Patent ID: 8386346
Filing Date: 2013-02-26
Classification: G06Q

Abstract:
1. A method of evaluating underwriting activities of a company providing insurance coverage, said method comprising: receiving input as to a transaction type, the transaction type selected from a plurality of transaction types of underwriting activities; determining tasks associated with the selected transaction type; receiving from each of a plurality of employees a task-rank for each of the tasks associated with the selected transaction type, including a first task-rank from at least one of each of the plurality of employees corresponding to a first task, wherein each of the task-ranks falls within a numerical range; calculating, using a computer processor, the time spent on each of the tasks based upon the corresponding task-ranks received from the at least one of each of the plurality of employees, such that the time spent on the first task is a function of a square of the first task-rank divided by a sum of the squares of each of the task-ranks corresponding to the tasks associated with the selected transaction type, further multiplied by a predetermined number of time units; accessing cost data related to employees performing said underwriting activities for said company from a memory; determining a cost associated with each of the tasks that are associated with the selected transaction type based on said cost data and said time spent; and generating a report comprising the determined cost associated with each of the tasks.