Patent Issued for Systems and methods to evaluate application data (USPTO 11625788): United Services Automobile Association

2023 APR 28 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- According to news reporting originating from Alexandria, Virginia, by NewsRx journalists, a patent by the inventors Brocker, Troy Avon (San Antonio, TX, US), Garza, Erika (San Antonio, TX, US), Ginther, Mark (San Antonio, TX, US), filed on February 28, 2018, was published online on April 11, 2023.

The assignee for this patent, patent number 11625788, is United Services Automobile Association (San Antonio, Texas, United States).

Reporters obtained the following quote from the background information supplied by the inventors:

“1. Field of Invention

“The present disclosure relates generally to systems and methods to evaluate application data, and more particularly to a predictive analysis process and system.

“2. Description of the Related Art

“There are many variables to consider when it comes to issuing insurance policies. Rate integrity can fluctuate greatly with all the different variables to evaluate. A one-size-fits-all approach may force insurance policyholders to pay much greater premiums than necessary to obtain coverage. Inaccuracies in policy information can also result in additional costs to both the insured and the insurer. Evaluating the risks associated with insuring an applicant and modeling data associated with that applicant can help an insurer obtain a more accurate representation of its customers.”

In addition to obtaining background information on this patent, NewsRx editors also obtained the inventors’ summary information for this patent: “The present disclosure introduces systems and methods to evaluate application data. A computer system to evaluate application data is described. In one embodiment, a data module may be used to receive application data and validate the application data against at least one secondary data source. A predictive modeling module may be used to model the application data by applying predictive analytics. Further, a confidence level module may be used to calculate a confidence level factor and at least one aggregate degree of confidence level to evaluate an application. Other embodiments are also described.

“This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the detailed description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.

“An illustrative aspect of the invention relates to a computer-implemented method for processing and evaluating application data for an insurance policy in a remote computer processing system. The method including the steps of receiving application data relating to an insurance policy and validating the application data against at least one secondary data source. A predictive is determined by applying predictive analytics preferably using a plurality of variables to determine the predictive and a confidence level is determined for each of the plurality of variables. Contingent upon the predictive, an insurance policy is issued if the aggregate confidence level is within a predetermined threshold, and if the aggregate confidence level is not within a predetermined threshold, issuance of the issuance policy is denied.”

The claims supplied by the inventors are:

“1. A computer implemented application evaluation method for processing and evaluating insurance application data for an insurance policy for issuance from a company, the method comprising the steps of: receiving, by a computer processor, application data via an Internet coupled computer network for an insurance policy regarding an applicant wherein said application data includes a plurality of variables and wherein the plurality of variables comprises individual risk and rate variables associated with the applicant; validating, by the computer processor, the application data received from the Internet coupled computer network against data from secondary data sources received from the Internet coupled computer network wherein the secondary data sources are third parties relative to the applicant and to the company; applying, by the computer processor, predicative analytics by modeling the application data and the data from the secondary data sources, and predicting, by the computer processor, a plurality of behavior patterns associated with the application data by extracting information from both the application data and the data from the secondary data sources; determining, by the computer processor, a degree of confidence level factor for each of the plurality of the predicted behavior patterns associated with the application data wherein each of the confidence level factor estimates the reliability of the modeling performed by the predictive analytics calculating, by the computer processor, at least one aggregate confidence level by aggregating two or more determined degree of confidence level factors wherein calculating the at least one aggregate confidence level includes weighing certain risk and rate variables included in the application data; and issuing, by the computer processor, an insurance policy from the company to the applicant when the at least one aggregate confidence level is determined within a predetermined threshold prescribed for the at least one aggregate confidence level.

“2. The computer method as recited in claim 1, further including: indicating, by the computer processor, that an insurance policy will not issue to the applicant when the aggregate confidence level is outside the predetermined threshold for the aggregate confidence level.

“3. A computer system for processing and evaluating insurance application data for an insurance policy for issuance from a company, comprising: a memory configured to store instructions; a processor disposed in communication with said memory, wherein said processor upon execution of the instructions is configured to provide: a data module for: 1) receiving application data via an Internet coupled computer network for an insurance policy regarding an applicant wherein said application data includes a plurality of variables and wherein the plurality of variables comprises individual risk and rate variables associated with the applicant; and 2) validating the application data received from the Internet coupled computer network against data from secondary data sources received from the Internet coupled computer network wherein the secondary data sources are third parties relative to the applicant and to the company; a predictive modeling module for applying predicative analytics by modeling the application data and the data from the secondary data sources, and predicting, by the computer processor, a plurality of-behavior patterns associated with the application data by extracting information from both the application data and the data from the secondary data sources; a confidence module for: 1) determining a degree of confidence level factor for each of the plurality of the predicted behavior patterns associated with the application data wherein each of the confidence level factor estimates the reliability of the modeling performed by the predictive analytics; and 2) calculating at least one aggregate confidence level by aggregating two or more determined degree of confidence level factors wherein calculating the at least one aggregate confidence level includes weighing certain risk and rate variables included in the application data; and a policy module for issuing an insurance policy from the company to the applicant when the at least one aggregate confidence level is determined within a predetermined threshold prescribed for the at least one aggregate confidence level.

“4. The computer system as recited in claim 3, where in the policy module further: issues an insurance policy to the applicant when the aggregate confidence level is within a predetermined threshold for the aggregate confidence level; and indicates an insurance policy will not issue to the applicant when the aggregate confidence level is outside the predetermined threshold for the at least one aggregate confidence level.

“5. A non-transitory computer readable storage medium and one or more computer programs embedded therein, the computer programs comprising instructions, which when executed by a computer system, cause the computer system to: receive application data via an Internet coupled computer network for an insurance policy regarding an applicant wherein said application data includes a plurality of variables and wherein the plurality of variables comprises individual risk and rate variables associated with the applicant; validate the application data received from the Internet coupled computer network against data from secondary data sources received from the Internet coupled computer network wherein the secondary data sources are third parties relative to the applicant and to the company; apply predicative analytics by modeling the application data and the data from the secondary data sources, and predicting, by the computer processor, a plurality of behavior patterns associated with the application data by extracting information from both the application data and the data from the secondary data sources; determine a degree of confidence level factor for each of the plurality of the predicted behavior patterns associated with the application data wherein each of the confidence level factor estimates the reliability of the modeling performed by the predictive analytics; calculate at least one aggregate confidence level by aggregating two or more determined-degree of confidence level factors wherein calculating the at least one aggregate confidence level includes weighing certain risk and rate variables included in the application data; and issue an insurance policy from the company to the applicant when the at least one aggregate confidence level is determined within a predetermined threshold prescribed for the at least one aggregate confidence level.

“6. The non-transitory computer readable storage medium as recited in claim 5, wherein the computer system further caused to indicate an insurance policy will not issue to the applicant when the aggregate confidence level is outside the predetermined threshold for the at least one aggregate confidence level.”

For more information, see this patent: Brocker, Troy Avon. Systems and methods to evaluate application data. U.S. Patent Number 11625788, filed February 28, 2018, and published online on April 11, 2023. Patent URL (for desktop use only): https://ppubs.uspto.gov/pubwebapp/external.html?q=(11625788)&db=USPAT&type=ids

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