Patent ID: 8538781

Claim:
An article of manufacture having a computer readable medium storing computer readable program code that is executed by a computer to implement a method to determine a final premium charge for workers compensation insurance associated with a risk, said medium comprising: computer readable program code stored in a storage at said insurance carrier when executed by said computer establishes communication over a network with said risk's payroll processor and receives at said insurance carrier, in real-time over said network, a set of raw data elements, said payroll processor located remote from said insurance carrier and said set of raw data elements associated with an operating state of said risk and any of the following: said risk's employment practice, said risk's payroll, or a modification to said risk's payroll, said operating state comprising a plurality of the following: number of employees, job classification, or payroll per employee; computer readable program code stored in a storage at said insurance carrier when executed by said computer monitors said set of raw data elements received in real-time over said network; computer readable program code stored in a storage at said insurance carrier when executed by said computer identifies and records a subset of said raw data elements among said set of raw data elements received in real-time from said risk's payroll processor that have an identified relationship with any of, or a combination of, the following: said risk's business operation, insurability of said risk, character of said risk, or rating parameters associated with said risk's policy; computer readable program code stored in a storage at said insurance carrier when executed by said computer determines said final premium charge of workers compensation insurance of said risk based on a premium modification that increases or decreases a premium charge based on an evaluation of said recorded subset of raw data elements, wherein said final premium charge is adjustable by relating payroll characteristics obtained in real-time over a network from said risk's payroll processor to predetermined actuarial rates; and computer readable program code stored in a storage at said insurance carrier when executed by said computer outputs said determined final premium charge of workers compensation insurance.