Methods for grid-based rating insurance products using a programmed computer system
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United States of America Patent
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May 27, 2014
Grant Date -
Aug 29, 2013
app pub date -
Mar 27, 2013
filing date -
Sep 10, 2010
priority date (Note) -
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Abstract
A method for rating insurance products using a programmed computer system comprising: receiving a coordinate pair comprising a longitude and a latitude of a location; determining a target coordinate grid block bounded by latitude and longitude lines, which grid block is associated with the coordinate pair; querying a database for a first set of existing data associated with the target coordinate grid block, wherein the existing data was associated with the target coordinate grid block prior to receiving the coordinate pair; querying a database for a second set of existing data associated with a regulator, which regulates insurance policies in a geographic area comprising the location; and calculating a pure premium based on constant values and an analysis of the data in the first set and the second set.
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