Patent ID: 8005693
Filing Date: 2011-08-23
Classification: G06Q

Abstract:
1. A process that determines confidence for an insurance application underwriting decision based on a comparison of at least one previous underwritten insurance application, the process comprising: identifying, via an evaluation module, at least one internal parameter that may affect a conditional probability of misclassification of the insurance application; estimating, via the evaluation module, the conditional probability of misclassification for each of the at least one identified internal parameter based at least in part on the at least one previous underwritten insurance application; translating, via the evaluation module, the conditional probability of misclassification into a soft constraint for each of the at least one identified internal parameter, wherein the soft constraint represents a range of preference value for each of the at least one identified internal parameter; computing a confidence factor of the underwriting decision based on the soft constraints; defining, via the evaluation module, a run-time function to evaluate a confidence threshold for the insurance application underwriting decision based on the soft constraint; and comparing the confidence factor with the confidence threshold to determine whether the confidence factor exceeds the confidence threshold.