System and network for tiered optimization
Methods, systems, and computer-readable media, and apparatuses for optimizing policy underwriting and insurance policy coverage are described herein. Insurance information related to a new homeowner insurance policy may be retrieved from one or more insurance system databases. The insurance information may comprise an insurance policy premium. An unrestrained rating plan premium may be determined based on a plurality of premium components. The plurality of premium components may comprise at least one multiplicative factor and at least one additive factor determined from the insurance information. An underwriting score may be determined based on the unrestrained rating plan premium and the insurance policy premium. In response to determining that the underwriting score fails to meet a predetermined underwriting score threshold, the new homeowner insurance policy may be rejected.
1 . A system, comprising:
one or more system databases providing information related to a policy, the information including a policy premium;
an inspection module communicably coupled to the one or more system databases, the inspection module being configured to:
retrieve, from the one or more system databases, inspection information corresponding to a physical inspection of an asset associated with the policy premium and the policy, the inspection information including a plurality of rejection conditions, wherein the inspection module optimizes an inspection process by implementing an inspection optimization algorithm, and wherein the inspection optimization algorithm determines whether to waive mitigation of rejection conditions of the plurality of rejection conditions included within the inspection information; and
determine, using the inspection optimization algorithm, that the inspection information includes at least one rejection condition of the plurality of rejection conditions that requires mitigation;
an unrestrained premium module communicably coupled to the inspection module and the one or more system databases, the unrestrained premium module being configured to:
generate, based on the determination by the inspection module that the at least one rejection condition requires mitigation to facilitate issuance of the policy, an unrestrained rating plan premium based on a plurality of premium components, wherein the unrestrained rating plan premium is determined using first modeling techniques different from second modeling techniques used to generate the policy premium; and
an underwriting module communicably coupled to the unrestrained premium module, the inspection module, and the one or more system databases, the underwriting module being configured to:
determine a score based on the unrestrained rating plan premium and the policy premium;
determine whether to reject the policy based on a comparison of the score to a score threshold; and
responsive to determining that the score does not meet the score threshold, automatically reject the policy and transmit a rejection notification to a computing device associated with the policy.
2 . The system of claim 1 , wherein the plurality of premium components comprises at least one multiplicative factor and at least one additive factor determined from the information.
3 . The system of claim 2 , wherein
the underwriting module is further configured to determine the score threshold based on a ratio between the policy premium and the unrestrained rating plan premium and is based on monitoring of one or more underwriting factors within a geographical region.
4 . The system of claim 1 , wherein the underwriting module is further configured to:
generate a report based on the comparison of the score to the score threshold.
5 . The system of claim 1 , wherein the underwriting module is further configured to modify a coverage of the policy based on the comparison of the score to the score threshold.
6 . The system of claim 1 , wherein the underwriting module is further configured to:
add one or more conditions to the policy based on the comparison of the score to the score threshold; and
determine, based on the comparison of the score to the score threshold and the plurality of rejection conditions, whether to reject the policy, accept the policy, or accept the policy with the added one or more conditions.
7 . A method, the method comprising:
retrieving, from one or more system databases by an inspection module, information related to a policy, the information including a policy premium;
retrieving, from the one or more system databases by the inspection module, inspection information corresponding to a physical inspection of an asset associated with the policy premium and the policy, the inspection information including one or more images identifying a plurality of rejection conditions, wherein the inspection module optimizes an inspection process by implementing an inspection optimization algorithm, and wherein the inspection optimization algorithm determines whether to waive mitigation of rejection conditions of the plurality of rejection conditions included within the inspection information;
determining, by the inspection module and using the inspection optimization algorithm, the inspection information includes at least one rejection condition of the plurality of rejection conditions that requires mitigation;
generating, by an unrestrained premium module and based on the determination by the inspection module that the at least one rejection condition requires mitigation to facilitate issuance of the policy, an unrestrained rating plan premium based on a plurality of premium components, wherein the unrestrained rating plan premium is determined using first modeling techniques different from second modeling techniques used to generate the policy premium;
determining, by an underwriting module, a score based on the unrestrained rating plan premium and the policy premium;
determining whether to reject the policy based on a comparison of the score to a score threshold; and
responsive to determining that the score does not meet the score threshold, automatically reject the policy and transmit a rejection notification to a computing device associated with the policy.
8 . The method of claim 7 , wherein the plurality of premium components comprises at least one multiplicative factor and at least one additive factor determined from the information.
9 . The method of claim 8 , wherein
determining, by the underwriting module, the score threshold based on a ratio between the policy premium and the unrestrained rating plan premium and is based on monitoring of one or more underwriting factors within a geographical region.
10 . The method of claim 7 , further comprising:
generating, by the underwriting module, a report based on the comparison of the score to the score threshold.
11 . The method of claim 7 , further comprising:
modifying, by the underwriting module, a coverage of the policy based on the first comparison of the score to the score threshold.
12 . The method of claim 7 , further comprising:
adding, by the underwriting module, one or more conditions to the policy based on the comparison of the score to the score threshold; and
determining, by the underwriting module and based on the comparison of the score to the score threshold and the plurality of rejection conditions, whether to reject the policy, accept the policy, or accept the policy with the added one or more conditions.
13 . A non-transitory computer-readable storage medium, the computer-readable storage medium including instructions that when executed by a computer, cause the computer to implement:
an inspection module that:
retrieves, from one or more system databases, information related to a policy, the information including a policy premium;
retrieves, from the one or more system databases, inspection information corresponding to a physical inspection of an asset associated with the policy premium and the policy, the inspection information including a plurality of rejection conditions, wherein the inspection module optimizes an inspection process by implementing an inspection optimization algorithm, and wherein the inspection optimization algorithm determines whether to waive mitigation of rejection conditions of the plurality of rejection conditions included within the inspection information; and
determines, using the inspection optimization algorithm, that the inspection information includes at least one rejection condition of the plurality of rejection conditions that requires mitigation;
an unrestrained premium module that determines an unrestrained rating plan premium based on a plurality of premium components and on the determination by the inspection module that the at least one rejection condition requires mitigation to facilitate issuance of the policy, wherein the unrestrained rating plan premium is determined using first modeling techniques different from second modeling techniques used to generate the policy premium;
an underwriting module that:
determines a score based on the unrestrained rating plan premium and the policy premium;
determines whether to reject the policy based on a comparison of the score to a score threshold; and
responsive to determining that the score does not meet the score threshold, automatically reject the policy and transmit a rejection notification to a computing device associated with the policy.
14 . The non-transitory computer-readable storage medium of claim 13 , wherein
the plurality of premium components comprises at least one multiplicative factor and at least one additive factor determined from the information.
15 . The non-transitory computer-readable storage medium of claim 14 , wherein
the underwriting module determines the score threshold based on a ratio between the policy premium and the unrestrained rating plan premium and is based on monitoring of one or more underwriting factors within a geographical region.
16 . The non-transitory computer-readable storage medium of claim 13 , wherein the underwriting module generates a report based on the comparison of the score to the score threshold.
17 . The non-transitory computer-readable storage medium of claim 13 , wherein the underwriting module:
adds one or more conditions to the policy based on the comparison of the score to the score threshold; and
determines, based on the comparison of the score to the score threshold and the plurality of rejection conditions, whether to reject the policy, accept the policy, or accept the policy with the added one or more conditions.