Patent ID: 7630910

Claim:
A system tangibly embodied on a computer readable medium for underwriting a pending insurance application based on a comparison with a plurality of previous insurance application underwriting decisions so as to assign a rate classification to the pending insurance application, the system comprising: a receiver that receives a request to underwrite the pending insurance application, where the request includes information about at least one application component of the pending insurance application; a retrieval module that retrieves 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; a ranking module that ranks, by assigning a rank value to, 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, and the ranking module deriving a distribution of the plurality of retrieved insurance applications based on predetermined criteria; and an assignment module that assigns the rate classification to the pending insurance application based on an aggregation of the rank values assigned to the plurality of retrieved insurance applications and the distribution of the plurality of retrieved insurance applications; and the assignment module outputting the rate classification.