System for adjusting insurance for a building structure through the incorporation of selected technologies
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United States of America Patent
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Mar 18, 2014
Grant Date -
Jan 3, 2013
app pub date -
Sep 14, 2012
filing date -
Sep 4, 2003
priority date (Note) -
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Abstract
A method and computerized system is disclosed for managing the underwriting, quoting and binding an insurance policy with regard to the technology used to militate against the financial consequences of property losses. The invention utilizes a classifier for categorizing and weighing risk, composed of data representing in an identified building, a first unmitigated insurance risk and a second insurance risk, based upon the use of certain technology. A plurality of such weights are summed such that the weights generate a minimized risk for a building structure under consideration. Combinations of technologies employed in building structures are mapped to classifications, which then permits an underwriter to establish a premium. In another aspect of the invention, data structures representing the quantification of risk reduction attendant a given technology or product are chained into a plurality of decision trees that process a construction phase and a pruning phase.
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