Patent ID: 7555438
Filing Date: 2009-06-30
Classification: G06Q

Abstract:
1. A method of underwriting group life insurance for a policy period comprising: providing to a computer medical claims data for the group to be underwritten, each medical claim being related to a particular member of the group; providing to a computer morbidity categories that can categorize medical claims, the morbidity categories relating diagnoses from medical claims that are generally homogeneous with respect to incidence of death; categorizing with computer software configured to apply the morbidity categories data in the computer to each member's medical claims data in the medical claims data on the computer to generate each member's morbidity categories; providing software configured to implement a death probability model for the likelihood of death arising from each morbidity category during the policy period derived from the formula: applying the software configured to implement the death probability model to the member's morbidity categories on the computer for each member in the group to generate on the computer respective member's morbidity category probabilities of death occurring in the policy period for each member in the group; calculating on the computer an expected death exposure for each member of the group from the probability of death occurring in the policy period for the member of the group; summing on the computer the members' expected death exposures to form an expected group death exposure; and offering group life insurance coverage to the group.