Patent Issued for System to predict impact of existing risk relationship adjustments (USPTO 11461853): Hartford Fire Insurance Company

2022 OCT 20 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Alexandria, Virginia, NewsRx journalists report that a patent by the inventors Coonrod, Lane Garrison (West Hartford, CT, US), Gittings, Michael R. (Baltimore, MD, US), Hay, Jeffery T. (Avon, CT, US), filed on October 18, 2021, was published online on October 4, 2022.

The patent’s assignee for patent number 11461853 is Hartford Fire Insurance Company (Hartford, Connecticut, United States).

News editors obtained the following quote from the background information supplied by the inventors: “An enterprise may enter into risk relationships with entities. For example, an insurance company may issue insurance policies to insured to help protect them from unexpected occurrences. Such an enterprise may enter into different types of risk relationships with different types of entities. Moreover, various types of relationships and entities may be associated with different risk characteristics that can vary over time. As a result, it can be difficult for an enterprise to predict future values associated with these characteristics. In some cases, an enterprise might take ad hoc analysis approach to manually test out different scenarios. This technique, however, can be a difficult and error prone process, making it hard to understand inherent trade-offs and/or expected impacts to key performance indicators that may result from even minor modifications.

“As a result, improved ways to facilitate prediction of future key metric changes for risk relationships may be desired.”

As a supplement to the background information on this patent, NewsRx correspondents also obtained the inventors’ summary information for this patent: “According to some embodiments, systems, methods, apparatus, computer program code and means may facilitate prediction of future key metric changes for risk relationships. In some embodiments, existing risk relationship data store may contain electronic records, each electronic record including a risk relationship identifier and a risk relationship characteristic for an existing risk relationship between an enterprise and an entity. A prediction platform may receive electronic records associated with a set of existing risk relationships along with an indication of a future adjustment to a parameter associated with the set of existing risk relationships. The prediction platform may then automatically calculate a projected future impact to a key metric for the set of existing risk relationships based on the future adjustment to the parameter. A rendering platform may receive the projected future impact to the key metric and present an interactive graphical user interface, including an indication of projected future impact, to an administrator.

“Some embodiments comprise: means for receiving, at a prediction platform from an existing risk relationship data store, electronic records, each electronic record including a risk relationship identifier and a risk relationship characteristic for an existing risk relationship between the enterprise and an entity; means for receiving an indication of a future adjustment to a parameter associated with the set of existing risk relationships; means for automatically calculating a projected future impact to a key metric for the set of existing risk relationships based on the future adjustment to the parameter; and means for presenting, by a rendering platform, an interactive graphical user interface, including an indication of projected future impact, to an administrator.

“A technical effect of some embodiments of the invention is an improved, secure, and computerized method to facilitate prediction of future key metric changes for risk relationships. With these and other advantages and features that will become hereinafter apparent, a more complete understanding of the nature of the invention can be obtained by referring to the following detailed description and to the drawings appended hereto.”

The claims supplied by the inventors are:

“1. A system associated with an insurer, comprising: an existing insurance policy data store containing electronic records, each electronic record including an insurance policy identifier and a risk relationship characteristic for an existing insurance policy between the insurer and an insured; a prediction platform, coupled to the existing insurance policy data store, including: computer processor, and a computer memory coupled to the computer processor and storing instructions that, when executed by the computer processor, cause the prediction platform to: train a predictive model using data records of historical claim transactions and information about policy renewal events, train the predictive model with some current claims data such that the predictive model adapts itself to changing event impacts and damage amounts, use feedback to improve performance of the predictive model, receive electronic records associated with a set of existing insurance policies, receive an indication of a future premium change associated with the set of existing insurance policies, automatically calculate a projected future impact to an issue rate for the set of existing insurance policies based on the future premium change, automatically calculate a projected future impact to telephone call volume based on the future premium change to help allocate telephone call center resources and improve the performance of the system, and generate and transmit a graph reflecting predicted telephone call center volume following the future premium change; and a rendering platform, coupled to the prediction platform, to receive the projected future impact to the issue rate and present an interactive graphical user interface, including an indication of projected future impact, to an administrator, wherein the user interface graphically displays: (i) a quote count, (ii) a pre-actual marker, (iii) a post-actual marker, and (iv) a post-estimate marker, wherein the rending platform receives user-selectable filter information, including a map level filter and a cohort filter, and transmits information in accordance with the filter information to present the interactive graphical user interface without transmitting information not in accordance with the filter information, thereby reducing a number of electronic messages that are transmitted and improving operation of the system.

“2. The system of claim 1, wherein the automatically calculated projected future impact to the issue rate is further based on geographic locations of the existing insurance policies.

“3. The system of claim 1, wherein the prediction platform is associated with at least one of: (i) a spreadsheet application, and (ii) a web-based tool.

“4. The system of claim 1, wherein the interactive graphical user interface displays, for each of a plurality of years: (i) a currently projected issue rate value, (ii) a proposed projected issue rate value, and (iii) a percentage change between the currently projected issue rate value and the proposed projected issue rate value.

“5. The system of claim 1, wherein the user interface displays insurance policy renewal telephone call values and insurance policy non-renewal telephone call values.

“6. The system of claim 1, wherein the user interface displays telephone call rates associated with a range of insurance premium changes.

“7. The system of claim 1, wherein the user interface displays a total call volume associated with a range of insurance policy dates.

“8. The system of claim 1, wherein the prediction platform further receives an indication of a future adjustment to at least one of: (i) organization membership status, (ii) an organization membership year count, (iii) an account credit, (iv) advance quote days, (v) an at fault accident count, (vi) a business insurance limit, (vii) a comparative rater indicator, (viii) a coverage package, (ix) a driver count, and (x) a home owner credit.

“9. The system of claim 1, wherein the user interface displays a mapping image of the projected future impact to the issue rate.

“10. A computerized method associated with a system operated by an insurer, comprising: training a predictive model using data records of historical claim transactions and information about policy renewal events, training the predictive model with some current claims data such that the predictive model adapts itself to changing event impacts and damage amounts; using feedback to improve performance of the predictive model; receiving, at a computer processor of prediction platform from an existing insurance policy data store, electronic records, each electronic record including an insurance policy identifier and a risk relationship characteristic for an existing insurance policy between the insurer and an insured, said electronic records associated with a set of existing insurance policies; receiving an indication of a future premium change associated with the set of existing insurance policies; automatically calculating a projected future impact to an issue rate for the set of existing insurance policies based on the future premium change; automatically calculating a projected future impact to telephone call center volume based on the future premium change to help allocate telephone call center resources and improve performance of the system; presenting, by a rendering platform, an interactive graphical user interface, including an indication of projected future impact, to an administrator, wherein the user interface graphically displays: (i) a quote count, (ii) a pre-actual marker, (iii) a post-actual marker, and (iv) a post-estimate marker, wherein the rending platform receives user-selectable filter information, including a map level filter and a cohort filter, and transmits information in accordance with the filter information to present the interactive graphical user interface without transmitting information not in accordance with the filter information, thereby reducing a number of electronic messages that are transmitted and improving operation of the system; and generating and transmitting a graph reflecting predicted telephone call center volume following the future premium change.

“11. The method of claim 10, wherein the automatically calculated projected future impact to the issue rate is further based on geographic locations of the existing insurance policies.

“12. The method of claim 10, wherein the prediction platform is associated with at least one of: (i) a spreadsheet application, and (ii) a web-based tool.

“13. The method of claim 10, wherein the interactive graphical user interface displays, for each of a plurality of years: (i) a currently projected issue rate value, (ii) a proposed projected issue rate value, and (iii) a percentage change between the currently projected issue rate value and the proposed projected issue rate value.

“14. The method of claim 10, wherein the user interface displays insurance policy renewal telephone call values and insurance policy non-renewal telephone call values.

“15. The method of claim 10, wherein the user interface displays telephone call rates associated with a range of insurance premium changes.

“16. The method of claim 10, wherein the user interface displays a total call volume associated with a range of insurance policy dates.

“17. The method of claim 10, wherein the prediction platform further receives an indication of a future adjustment to at least one of: (i) organization membership status, (ii) an organization membership year count, (iii) an account credit, (iv) advance quote days, (v) an at fault accident count, (vi) a business insurance limit, (vii) a comparative rater indicator, (viii) a coverage package, (ix) a driver count, and (x) a home owner credit.

“18. The method of claim 10, wherein the user interface displays a mapping image of the projected future impact to the issue rate.”

There are additional claims. Please visit full patent to read further.

For additional information on this patent, see: Coonrod, Lane Garrison. System to predict impact of existing risk relationship adjustments. U.S. Patent Number 11461853, filed October 18, 2021, and published online on October 4, 2022. Patent URL: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=11461853.PN.&OS=PN/11461853RS=PN/11461853

(Our reports deliver fact-based news of research and discoveries from around the world.)