Patent ID: 8694340

Claim:
A computer system for processing and evaluating application data for insurance, comprising: a memory configured to store instructions; a processor disposed in communication with said memory, wherein said processor upon execution of the instructions is configured to: receive application data for an insurance policy regarding an applicant said application data including a plurality of variables and wherein the plurality of variables comprises individual risk and rate variables; determine which of the risk and rate variables are most relevant to the insurance policy; assign greater weight to the risk and rate variables most relevant to the insurance policy; validate the application data against data from at least a secondary data source; apply predicative analytics wherein said processor configured to apply predictive analytics includes said processor being further configured to: analyze the application data and the data from said at least a secondary data source, modeling the application data and the data from said at least a secondary data source using the plurality of variables, and extract information from both the application data and the data from the at least a secondary data source to predict future trends and behavior patterns; determine a degree of confidence factor for each of the plurality of variables used by the model, wherein the degree of confidence factors estimates the reliability of the plurality of variables used by the model; calculate an aggregate confidence level by aggregating the degree of confidence factor for each of the plurality of variables, wherein the processor configured to calculate an aggregate confidence level includes the processor being further configured to: weigh the degree of confidence factors for the risk and rate variables in accordance with the greater weight assigned to the risk and rate variables most relevant to the insurance policy; issue an insurance policy to the applicant when the aggregate confidence level is within a predetermined threshold for the aggregate confidence level; and indicate that an insurance policy will not issue to the applicant when the aggregate confidence level is outside the predetermined threshold for the aggregate confidence level.