Apparatuses, Methods, and Systems for a Reconfigurable Insurance Quoting Engine
The present disclosure describes an approach to constructing and implementing risk rating products that provides a number of advantages. Instead of hard-coding attributes of a risk rating scheme, which requires the assistance of a trained programming specialist for any modifications, adjustments, or new products, the present invention provides a set of modular tools that assist non-specialists in on-the-fly generation and implementation of risk rating products. The modularity of this approach facilitates the modification and/or updating of a system component without affecting the operation of other components. Described herein are embodiments of these tools, whereby loading a workbook data-structure yields a user interface into which a user may enter information descriptive of a candidate risk and receive a quote indicative of the price of binding an insurance policy for the candidate risk.
1 . A processor-implemented system to generate a reinsurance product quote, comprising:
a reinsurance logic set database, further, including:
reinsurance logic set data-structures including logic to evaluate reinsurance related conditions;
a reinsurance product data-structure database, further, including:
reinsurance product data-structures that reference related reinsurance logic set data-structures and that include interpretable logic usable by a reinsurance quoting component to generate reinsurance product specific quotes;
a reinsurance quoting component devoid of specific reinsurance product evaluative components such that the quoting component by itself is incapable of providing quotes on reinsurance products, further, including:
a reinsurance product data-structure loading mechanism to load reinsurance product data-structures,
a reinsurance product data-structure interpreter to interpret loaded reinsurance product data-structures and generate reinsurance product specific quotes.
2 . The system of claim 1 , wherein the reinsurance product data-structures comprise XML documents.
3 . The system of claim 1 , further comprising:
a reinsurance risk assessment component capable of interpreting the reinsurance product data-structure and capable of providing a risk assessment back to the reinsurance quoting component.
4 . The system of claim 1 , further comprising:
a user interface;
5 . The system of claim 4 , wherein the reinsurance product data-structure loading mechanism is responsive to reinsurance product selections received from the user interface.
6 . The system of claim 4 , wherein the generated reinsurance product specific quotes are displayed via the user interface.
7 . The system of claim 1 , wherein the reinsurance product-structures further comprise:
a set of base criteria, comprising a reinsurance product identifier; and
a plurality of risk characteristic input fields.
8 . The system of claim 7 , wherein the reinsurance product identifier includes an insurance carrier identifier.
9 . The system of claim 7 , wherein the reinsurance product-structures further comprise:
at least one expression comprising a mathematical operation to be performed on at least one risk characteristic received via a subset of the plurality of risk characteristic input fields;
a set of rule calls, specifying elements of a ruleset database; and
a set of lookup table calls, specifying elements of a lookup tables database.
10 . The system of claim 9 , wherein the reinsurance product-structures further comprise:
a set of insurance product documents, including a document delivery order.
11 . The system of claim 10 , wherein the reinsurance product-structures further comprise:
a product payment schedule.
12 . A processor-implemented method for generating an insurance quote, comprising:
receiving a risk rater selection;
retrieving a risk rater data-structure corresponding to the risk rater selection from a risk rater database;
providing a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;
receiving a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;
passing a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;
receiving at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and
generating a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.
13 . The method of claim 12 , further comprising:
querying a set of rule calls based on instructions embodied in the risk rater data-structure;
passing a second subset of the plurality of risk characteristics to a rule evaluation module;
receiving a set of rule evaluations corresponding to the set of rule calls based on the second subset of the plurality of risk characteristics; and
wherein the generating a quote indicative of a price is further based on the set of rule evaluations.
14 . The method of claim 13 , wherein the second subset of the plurality of risk characteristics is the same as the first subset of the plurality of risk characteristics.
15 . The method of claim 13 , further comprising:
querying a set of lookup table calls based on instructions embodied in the risk rater data-structure;
retrieving table data values from lookup tables based on the set of lookup table calls; and
wherein the generating a quote indicative of a price is further based on the table data values.
16 . The method of claim 12 , further comprising:
querying a set of lookup table calls based on instructions embodied in the risk rater data-structure;
retrieving table data values from lookup tables based on the set of lookup table calls; and
wherein the generating a quote indicative of a price is further based on the table data values.
17 . The method of claim 12 , wherein the risk rater data-structure comprises an XML document.
18 . The method of claim 12 , wherein the at least one insurable risk comprises a property and the quote indicative of a price for insuring at least one insurable risk is directed to a property casualty reinsurance product.
19 . The method of claim 12 , wherein the risk rater selection comprises specification of a risk rater base criteria.
20 . The method of claim 19 , wherein the risk rater base criteria comprises a risk rater identifier.
21 . The method of claim 19 , wherein the risk rater base criteria comprises an insurance carrier identifier.
22 . An apparatus for generating an insurance quote, comprising:
a memory;
a processor disposed in communication with said memory, and configured to issue a plurality of instructions stored in the memory, wherein the instructions issue signals to:
receive a risk rater selection;
retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;
provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;
receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;
pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;
receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and
generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.
23 . A system for generating an insurance quote, comprising:
means to receive a risk rater selection;
means to retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;
means to provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;
means to receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;
means to pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;
means to receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and
means to generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.
24 . A medium readable by a processor to generate an insurance quote, comprising:
instruction signals in the processor readable medium, wherein the instruction signals are issuable by the processor to:
receive a risk rater selection;
retrieve a risk rater data-structure corresponding to the risk rater selection from a risk rater database;
provide a plurality of risk characteristic input fields based on instructions embodied in the risk rater data-structure;
receive a plurality of risk characteristics representing at least one insurable risk as inputs to the risk characteristic input fields;
pass a first subset of the plurality of risk characteristics to a risk scoring module, the risk scoring module configured to generate at least one financial metric based on input risk characteristics;
receive at least one financial metric based on the first subset of the plurality of risk characteristics from the risk scoring module; and
generate a quote indicative of a price for insuring at least one insurable risk based on the at least one financial metric.