System and network for tiered optimization
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United States of America Patent
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Mar 12, 2024
Grant Date -
Mar 1, 2018
app pub date -
Aug 24, 2016
filing date -
Aug 24, 2016
priority date (Note) -
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Abstract
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.
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