Importance

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Abstract

A method and apparatus for evaluating the insurability of a potentially insurable risk has data bases for storing information, and the ability to correlate selected elements of information in respective data bases. Certain elements are assigned weights on the basis of predetermined relationships existing between elements of information in one data base and corresponding elements of information in another. Information is displayed from a data base for use by an underwriter in assigning a weight to a selected element, or an expert module corresponding to the selected element is identified and used for assigning the weight. A risk classification is determined for the potentially insurable risk from the weights assigned. The system can identify additional elements of information required for evaluating the potentially insurable risk, and can request entry of such information for subsequent storage. In one embodiment, the system can identify an element of information for which no corresponding information exists, and for which no expert module exists. Other features include the ability to override an expert module and assign a different weight to an element of information, the use of statistical profiles to adjust assigned weights, the ability to determine expected profitably resulting from decisions concerning a particular risk, and the provision of additional data bases useful in managing workload and customizing operation of the system.

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First Claim