Patent ID: 7844476
Filing Date: 2010-11-30
Classification: G06Q

Abstract:
1. A process for underwriting a pending insurance application based on a comparison with at least one of a plurality of previous insurance application underwriting decisions, the process implemented by a computer processor, the process comprising: receiving, by the computer processor, a request to underwrite the pending insurance application, where the request includes information about at least one application component; retrieving, by the computer processor, a plurality of relevant insurance applications from the plurality of previous insurance application underwriting decisions based on a similarity between the at least one application component and at least one corresponding application component in the retrieved relevant insurance application; ranking, by the computer processor, the plurality of retrieved insurance applications according to a level of similarity between the at least one application component and at least one corresponding application component in the retrieved insurance applications; selecting, by the computer processor, at least one best insurance application from the plurality of retrieved insurance applications, such selecting being performed based on the ranking; adapting, by the computer processor, a solution to the pending insurance application based on the at least one best insurance application; and evaluating, by the computer processor, the solution using a confidence factor, where the confidence factor is based on the reliability of the solution.