US4975840A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Method and apparatus for evaluating a potentially insurable risk
Assignee: Swiss Re AG
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Filing: 1988-06-17
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Granted: 1990-12-04
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Expires: 2008-06-17
Abstract
Abstract A method and apparatus for evaluating the insurability of a potentially insurable risk has data bases for storing information, and the ability to correlate selected elements of information in respective data bases. Certain elements are assigned weights on the basis of predetermined relationships existing between elements of information in one data base and corresponding elements of information in another. Information is displayed from a data base for use by an underwriter in assigning a weight to a selected element, or an expert module corresponding to the selected element is identified and used for assigning the weight. A risk classification is determined for the potentially insurable risk from the weights assigned. The system can identify additional elements of information required for evaluating the potentially insurable risk, and can request entry of such information for subsequent storage. In one embodiment, the system can identify an element of information for which no corresponding information exists, and for which no expert module exists. Other features include the ability to override an expert module and assign a different weight to an element of information, the use of statistical profiles to adjust assigned weights, the ability to determine expected profitably resulting from decisions concerning a particular risk, and the provision of additional data bases useful in managing workload and customizing operation of the system.
Inventors
- 👤 Arthur W. DeTore
- 👤 Russell D. Suever
- 👤 David W. Jones, Jr.
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-23 23:48
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/02; G06Q10/00; G06Q10/10; G06Q40/08; G16; G16H; G16H50/00; G16H50/30; Y; Y10; Y10S; Y10S706/00; Y10S706/902; Y10S706/924
Claims Analysis
Total Claims: 44
Claim 1
Independent Claim
245 words
Information processing apparatus for evaluating the insurability of a potentially insurable risk, comprising: a. means providing first and second data bases, an input device and a display; b. means for storing information relating to the potentially insurable risk in the first data base; c. automated means for evaluating the information stored in the first data base and for identifying additional elements of information required for evaluating the potentially insurable risk, and for requesting entry of said additional information for subsequent storage in the first data base; d. means for correlating selected elements of information from the first data base with corresponding elements of information previously stored in the second data base; e. means for assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base; f. means for displaying information from the second data base, corresponding to at least one of the selected elements of information from the first data base, for use in assigning a weight to said element of information, means for monitoring an input device for entry of said weight, and means for storing said weight following entry thereof; and g. means for determining at least one risk classification for the potentially insurable risk from the weights assigned to the elements of information in the first data base.
Claim 2
Dependent Claim
245 words
Information processing apparatus for evaluating the insurability of a potentially insurable risk, comprising: a. means providing first and second data bases, an input device and a display; b. means for storing information relating to the potentially insurable risk in the first data base; c. automated means for evaluating the information stored in the first data base and for identifying additional elements of information required for evaluating the potentially insurable risk, and for requesting entry of said additional information for subsequent storage in the first data base; d. means for correlating selected elements of information from the first data base with corresponding elements of information previously stored in the second data base; e. means for assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base; f. means for displaying information from the second data base, corresponding to at least one of the selected elements of information from the first data base, for use in assigning a weight to said element of information, means for monitoring an input device for entry of said weight, and means for storing said weight following entry thereof; and g. means for determining at least one risk classification for the potentially insurable risk from the weights assigned to the elements of information in the first data base.
Claim 3
Dependent Claim
62 words
Information processing apparatus according to claim 1, further comprising a plurality of expert modules, means for identifying an expert module corresponding to an element of information from the first data base for use in assigning a weight to said element of information, means for monitoring the input device for entry of said weight, and means for storing said weight following entry thereof.
Claim 4
Dependent Claim
54 words
Information processing apparatus according to claim 2, further comprising means for identifying an element of information in the first data base for which no corresponding information in the second data base exists and for which no expert module exists, and for selectively providing an option to assign a weight to said element of information.
Claim 5
Dependent Claim
32 words
Information processing apparatus according to claim 2, further comprising means for overriding the expert module, and for assigning a different weight to the corresponding element of information from the first data base.
Claim 6
Dependent Claim
52 words
Information processing apparatus according to claim 2, further comprising means for storing at least one statistical profile relating to a selected element of information from the first data base, and means for adjusting the weight assigned to at least one of said elements of information on the basis of said statistical profile.
Claim 7
Dependent Claim
45 words
Information processing apparatus according to claim 2, wherein said means for determining at least one risk classification includes means for combining the weights assigned to the elements of information in the first data base to derive a single weight representative of the potentially insurable risk.
Claim 8
Dependent Claim
31 words
Information processing apparatus according to claim 6, further comprising means for comparing the single weight representative of the potentially insurable risk to a standard for a risk of the same class.
Claim 9
Dependent Claim
35 words
Information processing apparatus according to claim 7, further comprising plan conversion means for determining the risk classification of the potentially insurable risk on the basis of the comparison of the single weight to the standard.
Claim 10
Dependent Claim
35 words
Information processing apparatus according to claim 2, further comprising means for quantitatively determining an expected profit resulting from a decision concerning the insurability of the potentially insurable risk according to the previously determined risk classification.
Claim 11
Dependent Claim
56 words
Information processing apparatus according to claim 9, further comprising means for storing information, including statistical data from previous transactions of a similar type, relating to the decision, means for determining a probability of generating the expected profit on the basis of said information, and means for further evaluating the expected profit in view of said probability.
Claim 12
Dependent Claim
28 words
Information processing apparatus according to claim 9, further comprising means for selectively changing the risk classification and for determining the impact of the change on the expected profit.
Claim 13
Dependent Claim
66 words
Information processing apparatus according to claim 1, further comprising: means providing a user data base; means for storing information relating to a plurality of apparatus users in the user data base; means for selecting one of said plurality of users on the basis of information stored in the user data base; and means for identifying the potentially insurable risk to be evaluated with the selected user.
Claim 14
Dependent Claim
55 words
Information processing apparatus according to claim 12, wherein said information stored in the user data base includes information relating to at least one of: a level of training of selected user; a level of experience of a selected user; a workload of a selected user; and at least one of a plurality of marketing factors.
Claim 15
Dependent Claim
85 words
Information processing apparatus according to claim 1, further comprising: means providing an installation specific data base; means for storing installation specific information relating to the potentially insurable risk in the installation specific data base; means for correlating selected elements of information in the first data base with corresponding elements of information in the installation specific data base; and means for assigning weights to said elements of information in the first data base on the basis of the information stored in the installation specific data base.
Claim 16
Dependent Claim
39 words
Information processing apparatus according to claim 1, further comprising: means providing a management information data base; and means for storing information relating to determination of the risk classification for the potentially insurable risk in the management information data base.
Claim 17
Dependent Claim
58 words
Information processing apparatus according to claim 1, further comprising: means for displaying selected elements of information from the first data base; means for monitoring an input device for changes and additions to the information in the first data base entered in response to the display; and means for storing said changes and additions in the first data base.
Claim 18
Dependent Claim
160 words
Information processing apparatus according to claim 1, wherein said means for displaying information from the second data base includes: means for determining if the identified element of information from the first data base is mentioned in the second data base; means for classifying the identified element of information into one of a plurality of categories; means for identifying elements of information from the second data base which correspond to the category into which the identified element of information from the first data base has been classified; means for determining a most appropriate match between the identified element of information and the elements of information from the second data base which correspond to the category in which the identified element of information from the first data base has been classified; and means for displaying said matching elements of information from the second data base for use in assigning a weight to the identified element of information from the first data base.
Claim 19
Dependent Claim
110 words
Information processing apparatus according to claim 1, wherein said means for storing information relating to the potentially insurable risk in the first data base, and said automated means for evaluating the information stored in the first data base and identifying additional elements of information required for evaluating the potentially insurable risk comprise a non-interactive portion of the apparatus; and, wherein said means for displaying information from the second data base for use in assigning a weight to an element of information, said means for monitoring an input device for entry of said weight, and said means for storing said weight following entry thereof comprise an interactive portion of the apparatus.
Claim 20
Dependent Claim
63 words
Information processing apparatus according to claim 18, wherein said non-interactive portion of the apparatus further comprises means for assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base.
Claim 21
Dependent Claim
55 words
Information processing apparatus according to claim 18, wherein said information processing apparatus further comprises a user data base, and wherein the non-interactive portion of the apparatus further comprises means for selecting one of a plurality of users from the user data base, and identifying the potentially insurable risk to be evaluated with the selected user.
Claim 22
Dependent Claim
65 words
Information processing apparatus according to claim 19, wherein the interactive portion of the apparatus further comprises means for providing the selected user with an option to do at least one of the following: (a) examine or update the information in the first data base; (b) review the information stored in the second data base; and (c) proceed with the evaluation of the potentially insurable risk.
Claim 23
Dependent Claim
240 words
In an information processing apparatus having first and second data bases, an input device, and a display, a method for evaluating the insurability of a potentially insurable risk, comprising the steps of: a. storing information relating to the potentially insurable risk in the first data base; b. evaluating the information stored in the first data base by automated means to identify additional elements of information, based on said evaluation, required for evaluating the potentially insurable risk, and requesting entry of said additional information for subsequent storage in the first data base; c. correlating selected elements of information from the first data base with corresponding elements of information previously stored in the second data base; d. assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base; e. displaying information from the second data base, corresponding to at least one of the selected elements of information from the first data base, for use in assigning a weight to said element of information, monitoring an input device for entry of said weight, and storing said weight following entry thereof; and f. means for determining at least one risk classification for the potentially insurable risk from the weights assigned to the elements of information in the first data base.
Claim 24
Dependent Claim
240 words
In an information processing apparatus having first and second data bases, an input device, and a display, a method for evaluating the insurability of a potentially insurable risk, comprising the steps of: a. storing information relating to the potentially insurable risk in the first data base; b. evaluating the information stored in the first data base by automated means to identify additional elements of information, based on said evaluation, required for evaluating the potentially insurable risk, and requesting entry of said additional information for subsequent storage in the first data base; c. correlating selected elements of information from the first data base with corresponding elements of information previously stored in the second data base; d. assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base; e. displaying information from the second data base, corresponding to at least one of the selected elements of information from the first data base, for use in assigning a weight to said element of information, monitoring an input device for entry of said weight, and storing said weight following entry thereof; and f. means for determining at least one risk classification for the potentially insurable risk from the weights assigned to the elements of information in the first data base.
Claim 25
Dependent Claim
65 words
The method of claim 22, wherein the information processing apparatus further comprises a plurality of expert modules, and wherein the method further comprises identifying an expert module corresponding to an element of information from the first data base for use in assigning a weight to said element of information, monitoring the input device for entry of said weight, and storing said weight following entry thereof.
Claim 26
Dependent Claim
52 words
The method of claim 23, comprising the additional step of identifying an element of information in the first data base for which no corresponding information in the second data base exists and for which no expert module exists, and selectively providing an option to assign a weight to said element of information.
Claim 27
Dependent Claim
31 words
The method of claim 23, comprising the additional step of overriding the identified expert module and assigning a different weight to the corresponding element of information from the first data base.
Claim 28
Dependent Claim
54 words
The method of claim 23, comprising the additional steps of storing at least one statistical profile relating to a selected element of information from the first data base, and adjusting one or more of the weights assigned to the elements of information from the first data base on the basis of said statistical profile.
Claim 29
Dependent Claim
41 words
The method of claim 23, wherein said step of determining at least one risk classification includes combining the weights assigned to the elements of information in the first data base to derive a single weight representative of the potentially insurable risk.
Claim 30
Dependent Claim
30 words
The method of claim 27, comprising the additional step of comparing the single weight representative of the potentially insurable risk to a standard for a risk of the same class.
Claim 31
Dependent Claim
27 words
The method of claim 28, comprising the additional step of determining the risk classification of the potentially insurable risk by comparing the single weight to the standard.
Claim 32
Dependent Claim
34 words
The method of claim 23, comprising the additional step of quantitatively determining an expected profit resulting from a decision concerning the insurability of the potentially insurable risk according to the previously determined risk classification.
Claim 33
Dependent Claim
51 words
The method of claim 30, comprising the additional steps of storing information, including statistical data from previous transactions of a similar type, relating to the decision, determining a probability of generating the expected profit on the basis of said information, and further evaluating the expected profit in view of said probability.
Claim 34
Dependent Claim
26 words
The method of claim 30, comprising the additional step of selectively changing the risk classification and determining the impact of the change on the expected profit.
Claim 35
Dependent Claim
70 words
The method of claim 23, wherein said information processing apparatus further comprises a user data base, and wherein the method comprises the additional steps of: storing information relating to a plurality of apparatus users in the user data base; selecting one of said plurality of users on the basis of information stored in the user data base; and identifying the potentially insurable risk to be evaluated with the selected user.
Claim 36
Dependent Claim
54 words
The method of claim 33, wherein said information stored in the user data base includes information relating to at least one of: a level of training of a selected user; a level of experience of a selected user; a workload of a selected user; and at least one of a plurality of marketing factors.
Claim 37
Dependent Claim
89 words
The method of claim 23, wherein said information processing apparatus further comprises an installation specific data base, and wherein the method comprises the additional steps of: storing installation specific information relating to the potentially insurable risk in the installation specific data base; correlating selected elements of information in the first data base with corresponding elements of information in the installation specific data base; and assigning weights to said elements of information in the first data base on the basis of the information stored in the installation specific data base.
Claim 38
Dependent Claim
46 words
The method of claim 23, wherein the information processing apparatus further comprises a management information data base, and wherein the method comprises the additional step of storing information relating to determination of the risk classification for the potentially insurable risk in the management information data base.
Claim 39
Dependent Claim
54 words
The method of claim 23, comprising the additional steps of: displaying selected elements of information from the first data base; monitoring an input device for any changes and additions to the information in the first data base entered in response to the display; and storing said changes and additions in the first data base.
Claim 40
Dependent Claim
150 words
The method of claim 23, wherein said step of displaying information from the second data base includes: determining if the identified element of information from the first data base is mentioned in the said data base; classifying the identified element of information into one of a plurality of categories; identifying elements of information from the second data base which correspond to the category into which the identified element of information from the first data base has been classified; determining a most appropriate match between the identified element of information and the elements of information from the second data base which correspond to the category in which the identified element of information from the first data base has been classified; and means for displaying said matching elements of information from the second data base for use in assigning a weight to the identified element of information from the first data base.
Claim 41
Dependent Claim
128 words
The method of claim 22, wherein said method comprises: a non-interactive mode including at least the steps of storing information relating to the potentially insurable risk in the first data base, and evaluating the information stored in the first data base to identify additional elements of information required for evaluating the potentially insurable risk, and requesting entry of such information for subsequent storage in the first data base; and an interactive mode including at least the steps of displaying information from the second data base, corresponding to at least one of the selected elements of information from the first data base, for use in assigning a weight to said element of information, monitoring an input device for entry of said weight, and storing said weight following entry thereof.
Claim 42
Dependent Claim
59 words
The method of claim 39, wherein said non-interactive mode further includes the step of assigning a weight to at least one of the selected elements of information from the first data base on the basis of predetermined relationships existing between the elements of information in the first data base and corresponding elements of information in the second data base.
Claim 43
Dependent Claim
54 words
The method of claim 39, wherein said information processing apparatus further comprises a user data base, and wherein the non-interactive mode of the method comprises the additional steps of selecting one of a plurality of users from the user data base, and identifying the potentially insurable risk to be evaluated with the selected user.
Claim 44
Dependent Claim
70 words
The method of claim 41, wherein the interactive mode of the method comprises the additional step of providing the selected user with an option, upon entry to the interactive mode, to do at least one of the following: (a) examine or update the information in the first data base; (b) review the information stored in the second data base; and (c) proceed with the evaluation of the potentially insurable risk.
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