Patent ID: 8600780

Claim:
A computer-based method of determining a cost of workers compensation insurance for a selected period based upon monitoring, collecting and communicating data representative of a risk's payroll characteristics during said selected period, whereby said cost is adjustable by relating the payroll characteristics to predetermined actuarial rates, said computer-based method implemented when a processor executes computer readable program code stored in computer memory comprising: said processor executing computer readable program code and determining an initial profile and a base cost of workers compensation insurance based on said profile; said processor executing computer readable program code and monitoring, in real-time, a plurality of data elements representative of payroll and business status of a risk during said selected period; said processor executing computer readable program code and identifying and analyzing data elements among said plurality of data elements that have a pre-identified relationship to said risk's insurability; said processor executing computer readable program code and consolidating said analyzed data elements for identifying a surcharge or discount to be applied to the base cost; and said processor executing computer readable program code and producing a final cost of workers compensation insurance for the selected period from the base cost and the surcharges or discounts to be billed directly to the risk based on their finance plan, said processor executing computer readable program code and charging or crediting said risk with said final cost for workers compensation insurance.