are inferred from the claim text.