Systems And Methods For Grid-Based Insurance Rating
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United States of America Patent
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Issued Date -
Dec 5, 2013
app pub date -
Aug 5, 2013
filing date -
Sep 10, 2010
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Abstract
A computer-implemented method for providing an insurance rate associated with a particular location may include: storing insurance-related data associated with each of a plurality of geographic areas, determining a particular geographic area corresponding with the particular location, retrieving from storage insurance-related data associated with a subset of the geographic areas, calculating a credibility factor based on the quantity of the retrieved insurance-related data, determining that the credibility factor is below a target credibility threshold, and, in response to determining that the credibility factor is below the target credibility threshold, increasing the subset of geographic areas, retrieving from storage insurance-related data for the increased subset of geographic areas, calculating an updated credibility factor that meets or exceeds the target credibility threshold, calculating an insurance rate based at least on the retrieved insurance-related data associated with the increased subset of geographic areas, and communicating the calculated insurance rate to a user.
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