WO2002017197A2 - System and method for insurance rating - Google Patents

Abstract

A system for providing insurance assessment data is provided. The system includes an agent system that receives profile data, such as profile data submitted by a user to identify companies offering insurance products of interest to the user. This system also includes an insurance evaluation system connected to the agent system. The insurance assessment system receives the profile data and generates insurance assessment data in response to the profile data, risk profile rule data and one or more assessment algorithm (s). A underwriting system connected to the insurance valuation system establishes risk profile rule data and one or more valuation algorithm (s) for the insurance valuation system.

Description

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE PCT RECEIVING OFFICE

SPECIFICATION accompanying

TITLE: SYSTEM AND METHOD FOR INSURANCE RATING

FIELD OF THE INVENTION

The present invention pertains to the field of applying for insurance coverage. More specifically, the invention relates to a system and method for processing insurance applications that provides for seamless integration of the gathering and evaluation of rating data, the submission and verification of application data, and the storage of the rating and application data. The present invention also allows insurance underwriters to directly modify rating algorithms and guidelines that are used by agents and consumers . BACKGROUND The insurance application process presently includes three processes. The first process is rating, which typically involves using third-party insurance underwriter rating systems to obtain rate quotes. The second process is application submission, which is typically involves using proprietary insurance company systems. The third process is data storage, which is performed by insurance agency management systems. Insurance rating systems are presently used to provide estimates of insurance premiums, identify insurance underwriters that will write ' policies for certain types of customers, and to facilitate agent interactions with insurance underwriters. Insurance rating software systems are generally provided by third-party companies that receive insurance rate algorithms and policy guidelines from insurance underwriters. These third-party providers of insurance rating software then compile the company rating guidelines and information with the policy rating guidelines and risk profile rules for other insurance underwriters into a single system. This single system is then sold to insurance agents who use the system to pre-screen consumers of insurance products.

An insurance agent uses the rating system software by first collecting certain information from the consumer that is then used by the agent to select companies that will underwrite the consumer and that have advantageous policy structures for the consumer. The agent serves a gatekeeper function, both to ensure the quality of the information being provided and to explain any unfamiliar terms to the consumer .

While the rating software may combine rate estimates and policy guidelines for two or more companies, the insurance agent must then coordinate with each individual company in order to submit an application for insurance from that company. To this end, each company has a proprietary software system that is used by the agent to obtain an exact insurance premium and also to verify whether the consumer fits within pre-approved guidelines for underwriting. Although insurance rating systems are useful, they suffer various drawbacks. One drawback is that the insurance rating system software must be updated to accommodate new policies and new companies. Thus, a new version of the rating software will be issued on a periodic basis. This new rating software must then be installed on each of the personal computers that are used by agents in an organization to provide the first level screening of consumers. While such systems have been configured for use in a server or local area network environment, many insurance agent offices only have a small number of personal computers and do not utilize a network.

Likewise, the company proprietary software must be updated periodically to accommodate new guidelines, rating algorithms, policies, and other information. Thus, the proprietary company software rating information must also be updated on each terminal. Such software is also typically not enabled for local area network implementation.

The independent rating software and company proprietary rating software are not compatible with each other, which may make it necessary to bridge (i.e. import and export) data from the rating software into each company' s proprietary software after the initial scan of insurance underwriters has been performed. Likewise, each insurance agent maintains records of quote estimates received for clients, and this information must typically be directly entered into agency management software systems. Thus, the relatively large number of independent software applications and the need for manual interfacing and periodic upgrading of the software systems creates a significant amount of work that must be performed just to maintain the existing insurance application structure and architecture.

SUMMARY OF THE INVENTION In accordance with the present invention, a system and method for applying for insurance coverage are provided that overcome known problems with rating, evaluating, verifying, submitting, and storing insurance application data.

In particular, a system and method for applying for insurance coverage are provided that unify the application process for agents and allow insurance underwriters to directly modify risk profile rules, rating algorithms, and data transmission specifications so as to eliminate the need for intermediate rating systems that produce unreliable results and individual versions of company proprietary software.

In accordance with an exemplary embodiment of the present invention, a system for processing insurance applications data is provided. The system includes an agent system that receives profile data, such as profile data submitted by a user for the purposes of identifying companies that offer insurance products of interest to the user. The system also includes an insurance rating system that is connected to the agent system. The insurance rating system receives the profile data and generates insurance rating data in response to the profile data, risk profile rule data, and one or more rate algorithms. An insurance underwriter system connected to the insurance rating system provides risk profile rule data and one or more rate algorithms to the insurance rating system.

The present invention provides many important technical advantages. One important technical advantage of the present invention is a system and method for providing insurance rating data that allows insurance underwriters to control the risk profile rules, rate algorithms, and data transmission specifications without having to go through an intermediate software system provider. The present invention thus eliminates the need for rating software provided by third parties, and allows users to obtain rating information from a system that is directly controlled by the insurance underwriters. The present invention can also be implemented in conjunction with an application service provider, thus eliminating the need to continually update diverse software products . Those skilled in the art will further appreciate the advantages and superior features of the invention together with other important aspects thereof on reading the detailed description that follows in conjunction with the drawings.

BRIEF DESCRIPTION OF THE DRAWINGS FIGURE 1 is a diagram of a system for providing insurance rating data in accordance with an exemplary embodiment of the present invention; FIGURE 2 is a diagram of a system for providing insurance rating data having additional features in accordance with an exemplary embodiment of the present invention;

FIGURE 3 is a diagram of a system for providing an agent interface to an insurance rating system in accordance with an exemplary embodiment of the present invention;

FIGURE 4 is a diagram of a system for providing insurance underwriter access to an insurance rating system in accordance with an exemplary embodiment of the present invention;

FIGURE 5 is a flowchart of a method for adding Or modifying a rating engine to include new or modified policy information in accordance with an exemplary embodiment of the present invention; FIGURE 6 is a flowchart of a method for providing agent statistics in accordance with an exemplary embodiment of the present invention;

FIGURE 7 is a flowchart of a method for processing application data in accordance with an exemplary embodiment of the present invention; and

FIGURE 8 is a flowchart of a method for providing insurance policy statistics in accordance with an exemplary embodiment of the present invention. DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS In the description that follows, like parts are marked throughout the specification and drawings with the same reference numerals, respectively. The drawing figures might not be to scale, and certain components can be shown in generalized or schematic form and identified by commercial designations in the interest of clarity and conciseness.

FIGURE 1 is a diagram of a system 100 for providing insurance rating data in accordance with an exemplary embodiment of the present invention. System 100 allows agents and users to directly access insurance rating data from insurance underwriters without going through an intermediate rating software system, and allows insurance underwriters to directly modify and test the rating software that is used to provide rating data to users and agents. Thus, system 100 can provide more accurate data with less interaction between software systems than known systems for providing insurance rating data, plus additional functionality not found in known software systems. System 100 includes insurance rating system 102, which can be implemented in hardware, software, or a suitable combination of hardware and software, and which can be one or more software systems operating on one or more general purpose server platforms. As used herein, a software system can include one or more objects, agents, lines of code, threads, subroutines, separate software applications, two or more lines of code operating in two or more separate software applications, or other suitable software architectures, either on a computer-readable storage medium, in operation on one or more processors, or in other suitable configurations. In one exemplary embodiment, a software system can include one or more lines of code operating in a general purpose software application, such as an operating system, and one or more lines of code operating in a specific purpose software application.

Insurance rating system 102 receives insurance profile data for a user and analyzes the profile data to identify policies available from one or more insurance underwriters that match the profile data. Insurance rating system 102 also generates estimated premium data for the policies, based on premium algorithms provided by each insurance underwriter. Insurance rating system 102 allows insurance underwriters to access the policy risk profile rules and premium algorithms as needed to add policies, modify existing policies, or otherwise correct the policy risk profile rules and premium guideline data. Insurance rating system 102 can also provide access to insurance application systems of insurance underwriters either by directly interfacing with such systems or by connecting agents or users to an appropriate software system operating on the insurance underwriter's servers.

Insurance rating system 102 is coupled to user system 104, agent system 106, and underwriter system 108 by communications medium 110. As used herein, the term "couple" and its cognate terms such as "couples" and "coupled" can include a physical connection (such as through a copper conductor) , a virtual connection (such as through randomly assigned memory locations of a data memory device) , a logical connection (such as through logical devices of a semiconducting circuit) , other suitable connections, or a suitable combination of such connections . In one exemplary embodiment, systems and components can be coupled to other systems and components through intervening systems and components, such as through an operating system of a general purpose computing platform. User system 104, agent system 106, and underwriter system 108 can each be implemented in hardware, software, or a suitable combination of hardware and software, and can be one or more software systems operating on a general purpose computing platform. In one exemplary embodiment, these systems can be implemented as * . HTML or *.XML software, or other suitable software that is executed by an Internet browser system operating on a general purpose computing platform. User system 104 generates user prompts that request the user to enter profile data for insurance policies, to select insurance policies of interest, and to enter application information for the purpose of applying for insurance policy coverage. User system 104 also returns rating data from insurance rating system 102, transmits the profile data and the rating data between user system 104 and insurance rating system 102, and returns other suitable data that may be provided to the user from an insurance underwriter during the process of applying for insurance policy coverage.

Agent system 106 generates user prompts that request the user to enter profile data for insurance policies, to select insurance policies of interest, and to enter application information for the purpose of applying for insurance policy coverage. Agent system 106 further allows insurance agents to receive rating data from insurance rating system 102 and to perform insurance agency management functions, such as transmission of rating and application processing data to clients, storage of customer data, storage of quote data, bookkeeping, calendar functions, client development functions, and other suitable functions. Agent system 106 thus operates in conjunction with insurance rating system 102 to provide insurance agent office management functionality and rating functionality through a single interface.

Furthermore, each insurance agent may implement macros or other suitable programs for performing unique practices and processes that would otherwise be manpower intensive to implement. For example, one insurance agent may send marketing materials, a newsletter, promotional materials, or other materials out to each client holding a certain type of policy, whereas another insurance agent may send such materials only to clients that provide predetermined amounts of business to the insurance agent. Known systems for insurance agency management require agents to manually perform client screening, generation of mailing labels, and docketing of such activities. Agent system 106 allows an insurance agent to implement macros or other processes to perform all such functions, such that user-specified materials can be automatically generated with minimal user involvement, reports can be generated, email messages may be generated, or other suitable functions can be performed. Underwriter system 108 interfaces with insurance rating system 102 so as to add or modify policy risk profile rules and insurance premium algorithms, test policy risk profile rules and premium algorithms, release the policy risk profile rules and policy algorithms for public use, receive applications for insurance policies, and receive additional data concerning individual agents or groups of agents and how the insurance underwriter relates or compares to other insurance underwriters. Underwriter system 108 thus operates in conjunction with insurance rating system 102 to provide insurance rating functionality through insurance rating system 102 to agents and users, and to further allow the agents and users to submit applications for insurance policy coverage to underwriter system 108.

Communications medium 110 can be the Internet, a local area network, a wide area network, a wireless network, the public switched telephone system, or other suitable communications media that allow a plurality of systems to transmit and receive data.

In operation, system 100 provides insurance rating functionality and other functionality for use in the application process for insurance policy coverage. System 100 allows users and insurance agents to screen two or more insurance underwriters to select those having suitable insurance policy rates and coverage, and to submit applications for insurance policy coverage to the selected insurance underwriters. System 100 also allows insurance agents to perform other insurance agency management functions without requiring the insurance agents to re- enter, bridge, transfer or otherwise manually process or manipulate data, such that typical processes that may be manually implemented by each insurance agent can be automated through the use of macros or other suitable processes .

FIGURE 2 is a diagram of a system 200 for providing insurance rating data in accordance with an exemplary embodiment of the present invention. System 200 includes insurance rating system 102, agent interface system 202, rating engine 204, user interface system 206, and underwriter interface system 208, each of which can be implemented in hardware, software, or a suitable combination of hardware and software, and which can be one or more software systems operating on a general purpose server platform.

Agent interface system 202 further includes agency management system 210, application system 212, and agent statistics system 214. Agency management system 210 provides agency management functionality for use by insurance agents in providing services to clients that are interested in purchasing insurance policy coverage. For example, agency management system 210 can allow client profile data to be stored in a user-modifiable database, and can provide email functionality, calendar and scheduling functionality, macro functionality, and other suitable functions that allow insurance agents to manage a profile of clients. Agency management system 210 also allows insurance policy estimates, requests for quotes, applications, and other associated forms to be stored in a relational database that allows them to be readily associated with the client.

Application system 212 generates user prompts that request the user to enter rating request data, policy application data, and other suitable application data from agent system 106 and formats the data in a suitable form for submission to rating engine 204 and underwriter system 108. For example, application system 212 can include one or more application templates that are used to provide rating information by one or more insurance underwriter systems, one or more templates that are used to provide applications for insurance policy coverage to one or more underwriter systems 108, and other suitable insurance policy coverage application and format data. Application system 212 can also interface with agency management system 210 to store the application data for a given client in that client's profile data.

Agent statistics system 214 provides insurance agent statistics for one or more insurance agents. In one exemplary embodiment, agent statistics system 214 allows an agent to view statistics relating to that agent's own performance, such as number of inquiries submitted, number of applications submitted, number of policies underwritten, and other suitable information. Likewise, agent statistics system 214 allows an agent to view the statistics of one or more other agents where allowed. For example, security protocols may be implemented to prevent agents from viewing the statistics of other agents without permission. Thus, agents working for a single agency may be allowed to view the statistics of other agents working for that agency, but may not be authorized to view the statistics for agents not working for that agency. Likewise, agents can request industry-wide statistics based on types of agents, geographical locations of agents, ages of agents, experience background of agents, or other suitable agent characteristics . Rating engine 204 generates user prompts that request the user to enter profile data for applicants and returns rating data for the applicants that identifies existing policies available to the applicant based on the profile data and estimated premiums for those policies. For example, rating engine 204 can receive age data, geographical location data, risk profile data, and other suitable data for an applicant for life insurance, and can then apply that profile data to risk profile rules and algorithms provided by insurance underwriter systems to determine which insurance underwriter systems offer policies of interest to the applicant, which insurance underwriter systems will write a policy to the applicant based upon risk profile data, and the estimated premium for such policies. Rating engine 204 allows users of underwriter system 108 to add profiles, policies, risk profile rules, and premium algorithms such that each underwriter system 108 can directly add or edit the rating criteria used to provide rating estimates. Likewise, rating engine 204 can allow insurance underwriters to test new policies and edited policies to confirm that the information provided in accordance with the risk profile rules and premium algorithms is correct prior to releasing such new and edited policies for use by agents and users.

Rating engine 204 further includes risk screening system 216 and algorithm system 226. Risk screening system 216 can exclude policies from consideration for classes of individuals that have risk profile data meeting predetermined criteria. For example, some insurance underwriters may refuse to write life insurance policies for people who smoke. Risk screening system 216 allows this risk profile feature to be considered when selecting insurance underwriters that provide insurance policies of interest to the applicant. Risk screening system 216 can also be modified by a user of underwriter system 108 so as to allow the user of underwriter system 108 to change risk profiles or to add risk profiles for new or existing policies . Algorithm system 226 allows insurance underwriters to provide ratings algorithms, and further prevents unauthorized persons from viewing the ratings algorithm data. In one exemplary embodiment, each insurance underwriter can specify the variables, equations, formats, and other parameters of rating algorithms. These rating algorithms are then stored in secured data fields so that access to the algorithms by unauthorized persons, such as competing insurance underwriters, is prohibited. User interface system 206 includes user data system 218 and application system 220. User data system 218 generates user prompts that request the user to enter user profile data and provides additional assistance to inexperienced users, who, unlike agents, may not understand the meanings of various terms or who may have other requests for help or assistance that may need to be answered. In one exemplary embodiment, user data system 218 provides pull-down menu type selection fields, pop-up screens with explanatory material, or other information to assist users with making proper entries.

Application system 220 generates user prompts that request the user to enter application information for the purpose of applying for insurance policy coverage, can interface with user data system 218 to receive additional application data, and can interface with rating engine 204 and one or more underwriter system 108. For example, application system 220 can provide profile data for the purposes of receiving ^' rating data for insurance policy coverage from a plurality of insurance underwriters, and can then receive additional application data for a selected insurance underwriter to apply for insurance policy coverage with that insurance underwriter.

Underwriter interface system 208 includes rating engine interface 222 and contract statistics system 224. Rating engine interface 222 allows a user of underwriter system 108 to add or edit policy risk profile rules and rating algorithms so as to allow new policies to be added or existing policies to be edited. Rating engine interface 222 also allows policies that have been added or edited to be tested so as to confirm that the ratings estimates given and types of clients accepted by an underwriter system 108 are correct .

Contract statistics system 224 allows a user of underwriter system 108 to obtain contract statistics for the insurance underwriter, agents, and other insurance underwriters where authorized. In one exemplary embodiment, contract statistics system 224 can indicate the number of times that a ratings estimate was provided for policies provided by a particular underwriter system 108, the number of such requests that matured into an application, the number of applications that resulted in executed policies, and other suitable information. Contract statistics system 224 can also provide information on policies provided by other underwriter systems 108, such as types of policies, number of policies executed per application and rating request, and other suitable data. Contract statistics system 224 can further provide information on agent activity, such as number of policies executed by agent, number of times an agent recommended an insurance underwriter based upon total number of insurance underwriters, total number of policies submitted, or other suitable statistics. Contract statistics system 224 thus allows a user to determine which agents are giving the most business to which insurance underwriter, which insurance underwriters are getting the most policies for classes of clients, whether agents are directing clients to more expensive policies for certain insurance underwriters, and other suitable information.

In operation, system 200 allows insurance rating information to be provided for the purposes of selecting one or more insurance underwriters from a plurality of insurance underwriters that may offer^' policies or other insurance products. System 200 also allows applications to be submitted for insurance policies to selected insurance underwriters based upon the results of the screening. System 200 further allows statistical data to be compiled and tracked for agents and insurance underwriters to assist the agents and insurance underwriters with the identification of business trends, success or failure in attracting clients, and other important commercial data.

FIGURE 3 is a diagram of a system 300 for providing an agent interface to an insurance rating system in accordance with an exemplary embodiment of the present invention. System 300 includes agent system 106, client data system 302, agent data system 304, rating submission system 306, and application submission and tracking system 308, each of which can be implemented in hardware, software, or a suitable combination of hardware and software, and which can be one or more software systems operating on a general purpose computing platform. In one exemplary embodiment, these systems can be implemented as * . HTML or *.XML software that operates in conjunction with an Internet browser software application. Client data system 302 generates user prompts that request the user to enter predetermined data fields for client data. Client data system 302 can include different screen prompts depending upon the level of information requested and the insurance underwriter being interfaced with. For example, client data system 302 can request initial screening information, such as risk data, policy coverage data, age data, residence data, and other data to first identify one or more insurance underwriters offering a policy of interest. Client data system 302 can then request additional information based upon selected insurance underwriters, where the insurance underwriters can each specify different additional information that is requested. Client data system 302 then transmits the requested data to the corresponding insurance underwriter.

Agent data system 304 receives agent data and allows an agent to set up agent profiles, management profiles, macros, and other suitable data for use by the agent. In one exemplary embodiment, agent data system 304 allows an agent to structure an insurance office online so that client data files, scheduling, email, calendar functions, and other functions can be configured in accordance with the agent's business goals and policies. Thus, agent data system 304 provides an interface with agency management system 210 to facilitate the provision of user-configurable agency management services to agents.

Rating submission system 306 generates user prompts that request the user to enter rating data for an insurance underwriter rating system such as rating engine 204 of FIGURE 2 and to receive rating information based upon the submitted rating data. In one exemplary embodiment, rating submission system 306 receives client data from client data system 302 and formats the client data into a predetermined form that is compatible with the insurance underwriter rating system. Rating submission system 306 then interfaces with the insurance underwriter rating system and receives rate estimate data from the insurance underwriter rating system.

Application submission and tracking system 308 generates user prompts that request the user to enter policy coverage application data for insurance underwriters and allows the status of an application for an insurance policy to be tracked. Application submission and tracking system 308 can provide different data request forms as a function of the insurance underwriter company that is receiving the application. Application submission and tracking system 308 can also interface with client data system 302 and agent data system 304 so as to maintain consistency of data. After the application is received and processed by underwriter system 108, status data messages can be generated by underwriter system 108 to allow application submission and tracking system 308 to determine whether the application was accepted or rejected, whether a policy has issued, whether the policy has been renewed, or other suitable data. In operation, system 300 allows insurance agents to interface with an insurance rating system and insurance underwriter systems to obtain rate estimates and to apply for insurance policies. System 300 also allows agents to receive statistical information on agent performance for the individual agent, other selected agents, the industry, and other suitable groups. System 300 can also be modified to provide functionality to users in user system 104, such as by providing additional user-related functionality and additional prompt information for rating submission system 306 and application submission system 308. FIGURE 4 is a diagram of a system 400 for providing insurance underwriter access to an insurance rating system in accordance with an exemplary embodiment of the present invention. System 400 includes underwriter system 108 and underwriting rule system 402, rating test system 404, rating algorithm system 406, data format system 408, and application and policy processing system 410, each of which can be implemented in hardware, software, or a suitable combination of hardware and software, and which can be one or more software systems operating on a general purpose server platform.

Underwriting rule system 402 is used to provide underwriting risk profile rules data that define classes of individuals that can be insured under a given policy to insurance rating system 102, such as through the use of a predetermined interface protocol that is stored in a suitable data structure, through an operator interface, or through other suitable processes. In one exemplary embodiment, underwriting rule system 402 contains guideline data such as age guidelines, risk categories (such as smoker, drinker, family health history, and driving record) , and other suitable data for each insurance policy class so that the insurance policy can be flagged as being unavailable for users having risk profiles that do not meet the target risk profile. Thus, underwriting rule system 402 can be used to exclude classes of applicants from receiving ratings information for certain types of insurance policies. Rating test system 404 allows underwriter system 400 to perform tests on rating data provided for new or updated policies, such as through the use of a predetermined test sequence that is stored in a suitable data structure, through an operator interface, or through other suitable processes. In one exemplary embodiment, rating test system 404 can include a series of predefined test profiles that are executed by the insurance rating system based upon a new profile, and expected responses for the test data. In this manner, rating test system 404 can provide the test profile data and compare the received responses to the expected responses to verify that the new or edited profile will perform as desired.

Rating algorithm system 406 receives insurance premium rating algorithm data and formulas and provides them to insurance rating system 102, such as through the use of a predetermined interface protocol that is stored in a suitable data structure, through an operator interface, or through other suitable processes. For example, rating algorithm system 406 can perform mathematical analysis of predetermined data, such as risk data, applicant data, estimated cost data, and premium data needed to cover the estimated cost data so as to provide a premium rate in response to an application. Data format system 408 allows one or more data formats to be selected for use with other systems that are coupled to underwriter system 108, such as through the use of a data format recognition system, through a data format identifier that is stored in a suitable data structure, through an operator interface, or through other suitable processes. In one exemplary embodiment, data format system 408 is used to ensure that application data is submitted in a suitable format, such as EDI or ANSI format, so that the data can be processed by internal data processing equipment of a given insurance underwriter. Application and policy processing system 410 receives application data from insurance rating system 102 or agent system 106 and determines whether a policy should be issued for the applicant, such as through the policy rating data and risk profile rule data, through an operator-assisted process, or by other suitable processes. Application and policy processing system 410 can generate application status messages for transmission to user system 104, agent system 106, or other suitable systems, such as a request for additional data, application rejection data, application acceptance data, payment request data, policy renewal data, or other suitable data. In this manner, application and policy tracking system can provide data to user system 104, agent system 106, and other suitable systems to allow the status of the application and policy to be tracked. In operation, system 400 allows an insurance underwriter company to interface with an insurance rating system so as to provide correct insurance risk profile rule data and premium algorithm data and to obtain additional statistical data on the types of insurance policies provided by other insurance underwriter companies, the types of policies purchased by a relevant group of persons, the types of policies offered by agents, and other suitable information.

FIGURE 5 is a flowchart of a method 500 for adding or modifying a rating engine to include new or modified policy information in accordance with an exemplary embodiment of the present invention. Method 500 allows insurance underwriters to directly add or modify policy risk profile rule data and rating engine algorithm data without having to interface through a third party. Method 500 begins at 502 where policy identifier data is received. The policy identifier data can identify an existing policy, or can be provided for a new policy that is being entered or tested. The method then proceeds to 504 where policy risk profile rule data is received. Policy risk profile rule data can include risk classes of applicants that are not offered certain insurance products, and other suitable risk profile rules. The method then proceeds to 506 where rating algorithm data is received. The rating algorithm data can include data fields and associated variables that are applied to application data to develop policy price data for new policies, modification data for data fields or variables of existing policies, or other suitable data. The method then proceeds to 508.

At 508, the new policy data is stored. For example, if the policy identifier received at 502 indicates that an existing policy is being modified, the modified policy data is stored such that the existing policy data is replaced by the modified policy data. The existing policy data can also be stored as a previous version to allow the existing policy data to be recalled in the event problems exist with the modified policy data. Otherwise, if a new policy is being created, the new policy data is stored in a manner that uniquely identifies the new policy for consideration when rating information is requested. The method then proceeds to 510.

At 510, testing of the new or modified policy data is performed. For example, testing can include running one or more test profiles through the rating engine to determine whether the response to the test profile is an appropriate response. The response to the test profile may be compared with a predetermined appropriate response, or other suitable functions can be performed. The method then proceeds to 512 where it is determined whether the test result was acceptable. If the test result was not acceptable, the method proceeds to 516 where the policy data is modified or corrected. For example, the result received may indicate that some error exists with policy risk profile rules, the policy premium algorithm, or other data. The policy risk profile rules or algorithm data can be displayed at 516 such that a quick check can be performed. Other suitable error- checking procedures can be used. After the policy data is modified or corrected at 516, the method returns to 510. If it is determined at 512 that an acceptable test result has been received, then the method proceeds to 514 where the rating engine is modified to include the new policy data. In operation, method 500 allows policy data to be added or modified in a rating engine so as to provide new policy options or to correct or revise additional policy options for insurance policies offered by underwriting companies. Method 500 allows the insurance underwriters to directly interface with a rating engine and to test the modifications or new policies added to the rating system. In this manner, the insurance underwriter does not need to rely on third parties that design rating software in order to add or modify policy risk profile rules and rating algorithms. FIGURE 6 is a flowchart of a method 600 for providing agent statistics in accordance with an exemplary embodiment of the present invention. Method 600 allows individual or group agent statistics to be provided to agents, insurance underwriters, or other interested parties.

Method 600 begins at 602 where a request for agent statistics is received. In one exemplary embodiment, the request can be received from an agent, an insurance underwriter, or other suitable sources, such that the source of the request is identified in the request. The method then proceeds to 604 where it is determined whether individual or group statistics have been requested. If it is determined that individual statistics have been requested, the method proceeds to 606.

At 606, comparative company data is compiled for an individual agent. In one exemplary embodiment, the type of comparative company information compiled for each agent depends on whether the request was received from that agent, other agents, or an insurance underwriter. For example, comparative company data provided to the requesting agent may include information specific to that agent that might not otherwise be provided to other agents or insurance underwriters. In this exemplary embodiment, the individual agent can restrict the amount of data that will be provided to other agents or insurance underwriters, and such restriction can also be conditional on the type of information that will be provided to that agent on other individuals or insurance underwriters. Thus, additional information can be provided to the agent on other agents or insurance underwriters if the agent allows additional information regarding his own policy writing and submission procedures and statistics to be presented to others.

Comparative company data for an agent can likewise include all companies for which rating requests were received, the percentage of applications submitted for each company based on the rating request, the number of companies for which an application was made without a request for rating information, the number of times that an application was submitted for a policy when the company did not have the best premium data, and other suitable information. If the request for individual statistics is from another individual that has been given permission to view the individual statistics or from a company that has been given permission to view the statistics, other suitable information can be provided. The method then proceeds to 608.

At 608, comparative policy data is compiled for the agent. For example, policy coverage limits, policy choices from classes of policies, or other suitable policy data can be compiled and tabulated so as to provide information on the types of policies written by an agent. The method then proceeds to 610 where a report is generated.

If it is determined at 604 that group statistics have been requested, the method proceeds to 612 where comparative company data is compiled for a group of agents. For example, the group of agents can be a group of agents working for a single agency, a group of agents working in a particular sector of the geographic sector of the country, or other suitable groups. The comparative company data can further include underwriting companies to which contracts were applied for, underwriting companies for which rating information was received, and other suitable data. The method then proceeds to 614. At 614, comparative policy data is compiled for the group. For example, the comparative policy data can identify policies written, types of policies selected and requested, percentage of policies given to a particular insurance underwriter as a function of the number of times the insurance underwriter was selected for a rating estimate, and other suitable comparative policy data. The method then proceeds to 616 where a report is generated.

In operation, method 600 is used to provide statistics data on agent performance for the submission of requests for rating information, the submission of applications for policies, the number of policies written, and other suitable statistics data. Method 600 allows agents' performance to be compared on an agent-by-agent basis, to groups of agents, and in comparison to an agent's relationship to one or more companies, such that a company can identify agents that are responsible for a large amount of business being provided to the company, agents that provide very little information or business to a company, or other suitable information.

FIGURE 7 is a flowchart of a method 700 for processing application data in accordance with an exemplary embodiment of the present invention. Method 700 allows agents or users to interface with an insurance rating system and to select insurance underwriters with which to apply for policies based upon the results received from an insurance rating estimate . Method 700 begins at 702 where application data is received. The application data can include predetermined selected classes of application data that are common to all insurance underwriters, such as for the purpose of selecting one or more insurance underwriters that may have a policy of interest for the applicant. Macros or other suitable procedures can also be performed, such as storing the applicant's birthdate in a data file for the generation of a birthday card, storing the applicant's automobile type in a data file for entering the applicant in an automobile club, or other suitable functions. The method then proceeds to 704.

At 704, policies of interest are excluded based upon risk profile rules. For example, insurance underwriters may establish risk profile rules regarding types of persons that are eligible for certain policies, such that risk classes of persons can be excluded from consideration. The method then proceeds to 706.

At 706, rates are calculated for the policies that were not excluded at step 704. These rates can be based upon premium algorithms provided by the insurance underwriters. For example, premium algorithms may include factors such as age, type of policy, sex, weight, or other suitable factors that may have an effect on the risks and expected benefits that may be paid to an insured. The method then proceeds to 708. At 708, the results of the rating analysis are provided. For example, the policies offered by the insurance underwriters and the estimated premium for each policy can be presented. Additional information can be presented on restrictions, requirements, or other suitable information. The method then proceeds to 710 where it is determined whether the application data was received from an agent or an individual user. If an agent requested the application data, the method proceeds to 712 where the results are stored, such as in an agency management system user^' file so that they can be easily retrieved in the future. Otherwise, the method proceeds to 714. At 714, a policy and company selection is received.

The method then proceeds to 716 where additional application data is collected that may be required for that specific insurance underwriter and the completed application is then transmitted to the insurance underwriter.

In operation, method 700 allows rate data for insurance policies to be provided through a single interface such that additional information does not have to be entered for different insurance underwriters, and so as to increase the reliability of rating information provided for each insurance underwriter. Method 700 helps to eliminate the potential for incorrect information to be used or provided in rating. Method 700 allows information to be entered a single time into a single system, as opposed to known systems and methods in which information must be repeatedly entered into a plurality of software systems. Method 700 also allows macros to be implemented to automate functions that . may be desired by an agent and which would otherwise need to be performed manually. FIGURE 8 is a flowchart of a method 800 for providing insurance policy statistics in accordance with an exemplary embodiment of the present invention. Method 800 allows insurance underwriters, agents, and other interested parties to receive policy statistics based upon the policies written by various insurance underwriters.

Method 800 begins at 802 where a request for policy statistics is received. Additional information regarding the request can also be received, such as whether the request is received from an agent, the insurance underwriter for which policy statistics are requested, whether the requester is a different insurance underwriter than the one for which the information is requested, or other suitable information. The method then proceeds to 804.

At 804, comparative policy data is compiled by insurance underwriter. For example, the comparative policy data can compare a target insurance underwriter to all other insurance underwriters, can compare policies written for that insurance underwriter against each other, can compare policies written by that insurance underwriter for a given agent against all other agents, or other suitable policy data can be compiled. The method then proceeds to 806.

At 806, comparative policy data is compiled in accordance with the region in which the policy was written. For example, policy data can be compiled to indicate whether policies were written in particular regions, the amounts for which policies were written in particular regions, whether policies are offered in those regions by certain insurance underwriters, or other suitable information. The method then proceeds to 808. At 808, a report is generated that includes the policy statistics of interest. In operation, method 800 allows policy statistics to be compiled for one or more insurance underwriters through a centralized rating system. Method 800 allows comparative policy data to be assembled on a company-by-company basis, such as to determine insurance underwriters that write a large number of policies of a certain type, a small number of policies of a certain type, or other suitable information. Method 800 also allows regional analysis of policy writing to be performed, such as to identify companies that write large numbers of policies in certain regions for certain types of coverage so as to identify potential markets for new insurance products. Although exemplary embodiments of a system and method for providing insurance rating have been described in detail herein, those skilled in the art will also recognize that various substitutions and modifications can be made to the systems and methods without departing from the scope and spirit of the appended claims.

Claims

WHAT IS CLAIMED IS

1. A system for providing insurance application data comprising : an agent system receiving profile data; an insurance rating system coupled to the agent system, the insurance rating system receiving the profile data and generating insurance rating data in response to the profile data, risk profile rule data, and one or more rate algorithms; and an underwriter system coupled to the insurance rating system, the underwriter system providing risk profile rule data and one or more rate algorithms to the insurance rating system.

2. The system of claim 1 wherein the insurance rating system further comprises an agency management system storing client data for one or more insurance agents.

3. The system of claim 1 wherein the insurance rating system further comprises an application system receiving the profile data and additional application data from the agent system and providing the profile data and the additional application data to the underwriter system.

4. The system of claim 1 wherein the insurance rating system further comprises an agent statistics system compiling data on the number of insurance contracts each of a plurality of agents places with each of a plurality of underwriters, and the number of times an identity of each of the plurality of underwriters is included in the insurance rating data.

5. The system of claim 1 wherein the insurance rating system further comprises a contract statistics system compiling data on the number of insurance contracts each of a plurality of underwriters receives.

6. The system of claim 1 wherein the agent system further comprises an agent data system receiving macro data and performing one or more user-selectable tasks in response to the macro data.

7. The system of claim 1 wherein the underwriter system further comprises a rating test system providing rating test data to the insurance rating system, receiving response data from the insurance rating system, and determining whether the response data matches expected response data.

8. The system of claim 1 wherein the agent system comprises a user system and the insurance rating system further comprises a user data system providing explanatory data to the user system.

9. A system for compiling insurance underwriting statistics comprising: an agent interface system receiving profile data and application data; a rating engine coupled to the agent interface system, the rating engine receiving the profile data and generating insurance rating data in response to the profile data, risk profile rule data, and one or more rate algorithms; an underwriter interface system coupled to the agent interface system, the underwriter interface system receiving the application data from the agent interface system; and wherein the agent interface system compiles agent statistics on the profile data and the application data received from a plurality of agents .

10. The system of claim 9 wherein the underwriter interface system receives policy completion data and compiles underwriter statistics on the profile data, the application data, and the policy completion data received from a plurality of underwriters.

11. The system of claim 9 wherein the agent interface system further comprises an agent statistics system that compiles the agent statistics.

12. The system of claim 10 wherein the underwriter interface system further comprises an underwriter statistics system that compiles the underwriter statistics.

13. A method for providing insurance data comprising: receiving insurance profile data; selecting rating data based on the insurance profile data, risk profile rule data, and one or more rate algorithms ; transmitting the rating data to a user; receiving policy application data; and transmitting the policy application data to an underwriter system.

14. The method of claim 13 further comprising receiving the risk profile rule data and the one or more rate algorithms from an underwriter.

15. The method of claim 14 further comprising: receiving test data from the underwriter; processing the test data using the risk profile rule data and the one or more rate algorithms to generate response data; and releasing the risk profile rule data and the one or more rate algorithms for use if the response data matches expected response data.

16. The method of claim 13 further comprising storing the rating data for future use by an agent.

17. The method of claim 13 further comprising: storing the insurance profile data, the rating data, and the policy application data; and generating statistical data based on the insurance profile data, the rating data, and the policy application data .

18. The method of claim 13 further comprising: receiving policy issuance data from the underwriter system; storing the insurance profile data, the rating data, the policy application data, and the policy issuance data; and generating statistical data based on the insurance profile data, the rating data, the policy application data, and the policy issuance data.

19. An insurance rating system comprising: a rating engine receiving risk profile rule data and one or more rate algorithms from one or more underwriter systems; an agent interface system coupled to the rating engine, the agent interface system receiving profile data and providing the profile data to the rating engine system; and wherein the rating engine processes the profile data and generates insurance rating data.

20. The system of claim 19 further comprising an underwriter interface system coupled to the rating engine, the underwriter interface system receiving the risk profile rule data and the one or more rate algorithms from an underwriter system and providing the risk profile rule data and the one or more rate algorithms to the rating engine.

21. The system of claim 19 wherein the agent interface system further comprises an agency management system that stores the profile data.

22. The system of claim 19 wherein the agent interface system further comprises : an application system that receives policy application data and provides the policy application data to one or more of the underwriter systems; and wherein the one or more underwriter systems provide one or more data messages in response to the policy application data.