Patent ID: 8660864

Claim:
A system for intelligently underwriting insurance policies using community or social network rating data, comprising: a communication device to receive community or social network rating data associated with a potential entity to be insured by an insurance entity, wherein the community or social network rating data is generated by a party other than the insurance entity, the party being a community or social network user and the rating data comprising one or more of a rating, a review or a recommendation by the community or social network user; a processor coupled to the communication device; and a storage device in communication with said processor and storing instructions adapted to be executed by said processor to: analyze the community or social network rating data, the analyzing comprising conducting key word searches on text based recommendations of the community or social network rating data to identify recommendations indicating a satisfactory experience and recommendations indicating a poor experience; apply weighting factors to the community or social network rating data, wherein said weighting factors comprise at least two of: a community or social network site credibility rating factor applicable to all rating data from a community or network site, a reviewer's credibility factor applicable to all rating data from one of the community or social network users, an amount of reviews/ratings factor applicable to all rating data from one of the community or social network users, a current or dated information factor, and a specificity of data factor; and transmit an underwriting decision for the potential entity to be insured based at least in part on the community or social network rating data.